All businesses must have a business report to have a clear idea of how far it is from its goals and how it can improve all of its operations. It also helps employees and business owners to understand the current position of the company, its past achievements, and accordingly set future plans, goals, and ways to achieve them.
Business reports have all information that is recorded, tracked and analyzed including sales reports, expenses, accounts payable and receivable, current projects, and client lists. These reports are used to track everything and are frequently generated to measure the success of a company in achieving goals.
There is software available that can be used for business reporting. The software tracks and categorizes reports that can be analyzed for business purposes. The reports can be used to decide the position of a product in the market as well as search for alternatives if there are any problems.
Business intelligence is a combination of skills, technologies and practices that are used to keep a company updated about market conditions. Business intelligence helps managers understand what is happening in the market and what must be done to bring their company to the top of the market. Business intelligence not only helps managers but also the other people in an organization by providing all the information that they need to succeed.
Competitive intelligence is the knowledge you have about a competitor's business. In other words, it is the process of looking out for the competitor's products and customers. For any business, knowledge about the market conditions would just not be sufficient. The companies must also keep themselves updated about their competitors. After all, it is the goal of for-profit companies to gain control of as much as the market as possible and part of accomplishing that it taking away market share from your competitors.
Competitive intelligence is different from industrial espionage because the analysis involves only details about the external systems of the competitor. The various sources that can be used include mediums of public knowledge like newspapers, statistics and the company's financial data. The companies that use this process mostly compare their data with competitors and rank their position in the market.
Any kind of business that involves creating, promoting and selling of products must surely have product research included in its business plan. Product research helps retain old customers and also attracts new customers for a company's products.
The process of conducting product research lets a company expand its services and design and offer new products for its customers. Besides giving customers new services and products, they can also try to make existing products better in order to increase sale