Business Intelligence(BI)

To remain competitive, businesses must have a clear view of all their data, which is where business intelligence (BI) tools come in. After all, nearly half of all businesses already use BI tools, and projections show that this trend will continue in the coming years. However, for those who haven't yet adopted a tool or are simply interested in learning more, it can be difficult to define BI.

Simplifying BI For You

To assist organizations in making more data-driven decisions, business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices. Modern business intelligence is demonstrated when you have a comprehensive view of your organization's data and use that data to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes. Modern business intelligence solutions prioritize self-service flexibility, governed data on trusted platforms, empowered business users, and speed to insight.

How does business intelligence function?

Business intelligence is an umbrella term that encompasses the processes and methods. All of these factors combine to form a comprehensive view of a business. In recent years, business intelligence has expanded to include more processes and activities to aid in performance improvement. Among these procedures are:

• Data mining: is the process of discovering trends in large datasets by using databases, statistics, and machine learning (ML).
• Reporting: The dissemination of data analysis to stakeholders in order for them to draw conclusions and make decisions.
• Performance metrics and benchmarking: Using customized dashboards to compare current performance data to historical data to track performance against goals.
• Descriptive analytics: Investigating what happened using preliminary data analysis.
• Querying: By asking data-specific questions, BI extracts answers from data sets.
• Statistical analysis: Taking descriptive analytics results and further exploring the data with statistics to determine how and why this trend occurred.
• Data visualization: is the process of transforming data analysis into visual representations such as charts, graphs, and histograms in order to make data easier to consume.
• Visual Analysis: Exploration of data through visual storytelling to communicate insights on the fly and remain in the flow of analysis
• Data preparation: is the process of compiling multiple data sources, identifying dimensions and measurements, and preparing the data for analysis.

How does BI actually help businesses?

BI is more than just software; it is a method of maintaining a comprehensive and real-time view of all relevant business data. Implementing BI provides numerous benefits, ranging from improved analysis to increased competitive advantage. Among the top business intelligence advantages are:

• Clarity of data
• increased effectiveness
• improved customer service
• Increased Employee satisfaction.

Learn more and develop your skills through our Business Intelligence training course