This would give the organizations flexibility to respond to unforeseen changes in the industry sectors.Further, the for the production organizations, understanding of the latest market trends and technologies makes it feasible for their product engineering teams to gain industry expertise. The industry expertise would enable them to develop cutting-edge products ahead and gain advantage over their competitors. However, the first and foremost step in the whole process is to understand the market trends. Wikipedia defines market trend as “the putative tendency of the financial market to move in a particular direction over time”. Classified as secular, primary and secondary, business organizations identify the market trends through technical analysis.
Technical analysis is framework which predicts the demand, price and market tendencies of any product. The business intelligence tools are used to undertake such analysis. Business intelligence provides organizations with accurate and timely analysis of the enterprise data thus equipping the organizations to manage the production and sales and gain a competitive advantage. By integrating the various BI tools, the executives and managers are prepared with concise information, and the end-users also can get a complete insight into the enterprise data. Further these applications being web based can be accessible from any location and any machine.
Business intelligence tools can be used reporting of business operations in the form of weekly or monthly reports, forecasting with the help of historical data, multidimensional analysis and correlating between various factors. With its interactive dashboards, analytics, exception alerts and automated tools, business Intelligence not only creates a community of knowledgeable workforce, but also builds a strong foundation for data integration from numerous enterprise system sources thus seamlessly consolidating data for the use in creating industry expertise.
A business Intelligence tool definitely gives the product engineering team an edge over their competitors to identify market trends and technologies. However, this alone does not work to gain industry expertise. The elements which are required include strong technical knowledge, good product research and development process, efficient advisory services for identifying the high value opportunities as well as skills and commitment to deliver.
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