The Three Main Functions of Business Intelligence

According to Peter Drucker, Austrian thinker and writer considered the “father of Modern Management”, Business Intelligence consists of anticipating the movement of competitors to minimize the risk of losses.

It is necessary to evaluate the external environment well, detecting threats and identifying new opportunities.

In order for this assessment to contribute to decision-making, Market Intelligence has three main functions:

Identify the necessary information for the company;

Distribute the information to the responsible professionals;

Analyze and interpret the information.

It's not enough just to collect data. You need to know which ones make the most sense for the segment in which you operate and your business.

Without analysis, data is meaningless. So, they need to be processed and analyzed to be useful – and actually become information.

Information cannot be generated without data. They result from data processing and analysis, bringing understanding about the scenario in which your business is inserted.

No plane pilot flies without a flight map. No ship's captain goes to sea without a navigation chart.

For those who own a company, Market Intelligence is like a flight map and a navigation chart. And no entrepreneur should “pilot” their business and make decisions without it.

For this reason, Drucker himself stated that “the fast and efficient transfer of knowledge is the only really sustainable competitive advantage”.

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