Analysis And Reporting Applications

Written by Jacey Harmon
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In order to maintain a competitive edge, companies need to continually analyze the market place. Business intelligence services will provide solutions for gathering, analyzing and reporting data gathered from the market. These solutions will include software programs and online services that will provide relevant information to a company or employee. Knowing how to apply the information provided will help a company maintain a competitive edge.

Information Applications

In a fast changing market environment it is important to identify changes in market trends. This includes spotting changes in buying trends of individual customers and corporate clients. By seeing a change in the buying patterns of customers, a business will be able to adapt and provide relevant products and services. A company that does not study current market forces will not be able to adapt and will lose competitiveness in the market place.

Businesses can utilize information on expenses to manage the costs involved with running a company. Identifying similar expenses may allow a company to consolidate spending and negotiate discounts through larger purchases. For example, a company can identify if they are buying office products from a variety of sources instead of one. By reducing the source to just one, a company may be able to negotiate smaller prices by purchasing products in bulk. Companies that study their expenses can use saved money to increase sales and margins or reduce prices in an effort to be more price competitive.

Business can use information to identify geographical market trends. A company can identify if a product is selling well in one area and not another. A business can also use the information to create promotions designed for a specific region. Information on advertising can be used to focus advertising efforts on successful campaigns. Applications may also be industry specific, such as hospital and healthcare trends or school district applications.

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