Maintaining an industry-leading position in any domain can be challenging for an organisation in today’s hyper-competitive global economy.
Companies should have the capability to make quick and effective decisions based on business data collected from different departments and divisions.
While assimilating and assessing data for business insights seems easy on paper, there can be many hidden complexities and challenges. Sorting out important data from an irrelevant set alone can be a time-consuming process. The complexities can further increase if the range of data incorporation is expanded to international regions.
Business intelligence or BI tools can be an effective solution for your company to integrate global business data for strategic decision making. Integrating BI in a global context can help your organisation gain a huge competitive edge in the international market and quickly scale operations in other countries.
Read this blog to understand 4 different ways your company can capitalise on the impact of business intelligence on the global economy.
One of the primary challenges of scaling business operations overseas is to analyse the price change comparisons between different countries and come up with competitive product prices. For instance, the product price in the USA is dependent on the local market conditions which might not be the same for China.
Incorporating business intelligence tools can help companies quantitatively determine the impact of different economic and market factors on product sales at a specific price. This can help stakeholders with effective product pricing for different world regions.
The impact of global factors can especially impact companies in the logistics and supply chain management industry. Collection of data is challenging as the data is often stored in disparate systems specific to different countries. The lack of consolidated data can increase the time for the company to analyse the data and take important decisions.
Business intelligence software and tools can help logistics companies gain a comprehensive view of their entire operational pathways spread over several countries. The faster data processing and in-depth insights enabled by business intelligence can lead to significant savings for the company in a multitude of departments.
Any medium-sized company has hundreds of operations carried out every day to generate direct or indirect revenue. Increasing operational efficiency and speed can make it easier for the customers and allow the company to maximise its profits.
Business intelligence systems can help organisations cut down wasted time between different workflows. They can also reveal the exact scope of streamlining in different departments and make it easier to enforce new changes. BI can also indicate opportunities for automation which can further improve the company’s overall productivity.
Nurturing and maintaining customer loyalty can get more challenging for companies with overseas operations. Different countries have different kinds of customer bases with different priorities. Hence, standardisation of customer engagement programmes can be impractical and harmful for overseas sales.
Business intelligence tools can effectively inform you about the purchasing mentality and priorities of the target audience in a specific region. The tools can also analyse the factors behind customer retention and lead engagement to see how they differ country to country. This can help companies tailor their customer engagement initiatives as per the region and make the most out of them.
While there are several beneficial impacts of business intelligence tools for your organisation, you can maximise the benefits by looking for specific BI tools that apply to your business needs. Pursuing business intelligence courses can also enhance your familiarity with different concepts and tools which can make it easier to apply them in real-life.
GISMA Business School offers a B.Sc. in Data Science, AI, and Digital Business programme where the curriculum focuses on data science by mastering analytics, visualisation, and governance of data and discovering the fascinating world of AI. This programme also covers general business skills, which will boost your employability.
The postgraduate course M.Sc. Data Science, AI, and Digital Business also also covers general business skills such as project and innovation management, which will boost your employability.
- This blog was written by Sweha Hazari