In the contemporary commerce scenario, there is cut throat competition among a myriad of trade organizations. In such a ruthless environment only companies which follow professional business analysis techniques can survive. Astute business intelligence strategy is required to collect vital trade information like strategies adopted by rivals, customer preferences, government policies, etc. This enables organizations to study industrial patterns in their niche segment and devise appropriate strategies. Host analytic software and Qlikview Software are used for gathering business intelligence by many organizations.
Since the last decade, business analysts are in huge demand in commercial organizations. Now their role is not just confined to running a few software. They perform a variety of functions like reporting, data mining, process mining, event processing, goal achievement management,online analytical processing, analytics, bench-marking, text mining, among others. The role of these analysts is to recognize all the trade opportunities, develop strategies for fulfilling those opportunities and regularly monitor the goal achievement process.
In today’s business world, only the survival of the fittest is possible. So it is extremely essential to have a strong business intelligence gathering system. Below mentioned are some tips which will enable commercial ventures to devise a strong trade analysis strategy:
• Firstly recognize the strengths and weaknesses of your organization- Before looking for commerce opportunities in the outside world, you must evaluate the potential of your organization. You must carefully study the strengths and weaknesses of your organization. Every organization has some resources like man power and machinery. There could be some drawbacks like lack of finances, lack of technical know how etc. Keeping all the pros and cons of your organization in mind you should develop a business development strategy. While developing the trade strategy you should also keep in mind the future events which can affect your business.
• Find solutions for the business problems- While commencing any commerce venture you are bound to encounter various difficulties. You can recognize various difficulties faced by your employees by taking interviews, holding workshops etc. Once the problem has been recognized you have to think of solutions to the problem. A new start-up might be experiencing financial difficulties. So one of the duties that the business analysts can perform is to evaluate the current financial resources of the organization and to foresee future monetary options.
• Look for trade opportunities- A business analyst has to look for new opportunities in their respective niche segment. He has to play a crucial role in promoting the commerce before prospective clients and help in maintaining the existing clients. So in short developing a marketing strategy also comes under the jurisdiction of the business analyst. For all these purposes a strong business intelligence strategy is required.