The Importance of Business Intelligence to Small and Large Businesses
Data has a better idea, indeed.
Definition of Business Intelligence
It is a set of technologies, methodologies, processes, applications, platforms and architectures that draw on raw data to derive meaningful insights and useful information that could serve the business actions and purposes. Business intelligence is based on facts that are used to inform business decisions; hence, improve the tactical and opertaional decision-making. It has to do with the use of information resources. It allows businesses to act effectively through the right strategies obtained from the right information.
How can Business Intelligence (BI) help take your entreprise to the next level?
Business Intelligence has gone global. Small and big businesses in all industries can benefit from Business Intelligence today. Yahoo and Amazon are tow examples of extremely analytical sites that have gone beyond the ecommerce niche.
BI is inclusive of BA (Business Analytics), although technically they might not be defined in identical terms. Some would argue that BA is the core of BI. However, BI is more inclusive of the decision-making processes. BA is more focused on data collection and analysis. It exploits predictive analysis.
You can definitely take your business to the next level by using BI. There are indicators that could help you undertsand if your really need to make use of BI. If you need to access and manipulate business data in an effective manner, integrate data from various data sources, or if you simply would like to improve your company’s growth and operations like finances, events, customer behavior, news etc, seeking the solution in Business Intelligence might be the best next step to take.
BI can help in a variety of ways. It can mirror in-depth customer behavior in historical context, it can help you analyze costs and cut them, find solutions to business questions, improve business operations and strategies, save time and efforts, as well as analyze competitors’ performance. BI can certainly increase entreprise productivity.
Business Intelligence software
Business Intelligence use technologies and software, which are tools that allow the analysis and investigation of big data in order to come up with meaningful information. Data Warehouse or what’s also called Entreprise Data Warehouse is at the heart of business intelligence. Dashboards, data discovery tools and other tools are among the technologies that are heavily relied on for reporting and analytics.
Have a look at your company’s stored data and ask questions that you would love to answer through BI or perhaps AI (Artificial Intelligence)