How Would the Technology Industry Use Business Intelligence?. Business Intelligence (BI) is a technology-driven process for analyzing data and delivering actionable insights that help executives, managers. And employees make informed business decisions. As part of the BI process, organizations collect data from internal IT systems and external sources, prepare it for analysis, run queries on the data, and create data visualizations, BI dashboards, and reports. Reports so that the results of the analysis are available to the business users for operational decision-making. Strategic development and planning.
The ultimate goal of BI initiatives is to make better business decisions that enable organizations to increase revenue, improve operational efficiency, and gain a competitive advantage over their business competitors. To achieve this goal, BI integrates a combination of analysis, data management, and reporting tools, as well as various data management and analysis methodologies.
How the business intelligence process works
Business Intelligence data is typically stored in a data warehouse designed for an entire organization or in a smaller data market that contain a subset of business information for individual business units and departments, often with links to an enterprise data warehouse. Additionally, cluster-based Hadoop data lakes or other big data systems are increasingly used as repositories or landing strips for BI and analytics in BI applications, raw data from different source systems typically needs to be integrated, consolidated, and cleansed using data integration and data quality management tools to ensure that data BI teams and business users analyze accurate and consistent information.
From there, the steps in the BI process are as follows:
- analytical consultation of the prepared data;
- distribution of key performance indicators (KPIs) and other results to business users; and
- using the information to help influence and guide business decisions.
Initially, BI tools were primarily used by BI and IT professionals who query and produced dashboards and reports for business users. However, more and more business analysts, executives, and workers are using their own business intelligence. And platforms, thanks to the development of self-service BI and data discovery tools. Self-service business intelligence environments allow business users to query BI data, create data visualizations, and design dashboards on their own.
BI programs often incorporate advanced forms of analytics, such as data mining, predictive analytics, text mining, statistical analysis, and big data analysis. A common example is predictive modeling which enables what-if analysis of different business scenarios. However, in most cases, advanced analytics projects are carried out by separate teams of data scientists, statisticians, predictive modelers. And other trained analytics professionals, while BI teams oversee the process. analysis of business data and simpler queries.
Why Business Intelligence is important
In general, the role of business intelligence is to improve the business operations of an organization through the use of relevant data. Companies that effectively use BI tools and techniques can translate their collected data into valuable insight into their business strategies and processes. This information can be used to make the best business decisions that increase productivity and revenue.
Without BI, organizations cannot easily take advantage of data-driven decision-making. Instead, managers and workers must base their important business decisions on other factors, such as accumulated knowledge, past experiences, intuition, and gut feelings. While these methods can lead to good decisions, they are also marred by errors and potential missteps due to a lack of data to back them up.
Benefits of business intelligence
For example, BI enables senior executives and department heads to continuously monitor business performance so they can act quickly when problems or opportunities arise. Analyzing customer data helps make marketing, sales, and customer service efforts more effective. Supply chain, manufacturing, and distribution bottlenecks can be detect before they cause economic damage. HR managers can better monitor employee productivity, labor costs, and other workforce data.
In general, the main benefits that businesses can gain from BI applications include the ability to:
- accelerate and improve decision-making;
- optimize internal business processes;
- increase operational efficiency and productivity;
- detect the business issue that need to be resolve;
- identify emerging markets and business trends;
- develop stronger business strategies;
- generate higher sales and new income and gain a competitive advantage over competing companies.
BI initiatives also offer more limited business benefits, including making it easier for project managers to track the status of the business. And projects and for organizations to gather competitive insights on their competitors. Additionally, BI, data management, and IT teams benefit from Business Intelligence. It uses it to analyze various aspects of analytical and technological operations.
7 real examples of business intelligence in use
While the basic definition of Business Intelligence (BI) has remained relatively the same over the past 155 years. And using data to make good business decisions, the way companies use BI has changed a lot.
The examples of business intelligence used vary widely as, over the past two decades, BI technology has evolved from highly technical tools used by teams of experts to more user-friendly cloud-based software. This has made it more agile and accessible than ever, leading to a proliferation of different BI use cases.
Yet the common trait among the most effective BI tools is that they are design with the business user in mind. And allowing anyone in the organization to access, analyze and act on them. data without coding skills.
This pervasive “data culture” has many benefits, such as removing bottlenecks in enterprise-wide workflows; reducing heavy lifting so you can tackle more important tasks; and, ultimately, proving the validity of your business through growth.
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