Business Intelligence under LVCMart Model

The importance of context in business intelligence

The context of the business intelligence on offer is of the utmost importance. Without context, it is difficult to decide how to use the information on offer. The entrepreneurs wish to understand how their organization fits into the general picture. They also need to make contributions in terms of the development of a coherent strategy for growth. If they do not understand the context of the information, then it is likely that they will not use it well enough to garner the requisite benefits. This is often the challenge for small businesses across the economy.

Understanding Business Intelligence

The use of business intelligence is to ensure that the organization understands the environment in which it operates. Without proper business intelligence, the corporation will be prone to mistakes that could have been avoided. Therefore the advice for the executives is to pay attention to the data which is coming from the market. Even where a business model is about to collapse, there will be plenty of warning signs. Unfortunately the tendency is for the main stakeholders to ignore this information. There is a complacency of experience which ensures that the stories of failure are repeated.

Credible sources of Business Intelligence

It is important that information that drives decision making is obtained from credible sources. There is a lot of academic literature that is written for the purpose of teaching students about the commercial world. However those students or the writers may never have experienced the real deal. They will not understand the visceral intensity of competition that is part of the market today. That does not mean that they are inaccurate. It just implies that they may not be a very credible source. In using the LVCMart model, you will expect that all the research will be done by people who fully understand the industry.

Coherent Business Intelligence

It is common practice for some consultants to simply pelt the organization with information so that they cannot really ask pertinent questions. It is a well known diversionary tactic. With the LVCMart model, there is a consultative process which determines the format in which information is presented. Therefore the client has a chance to create their own bespoke template for how they wish to view the data about their organization. In fact this model has proved very popular with merchants because it ensures that they are always in control over the dissemination of information.

Transferable Business Intelligence

The lessons from that business intelligence should be applicable to the client. There are thousands of facts about business on the internet today. Not all those facts are relevant to every business. This is particularly true if the organization is dealing with a niche market. The business intelligence has to be configured in such a way that it covers the relevant subjects for that business unit. A generic provision of random information is both misleading and unhelpful. It will ultimately do the great work that is done to promote the business to the outside world.