Business Intelligence, focuses on the process of gathering, analyzing, and monitoring information to optimize business management.
With the advancement of technology and the consequences of digital transformation, the business ecosystem has become much more competitive. This has created the need to find a smarter and more productive way to make business decisions that work in a scalable way. This new way is what is known as Business Intelligence. Find out in this article how this tool can make your company smarter.
What is Business Intelligence?
Transforming raw data into meaningful and useful information to manage a company efficiently, with the help of a set of techniques and tools, is the basis of the Business Intelligence concept.
Business Intelligence is often used in many companies within the decision-making process to support basic operations decisions or more strategic decisions, which may involve specific objectives and priorities.
The goal is to allow a better and easier interpretation of a large volume of data. This interpretation is more effective when Business Intelligence is combined with data from the market. The combination of internal and external data provides a complete picture of the business.
The wealth of data helps create and develop business strategies, identifying new opportunities and increasing efficiency. But Business Intelligence goes much further:
Data Collect
All the operations and aspects of the company are analyzed to determine the key points that allow boosting the business, such as productivity or market opportunities.
Processing and analysis
All collected data is organized and analyzed to facilitate decision-making.
Monitoring
Once the decision is made, based on the analyzed data, the results are monitored.
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Main Tools Of Business Intelligence
The tools offered by Business Intelligence are software solutions that collect and process a large amount of unstructured data. This data can come from internal and external sources, including documents, books, magazines, reports, medical records, images, emails, videos, or other sources of information.
In this way, Business Intelligence offers us a way to obtain data that facilitates searching for information through queries. As a result, this technology allows companies to obtain a complete view of operations and predict future developments.
The essential functions of Business Intelligence include:
- Reports
- Online analysis processes
- Data exploration
- Complex event processing
- Business performance management
- Benchmarking
- Predictive analytics
Currently, a wide variety of Business Intelligence solutions can be found on the market. These programs provide reports designed to help companies make strategic decisions. This analysis of real data can help us from optimizing stock management to boosting sales.
Why Resort To Business Intelligence To Manage Your Business?
Business Intelligence tools offer you the power to accelerate and improve decision-making. At the same time, with the use of these technologies, it is possible to increase operational efficiency and identify new profit opportunities and market trends.
For example, thanks to Business Intelligence, it is possible to identify:
- Which customers bought the most
- When they made the purchase
- Which customers generated the most profitability
With this type of data, it is possible to make increasingly intelligent business decisions to increase business efficiency and profitability.
Efficient Information Management
With the help of Business Intelligence tools, all the relevant data for the company are collected in reports that facilitate decision-making.
Process Optimization and Simplification
Due to data availability, companies can carry out a great optimization of processes more quickly and directly.
Opportunities Identification
With the knowledge that Business Intelligence offers companies, it is easier to find faults or errors and, at the same time, opportunities in the market.
Risks Prevention
In the same way that data analysis can be used to make smart decisions and identify market opportunities, this data can help detect errors. This aspect allows you to make preventive decisions that minimize possible future risks and setbacks.
In addition to these advantages, Business Intelligence provides other obvious benefits:
- It helps to know the business;
- Facilitates access and exchange of information;
- Allows real-time analysis;
- It offers concrete and precise results;
- Provides quick responses to mistakes, failures, or opportunities;
- It allows obtaining valuable information on customer behaviour, purchases, or sales.
Bet on Business Intelligence and Make The Right Decisions
Running a business efficiently means making the best decisions. Business intelligence depends not only on the ability and knowledge of the employer but also on technological support, such as management solutions.