Business Intelligence is a concept that refers to infrastructure, tools and the ability to transform data from different sources into quickly interpretable information through dashboards, charts and reports.
Today, most organizations generate large amounts of data. This considerable amount of data is particularly complex to analyze by simple human analysis without computer assistance. Any attempt to interpret this batch of information to optimize resources and performance becomes an almost impossible mission.
One of the main advantages of Business Intelligence tools is that they make it possible to present data, offering the possibility to an organization, among other things, to readjust the orientation of their decisions and to detect growth opportunities.
In this article, we will see what Business Intelligence is and the main advantages of implementing it in your organization.
What Is Business Intelligence?
Business Intelligence (BI) is frequently declined under several headings, including decision-making computing. It consists of collecting, analyzing and presenting data from all types of sources to convert them into useful information for making decisions aimed at optimizing the management of an organization.
Business Intelligence, through data analysis, aims to represent a large amount of information in an understandable way to any user who consults it.
Thus, Business Intelligence highlights a company’s main problems, risks and opportunities. Today, there are many Business Intelligence tools with different business purposes.
It is important to emphasize that, although complementary, the concepts of Business Intelligence and Big Data are to be differentiated.
Big Data refers to the processing, acquisition, storage and analysis of large volumes of data, whether structured or unstructured. It is a process of collecting and processing information. Business Intelligence tools, on the other hand, allow data to be analyzed using different analytical techniques and then loaded into a data warehouse before representing the researched information on dashboards. Thanks to these analyses, a company can interpret the information and transform it into reports or dashboards to draw the appropriate conclusions on its key performance indicators.
Five Reasons To Implement Business Intelligence In Your Company
Business Intelligence tools offer significant benefits to a business, as they help improve decision-making and monitor business performance.
Business Intelligence is a technology that collects external information (information relating to the market, the company’s sector, etc.) and internal to the company (production, sales, personnel, etc.) to then transform it into knowledge, that is, quickly interpretable reports, to adopt better practices and optimize the management of the organization.
Although Business Intelligence offers many benefits, here is our selection of the top 5 gifts your business could benefit from.
View your company’s critical information clearly and precisely
One of the main benefits of Business Intelligence is that it provides excellent insight into your relevant business data through a single dashboard.
BI-like tools analyze, in a combined way, data from sources external and internal to the organization, then present it in a visually transparent and interpretable format.
These tools facilitate the creation of customizable and intuitive reports and dashboards adapted to the company’s different departments.
Thus, the management has real-time updated information on the critical performance data to be analyzed.
Thanks to implementing Business Intelligence solutions, decisions can be made faster and more accurately.
Real-time access to detailed information relating to a company’s activity, studied through the prism of a multitude of information sources, legitimizes an organization’s decision-making. Indeed, these decisions are based on data observed within the organization, not intuitions or external economic studies.
Resource optimization and increased business productivity
Collecting, selecting and analyzing a large volume of data through BI tools help streamline processes and reduce manual tasks.
As a result, processes become more efficient, significantly reducing some running costs.
BI technology makes it possible to make decisions based on data updated in real-time, combined with other data such as market trends, thus reducing any risk of misjudging a given situation.
A company can more easily focus on its priority strategic objectives by increasing its productivity.
Strengthened internal collaboration and increased customer satisfaction
The use of Business Intelligence solutions facilitates collaboration within an organization. By making specific reports of interest available to as many people as possible, intra-organization communication naturally becomes more fluid.
The manager of each department can access critical data within his area of expertise in real-time and in collaboration with his management.
The direct consequence of this structuring of the dissemination of information is a reinforced understanding of the environment within which a company operates.
On the other hand, analyzing customers’ different behaviors and opinions makes it possible. This knowledge makes it possible to identify areas for improvement and to implement the appropriate adjustments to increase the quality of the service offered.
Help identify new opportunities.
Business Intelligence makes it possible to have a broader vision of the environment surrounding a company and to identify new opportunities for its growth.
By developing a strategy based on consistent data, a significant competitive advantage is offered to companies, thus increasing their prospects for profitability.
Business Intelligence provides valuable and easily actionable information in real-time, allowing management to make better decisions based on a solid foundation of knowledge.
In short, Business Intelligence tools make it possible to create dashboards and present a set of data intended to help in decision-making based on relevant information updated in real-time.
Also Read: What Are The Benefits Of Business Intelligence For Companies?