Using Business Intelligence to understand and analyze risks is very important for business decision making. If you've already managed to identify the main risks, it's time to see how likely they are to happen and, if they do, how they impact your business. This is what is known as risk management.
In this regard, make a list with the main risks related to your activity, dividing them by categories such as:
- Brand image;
After this classification, try to understand not only the chances of them occurring, but also the severity involved if they happen.
To illustrate, imagine that you work in a large hospital. Here, the risk related to the image and market area is considerable. The dissemination of false information in the media such as poor hygiene or poor service could result in a serious negative impact on the brand image of the institution.
So, considering these risks, it will be necessary to list preventive and corrective actions. Whether through internal audits or team training, the important thing is to create solutions to minimize their occurrences and their effects.
Who needs Business Intelligence?
In addition to businesses of all sizes, there are many different professionals are able to benefit from BI. Examples include IT analysts, HR managers, marketing experts and more. Note that due to different data application characteristics, a team of professionals with different market expertise may be needed. It is also important to mention that there is no point in producing an immense load of information if you do not have someone at your side who can properly collect and analyze it.
After you have implemented a BI dashboard reporting tool, encourage your team to analyze the data creatively to discover what it does not show in an obvious way. Anyone who works with Business Intelligence must be trained to see beyond, as this is how the best solutions are born. To learn more visit InetSoft.