Stakeholder Management in BI Solutions
BI can be used to support a wide range of business decisions ranging from operational to strategic. BI can be also used as an effective tool in entrepreneurial ventures.
Basic operating decisions include product positioning or pricing. Strategic business decisions include priorities, goals and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an "intelligence" that cannot be derived by any singular set of data.
Amongst myriad uses, BI tools empower organisations to gain insight into new markets, assess demand and suitability of products and services for different market segments and gauge the impact of marketing efforts for all business stakeholders.