Why Business Intelligence Is So Important To Business Development

getty We live in an age where business intelligence is more key to a company’s survival than ever. Yet too many entrepreneurs face this fact only when they scale beyond a certain point and are forced to recognize the ways in which business and financial intelligence are crucial to their success. With economic uncertainty looming, housing rates decreasing and new regulations coming out frequently, it’s important that businesses stay in front of the future. Business intelligence is built on a foundation of metrics and data-driven decisions that help the company understand past trends and begin to forecast the future. There are several problem still looming in businesses: poor communication, human error and cash flow management problems are some of the biggest offenders. Many entrepreneurs and even executives of multi-million dollar corporations are living off a profit and loss statement—and this is a dangerous place to stay. To this day, many internal processes are performed manually, and that results in lag times in data, unproductive employees and eventually, high turnover of employees. The solution to all of this is to ensure that you have the right business intelligence in play, as well as the right tech stack. For today’s company, […]

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