5 fundamentals of business intelligence

May 23, 2022 | Announcements, Business Intelligence, Home Page, Markets, Snippets

Business intelligence is a process used by business owners to help them make informed business decisions. There are various steps in the business intelligence process.

Business intelligence is a process used by business owners to help them make informed business decisions. There are various steps in the business intelligence process. The process of choosing a business intelligence approach or platform is important. The choices you make as a business owner enable the right results for your business. 

1. Data sourcing

The first component of business intelligence is finding the data. This data is usually collected from both internal and external sources. At ABiQ, devote extensive resources and time to our research.  Our research team and analysts use a wide range of different sources and platforms to gather our data. This intensive process enables us to establish an initial connection and understanding of projects, markets, and more. 

2. Data validation 

The next step is to verify the data that you’ve managed to collect. This is important because if the data is not correct, the business decisions made based on this data will be flawed. The ABiQ research team meticulously validates and cleans up our data. Our research team undertakes site visits, calls, and a wide range of data validation initiatives. We also rely on trusted, verified other third-party services and organisations. These include, but are not limited to,  chambers of commerce and credit bureaus. This data validation exercise ensures the data we provide is trusted and reputable.

3. Analysis

Now that you’ve collected and verified all of your data, the next step is to make use of that data. This involves analysing the data for any important trends or insights. At ABiQ, we use our decades of experience to build self-developed and unique forecasting models using artificial intelligence. This translates big data into clear business insights, enabling you to make decisions on your business growth through the power of digitalisation.

4. Reporting

This step involves converting the analysis into something that is easily understandable. The analysis can be converted into a number of different data forms, including reports, dashboards and data visualisations. This will ensure that the data is easily digestible. ABiQ’s research team and artificial intelligence (AI) complement one another. This deeply effective combination enables ABiQ to provide contextual and easily digestible information. That, in turn, empowers you to focus on growing your business by using the opportunities our data brings to your business.

5. Presentiation

The analytical results are now presented to the business owners, decision maker or anyone else who would benefit from this information. 

At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.7 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.

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