Business Intelligence 101
An essential idea of business is that data is enhanced into information and then into knowledge. Business use BI to gain an advantage in the marketplace by understanding their customer’s needs, customer’s decision-making processes, and economic, cultural, and technological trends. Business intelligence involves analyzing not only the customer but the entire industry as a whole. Finally, business intelligence is driven by a goal set by the company. The goal can be short term or long term.
History of Business Intelligence
Business intelligence was first referred to in Sun Tzu’s “Art of War.” Tzu claimed that in order to win a war you had to have complete knowledge and understand of your strengths and weaknesses as well as those of your enemy. This is the core idea behind modern business intelligence. A company must know itself better than anyone else, and know its customers and competitors better than anyone else. It is ironic how much business and warfare are alike. In BI, one must sift through heaps of data (both external and internal) for management to then device strategies for marketing and where to take the business.
Business Owner’s Essentials – The 5 Biggest Challenges for Today’s Business Owner
Some of these challenges have been around since business began and others are new ones that are being faced as technology and the marketplace evolves. As a business owner, you need to be sure that you are handling each of these effectively and looking out for where they might destroy your business.
1. Cashflow Management
This is the number one essential for all businesses, no matter what stage they are at. Even the most successful businesses can fail if they take their eye off the ball on cash. Your cashflow is the difference between how fast money comes into your business from your customers and how fast you pay it out to your staff, your suppliers and the tax man.
Business Partnerships – What Do They Involve
What is a Partnership?
A partnership can be defined as; two or more people or organisations carrying on a business together with a common goal of making a profit. It is an association of two or more persons carrying on a business as co-owners, with the objective of making a profit together.
Arises from an Agreement by Two or More Parties
It can be established by an oral agreement or written contract and is normally assumed to exist when there is a perceived intention (by the parties concerned) to be partners. A partnership is a common and simple method of structuring a business. It is inexpensive and does not have to comply with many regulations or laws, except those contained in the partnership agreement which binds the parties involved together.