Business intelligence is a tool that supports companies in making informed business decisions, minimising financial and legal risks. Here are five key situations in which it is worth using it:
1. Verifying a potential counterparty
Before engaging with a new business partner, it is important to check its credibility and financial stability. Neglecting this analysis can lead to economic losses, legal problems or involvement in fraud, such as tax carousels. Business intelligence allows verification in public registers and the analysis of documentation and opinions on the company in question, which reduces investment and legal risks.
2. Competitor analysis
Before entering a new market or expanding your business, it is useful to know your competitors’ strategies and positions. Business intelligence makes it possible to identify the weaknesses of competitors, assess the threats posed by big players and learn about customer loyalty to existing brands. Such activities help companies to better plan their marketing and strategic activities.
3. Planned expansion into a new market
When preparing to enter an unfamiliar market, companies need to consider local conditions, trends and regulations. Business intelligence provides key information on consumer preferences, available distribution channels and the workforce, making it easier to tailor an offer to market requirements.
4. Minimising risks in investments
Making investment decisions without a thorough analysis of the legal and financial situation can lead to large losses. Business intelligence makes it possible to identify risks such as pending lawsuits, capital ties or the insolvency of partners, minimising the chances of making costly mistakes
5. Protection against fraud and unfair competition
Business intelligence makes it possible to identify unethical or illegal activities, such as hidden capital links, illegal competition practices or sabotage attempts. These activities make it possible to protect a company’s interests and build a market advantage.
Business intelligence is an investment in the security and efficiency of business operations. For more on how business intelligence works and what services it offers, visit Verificators.
