Business intelligence is a combination of many aspects like business analytics, data mining, data visualization, data tools and infrastructure it also includes the best practices to help the organizations make more data driven decisions. You know that you have a comprehensive view on the organization's data when you know how to use the data correctly that is to eliminate the inefficiencies of a company and also you can quickly adapt to the changes in the market and also changes in the supply.
We can also term business intelligence as a set of the processes, architectures and technologies that help the company to convert raw data into meaningful information that will help the company to gain profits. In addition to this, business intelligence supports fact-based decision making using historical data.
We can also not neglect the fact that business intelligence has a straight impact on the organizations strategic, tactical and operational business. Also the business intelligence tools perform a number of tasks for the company like data analysis, creation of reports, summaries, dashboards, maps, graphs and charts also this business intelligence gives a clear picture of the nature of the business to the users.
IMPORTANCE OF BUSINESS INTELLIGENCE
Business intelligence is important for a company from several aspects, few are mentioned below.
* Business intelligence is important for measuring and creating key performance indicators (KPI) based on the historical data.
* It is of great help in identifying and setting of benchmarks for a varied processes.
* It is because of BI that the companies today can follow up the latest market trends and can also identify the business problems and address them.
* Business Intelligence can be used by all kinds of enterprises.
* Analysts can also more easily spot market trends to increase sales or revenue.
SOME BENEFITS OF USING BUSINESS INTELLIGENCE
Business Intelligence also helps the company in other ways like analyzing the customer’s behavior, comparing the work of that company with its competitors to track the performance of the companies and also optimize the operations. Some other advantages are identifying ways to address the issues of the company. Business intelligence also helps a lot in predicting success.
5 SIGNS THAT YOUR BUSINESS NEEDS BUSINESS INTELLIGENCE
You can find out that it's time for your company to use business intelligence, if you can relate to the points mentioned below:
1) Difficulty in finding out important information: The IT department of a company works well because their demands are met on a daily basis but the strategic information goes beyond the daily reach of the employees, even the strategic information like statistics, cost analysis, and visual market saturation need to be billed together and addressed from different locations throughout the system as these are time sensitive decisions and if they are missed then it jeopardizes the effective execution of the company. With business intelligence you can have all the answers and information right at your fingertips exactly at the time they are needed.
2) When you have lots of data but no real information: You may have a lot of data but what is the use if you do not gain any value from it. You need to identify the key difference between data and information. You can take help from business intelligence companies like Techasoft.
3) When data is big but you still rely on spreadsheets: Excel is often used as the lifeline of the companies but it may become sluggish when the reports contain more data than Excel was designed to handle. If this happens then it’s time to think beyond Excel, and start using business intelligence tools that can collect data from multiple sources and make a coherent analysis of it.
4) Competition always seems a step ahead: If you feel that the competition is moving ahead of you, then you can use the business intelligence tools so that they can have an immediate effect on an organization giving it a competitive edge when it comes to positioning a company against other business competitors.
5) Missing of steps between strategic goals and operational actions: In a situation of the cohesion you need a good BI solution so that all your important data can co-ordinate and you can carry out goal-oriented decisions.