Before we know the various aspects of business intelligence, it is better to understand the concept that governs it. So, let’s go by the business intelligence definition. It can be defined as a series of processes and with the help of technologies that foster conversion of raw data into information that is useful and meaningful to make decisions that are profitable for any business.
What is business intelligence, and how important is it?
The process combines data tools, data mining, visualization of data, business analytics, infrastructure, and employing the best possible practices so that the business intelligence tools deliver quicker options for the companies to make data-driven decisions. Business intelligence is DSS or Decision Support System primarily.
What are the business intelligence tools?
This process makes use of several types of tools that include the following-
- Predictive analysis
- Dashboards
- Visualizations
- BI Reporting Tools
- Drill-Down
- Data Mining
- OLAP or Online Analytical Processing
- ETL or Extract Transfer Loads are the tools that transmit data from one storehouse to another.
However, experts think amongst the above tools, dashboards and visualization are the most sought-after.
How does business intelligence software help an organization?
There are many ways in which a company can benefit from business intelligence. Let us find out a few of the solutions it offers-
- Identify the ways that will help in improving profits
- Analyzing the behavior of customers
- Tracking performance
- Comparing data with the competitors
- Spotting market trends
- Predicting success
- Optimizing the operations
- Discovering problems and issues
Business intelligence platform and tools
Many business intelligence platforms are available in the market these days. Some of them are available on ad hoc reporting, creating customized dashboards and data visualization for multiple users at various levels.
How does business intelligence work?
In this process, companies collect and analyze the essential data so that answers can be found to questions that can keep a tab on the progress of the company’s goals. This allows them to decide upon those aspects that must be implemented so that the company’s objectives can be achieved better and faster.
With every passing day, the business processes are getting complex, and there is less time to research, analyze and innovate. And if you want to reach the top, keen business insight is required, which is taken care of by business intelligence.
With the help of business intelligence, many companies have made giant strides. This has been possible since data representation is done visually, making it easier for the companies to assess where they stand and what needs to be done.
