You Aren’t In It Alone: Utilize Other Sources of Business Intelligence - February 28, 2013

Business intelligence has helped drive the course of business’s decisions for decades. However, the process has dramatically changed in recent years. Instead of businesses relying on their own business intelligence and data gathering skills, they have been able to access the resources of entire industries, market trends and even government agencies. If you are still relying solely on your own business intelligence to guide your decisions, it’s time to make a change. Start branching out and exploring other options of business intelligence sources in order to make more accurate decisions to guide your business.

Other Sources of Business Intelligence

Your own business intelligence means gathering your own data and using it to guide your business decisions. This can mean gathering and analyzing data about marketing avenues, product sales and other similar statistics. However, did you know that there are many other sources to explore?

  • Industry Business Intelligence. Thanks to the interconnectivity of the internet, data sources are now able to easily share their information with the click of a button. Instead of each company within a business relying solely on its own research, third party firms gather information from a number of different firms and compile the data for everyone to draw from. Exploring these options is best done with a business intelligence firm. You can learn more about one of the best firms in the industry here.
  • Market Trends. These are slightly different than industry specific data, as they have to do more with consumer and market trends in general. While your industry may be in creating custom tires, overall consumer buying patterns will also affect you. Hiring a professional business intelligence firm will help you guarantee that you are receiving the most accurate information from ever source available, including market trends.
  • Government Business Intelligence. There are several government agencies that make it their job to track and tabulate reliable information about a number of different industries. Business intelligence government style means that you know the data is unbiased and is perhaps one of the most accurate reflections of the true nature of a particular industry. However, it may be difficult to analyze without an agency that specializes in this type of service.

Explore Other Options

You do not need to rely solely on your in house data, nor should you rely on your own analysis. Exploring other options of business intelligence will provide you with invaluable information that will go far in help you make decisions to guide the future of your business.

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