Business intelligence is a term also used for market intelligence, competitive intelligence or business intelligence . According to SEBRAE, the latter means “transforming data into important information for the company’s development” .
The concept of business intelligence follows the same line of reasoning. It refers to a set of actions aimed at collecting, analyzing and interpreting data about the market, customers, products and competitors.
Here, the objective is to generate important insights for the construction of strategies and practices that aim to ensure prominence among the competition, competitiveness and growth of the industry.
To achieve this, the sales team is responsible for collecting, storing and converting this data (internal and external) into intelligent information for the entire industry.
Therefore, this concept reinforces the importance of having a strategic sales team . In other words, professionals who are more than just “salespeople”. The team must exercise the critical capacity to evaluate data in order to foresee opportunities.
However, unfortunately, the analytical vision of ivory coast whatsapp data these professionals is still very little valued. According to the Marketing and Sales Panorama 2024 , by RD Station, this quality is considered by only 37% of companies.
Far behind, including:
Trust (64%);
Creativity (54%);
Charisma (53%), for example.
These are important soft skills, of course, but they are not the determining factor for sales success! In today's competitive market, it is essential to use smart strategies that use data-backed approaches!
Professionals based on legitimate foundations are more assertive in persuasion practices. Here, the maxim makes perfect sense: "against facts there are no arguments".
In short, the analytical profile is responsible for enhancing the other characteristics and hard skills necessary for a good professional.
Read also: Data Driven: what it is and how to implement it in the industry
How to do it?
Now that you know what business intelligence is, understand how to apply it in your industry’s day-to-day activities.
Below, we list 5 main steps! Check it out!
1. Structure processes
First, you need to structure your business ! The sector needs to be organized , with well-defined and standardized processes . Only then will it be possible to guarantee the efficiency of your business intelligence actions.
After all, there is no point in establishing technologies and practices aimed at data analysis if your team doesn't even know where to start.
Therefore, this is a first strategic step that aims to maximize the efforts that will follow .
Read also: Commercial process: how to have your sector organized in 90 days?
2. Use management software
Next, it is essential to collect and store data. To do this, you must invest in management and control software , such as CRM and ERP, for example.
They help to centralize internal information and also facilitate the sharing of this data. This way, the entire industry can have access to it whenever necessary.
It is also worth highlighting here that CRM refers to the term, in English, “Customer Relationship Management”. Translated, it means customer relationship management.
This tool helps in the administration and management of communication with the consumer, optimizing their journey throughout their relationship with your industry .
ERP comes from the term “Enterprise Resource Planning”, which means planning of company resources. The technology is used to organize and structure the management of general company information, from HR to accounting and finance , for example.
To learn more about the differences between the two systems, visit our blog on CRM and ERP .
Read also: Smarketing: how to align marketing and sales teams?
3. Monitor indicators
Business intelligence never stops! You need to keep collecting and analyzing data. To do this, you need to constantly monitor the main indicators that involve the success of your industry, the market and customer behavior.