Commerce: the activity of buying and selling, especially on a large scale.
It’s a well-known - and rather obvious - fact that for a business to make money it needs to sell something. In most cases this “something” is either a service or a product. A dentist sells a service while a tech company sells a product.
To break it down even more, when it comes to a product, the product is either tangible (a physical object) or intangible (digital - a software or license). While both are different types of products, both require a business intelligence software to gain invaluable insight into profitability - or lack thereof.
The product team is a priceless asset to the structure of a business. It’s their knowledge that supports the other departments on how to sell, market, and operate the product. And with a BI tool, the team can go even further by forecasting data that will reveal all the information that’s happening underneath.
The product strategy lies in keeping track of certain KPIs: market share, volume, quantities sold (and of course, how many need to be sold), as well as recurring revenue. These performance indicators are in no way the essentials for each product team, it really depends on the type of product being sold.