Business Intelligence (BI) provides data that helps companies make informed and timely decisions. We explain how implementing BI software can give businesses of all sizes a competitive advantage. Plus, we share examples of how some of the most tech-savvy companies are using BI. In this article we are trying to give to best answers of following Questions:
What is Business Intelligence (BI)?
How Business Intelligence maintains the competitiveness of large companies?
how would the technology industry use business intelligence?
BI includes several tools and techniques to transform raw data into meaningful and actionable information.
BI systems have four main parts:
A data warehouse stores business information from various sources in a centralized and accessible location. Data management or business analysis tools extract and analyze the data in the data warehouse. A user interface (typically an interactive dashboard with data visualization reporting tools) provides quick access to information.
German market research firm Statista estimates the volume of data created globally by 2024 will be 149 zettabytes. This large amount of data, or “big data”, has made business intelligence systems relevant to companies that want to harness their power to gain a competitive advantage. Many BI systems use artificial intelligence (AI) and other capabilities for business analysis.
Key points to remember:
Business Intelligence offers a wide variety of tools and techniques to support accurate and reliable decision making. The most successful companies are using BI to make sense of increasing amounts of data quickly and inexpensively.
Data-driven and BI-driven decision making helps businesses stay relevant and competitive.
Where is BI used?
The sales, marketing, finance and operations departments use business intelligence. Tasks include quantitative analysis, measuring performance against business goals, collecting customer information, and sharing data to identify new opportunities.
Here are examples of how various teams and departments are using business intelligence.
Scientists and Data Analysts:
Analysts are advanced BI users and use centralized business data and powerful analytics tools to understand where opportunities for improvement exist and what strategic recommendations to make to company management.
Finance:
By combining financial data with sales, marketing and operating data, users can gain insight from which to make decisions and understand the factors that affect profit and loss.
Marketing:
BI systems can provide real-time campaign tracking, measure the performance of each effort, and plan future campaigns. This data gives marketing teams more visibility into overall performance and provides contextual images to share with the business.
Sales:
The Sales data analysts and operations managers often use BI dashboards and key performance indicators (KPIs) to quickly access complex information such as discount analysis, customer profitability, and lifetime value. client. This Sales managers monitor revenue goals, sales rep performance, and sales flow status using dashboards with reports and data visualizations.
Operations:
To save time and resources, managers can access and analyze data such as supply chain metrics to find ways to optimize processes. Business Intelligence can also guarantee compliance with SLAs and help improve distribution channels.
In a truly data-driven business, all departments and employees can take advantage of the information generated by BI.
What is the value of business intelligence?
The highest value of Business Intelligence is its ability to support data-driven decisions. BI transforms raw data sets into useful information that informs decisions and leads to actions that positively impact results. BI systems guide decisions based on historical, current and potential future data.
Descriptive analysis:
These analyzes reveal what has happened or is happening and are part of dashboards, business reports, data warehouses and dashboards. When properly managed, you will have a better understanding of your business issues and can find opportunities for improvement.
Predictive analyzes:
These advanced analyzes use data mining, predictive modeling, and machine learning to help make projections of future events and assess the likelihood of an event occurring.
Prescriptive analysis:
These analyzes reveal why you need to take a particular action. Prescriptive analysis enables optimization, simulation, decision modeling and provides the best possible analysis for business decisions and actions.
BI software collects data on sales, production, finance, and many other sources of business data. Many companies use industry data to compare performance with that of the competition.
The advantages of economic intelligence
Visualization Advanced interactive dashboard data representations using simple user interfaces provide the ability to visualize information in a graphical format to understand the data in more detail. Connection The ability to manage and combine access to multiple data sources provides a 360-degree view of your business and enterprise, which is not possible in a siled data environment.
Collaboration tools enable data-driven improvements in various business functions such as marketing, finance, sales, operations, finance, support, human resources and customer service, individually and together. Cross-platform and multi-user BI applications operate online and in mobile environments. The tools improve system performance so that businesses can distribute more information to specific users more quickly. In multi-terabyte data stores, these tools provide excellent query performance.
Scalability Many systems provide user scalability
It support advanced reporting and analysis. Dashboards and reports are available to many users, and not just to data analysts or organization leaders. Speed and Competitive Advantage BI can perform faster reporting, analysis, and planning with access to global data. The system’s analytical capabilities allow you to react quickly to market or other conditions.
Accurate reporting and reliable data can be highly customized, and KPIs can be monitored using multiple data sources. Real-time generated reports provide insightful data that helps organizations and their employees make better decisions. These reports provide information, access, accuracy and relevance.
Analytics and Insights BI processes large amounts of data to forecast, budget, plan, and stay up to date. Competitive analysis helps companies understand the competition and compare the performance of the competition. This business intelligence allows the differentiation of products and services.
Efficiency and Productivity A 360-degree view
all activities helps businesses identify problems, improve operations, increase sales and, in turn, increase revenue. Customer Satisfaction BI can help you identify missing services or products and improve customer satisfaction by making the necessary changes. Reports help you understand customer behavior, develop user personas, and use real-time customer feedback data to make corrective changes to improve customer service and therefore satisfaction. this article source taken from: Major Techo
BI tools can automatically recognize positive behaviors while regularly tracking employee contributions and improvements. Cost Savings BI knowledge of raw business data will help decision makers analyze cost savings opportunities such as excess inventory, human resource redundancy, marketing surplus, too many vendors or management facilities. waste.
Profitability and Savings BI tools can analyze variances, inefficiencies or errors. BI helps increase profit margins by providing information that drives future sales and indicates where to spend future budgets.
KPIs and strategically oriented BI help companies gain a competitive advantage by helping them find new opportunities and develop smarter strategies. Use the data to identify market trends and help improve your business’s profit margins. Reports based on tracking established KPIs ensure the business stays on track to meet or exceed goals.
