HOW DOES BUSINESS INTELLIGENCE SHED LIGHT ON YOUR PAST, PRESENT, AND FUTURE?

摘要： Why business intelligence is a must in the modern business? Business intelligence (BI) solutions can help organizations maintain their competitiveness by giving them a comprehensive view of all of their data. But it can also be challenging to comprehend exactly what BI is for individuals who haven’t adopted a tool yet or are just curious. Is it a fortune-teller? Let’s take a closer look.

WHY BUSINESS INTELLIGENCE (BI) IS NEEDED?

The age of technological advancement is upon us. Our daily lives have undergone a complete revolution thanks to technological improvements, and the business world has been particularly affected. Businesses today have access to data-driven tools and tactics that enable them to understand more than ever about their customers and themselves. Still, not all of them are making use of them.

Businesses can benefit from business intelligence solutions to maintain a competitive edge and increase income streams. Organizations of all sizes and stages employ BI software to manage, analyze, and visualize corporate data.

Companies can use data analytics to define their operations, examine causes for good or bad events, produce knowledge they may not have, and receive advice on a potential course of action. These kinds of analyses, including tracking key performance indicators (KPIs) and creating precise reports, may all be done by businesses using business intelligence tools.

Analysts can put their insights into practice by using these tools to share their findings with stakeholders. As you can see, this is a crucial step for every business. Because of that, business intelligence analysts are in high demand.

A brief reminder of business intelligence will help us better understand the subject.

WHAT IS BUSINESS INTELLIGENCE AND ANALYTICS?

To assist businesses in making more data-driven decisions, business intelligence integrates business analytics, data mining, data visualization, data tools and infrastructure, and best practices.

▲圖片來源：dataconomy

Why business intelligence: Amazon, Coca-Cola, and more are already use BI

You can determine if your organization has modern business intelligence when you thoroughly understand its data and use it to drive change, eliminate inefficiencies, and react swiftly to supply or market changes. Flexible self-service analysis, controlled data on reliable platforms, empowered business users, and speed to insight are prioritized by modern BI solutions.

WHAT IS THE PURPOSE OF BUSINESS INTELLIGENCE?

Business intelligence’s purpose is to use pertinent data to enhance an organization’s business operations. Businesses that use BI tools and methodologies properly can turn their gathered data into insightful information about their operational procedures and business plans.

Incorporating corporate data into user-friendly representations like reports, dashboards, charts, and graphs is what business intelligence (BI) software does. Business users can access various data types using BI technologies, including semi-structured and unstructured data like social media, historical and current data, internal and external data, and third-party and internal data. Users can examine this data to learn more about the company’s performance and make predictions. So, is it a fortune-teller? Not exactly.

HOW BUSINESS INTELLIGENCE WORKS?

Data warehouses have always served as the foundational source of information for BI tools.

A data warehouse combines information from various sources into one main database to facilitate reporting and business analytics. The warehouse is queried by business intelligence software, which then displays the findings to the user as reports, charts, and maps.

Online analytical processing (OLAP) engines can handle multidimensional queries in data warehouses. For instance, if you wonder how are sales in our eastern and western regions compared to last year, BI is here to help you.

Some business intelligence (BI) software can link with solutions for particular industry verticals, like retail, travel, and media services. Using dashboards, intricate analytical processing, and potent visualizations, BI reporting and BI analytics may be able to assist these users in finding answers to guide their daily business. Because it enables executives to make prompt, data-supported decisions,

BI reporting is a crucial component of business intelligence.

▲圖片來源：dataconomy

Why business intelligence: You can get more insights with BI

But how exactly does business intelligence work efficiently? Most businesses have data scattered across several locations, but they cannot manage this data or combine these various data sources.

BI systems can use many data sources to quickly and accurately present information to decision-makers, eliminating the need for an IT department to run intricate reports. These data sources could come from supply chain information, marketing or sales analytics, operational performance, or customer relationship management software (such as Salesforce).

Typically, BI software can combine all of these sources to offer historical, present-day, and future perspectives that support corporate planning. Businesses should think carefully about their operations and strategies, particularly their current data integration, reporting, and information sharing procedures.

轉貼自： dataconomy.com

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