Business Intelligence (BI) is the tools, technologies, applications and practices used for the collection, integration, analysis and presentation of business information. The main purpose of Business Intelligence is to support better business decision making.
Essentially, Business Intelligence systems are data-driven Decision Support Systems (DSS). Business Intelligence is sometimes used conversely with briefing books, reports, query tools, and executive information systems.
Business intelligence refers to a broad category of applications and technologies for gathering, storing, analyzing, sharing and providing access to data to help enterprise users make better business decisions.
Overall, the job of Business Intelligence is to improve all parts of a company by improving access to the firm's data and then using that data to increase profitability.
Companies that employ BI practices can translate their collected data insights into their business processes. The insights can then be used to create strategic business decisions that improve productivity, increase revenue and accelerate growth.
Business Intelligence systems provide companies with the information they need to make more informed business decisions. Business intelligence is often employed as a foundation for strategic decision-making eliminating as much of the guesswork from the decision-making process as possible.
Business intelligence applications help companies combine diverse data sources into a single unified view providing real-time reporting, dashboards, and analysis.
Business Intelligence can be implemented in the below steps:
1. Data Extraction: The Raw Data from the company's or organization's databases or dumps is being extracted using various tools and methods. The data could be spread across multiple systems and cloud.
2. Data Cleaning: The data is then cleaned and transformed into the data warehouse. The table can be linked, and data cubes are formed.
3. Data Analysis: Using the BI system the user can ask queries, request ad-hoc reports or conduct any other analysis.
The most important business intelligence features include the following:
Interactive Reports: Interactive reports allow users to condense the large amounts of retrieved data into a wide variety of possible views. Users can take advantage of features like statistical analysis to identify trends, anomalies, and outliers in the data.
Operational Reports: At the end of each day, business intelligence features like these can provide your organization’s executives with a very detailed summary of the daily events, giving them the information they need to make critical decisions.
Executive Dashboards: Executive dashboards give your organization’s leaders a real-time overview of your business in the form of graphs, charts, summaries, and other information reports. They allow your company’s executives to make smarter, faster and better decisions.
What-If Analysis: If you’re curious about how a future decision will affect your business, you can run a “what-if” analysis using past data to predict the potential impacts. Tools for what-if analyses give you an objective view of the risks and rewards involved in each potential decision and allow you to plan better for the future.
Geospatial Mapping: Business Intelligence Applications making use of location intelligence can take your information and transform it into graphical representations, simplifying your geographical data. At a glance, knowing which regions are performing better than others and which ones need particular attention becomes much easier.
There are quite a number of benefits of business intelligence, below are some:
Companies Get Valuable Insights into their Business: Business intelligence software Regularly collect and analyze business data in order to deliver valuable and useful insights into the business.
Establish Benchmarking: Business intelligence gives you an in-depth researched analysis into your business keeping you up to date.
Improves Sales and Negotiations: Companies using a business intelligence software have access to up-to-the-minute-report that identify sales trends, product improvement, current customer preferenced and unexplored market, which is a valuable backup to sales and negotiations.
Identifies Opportunities: Business intelligence can help a company its abilities and capabilities, compare its strengths and weaknesses against its competitors, find out the latest market trends and the present market conditions and quickly respond to change all to gain a competitive advantage.
Eliminates Waste: Business intelligence points out areas of loss or waste that previously have gone unnoticed in a large organization thereby making it easy for the company to identify and eliminate waste.
Fact-Based Decisions: Business intelligence brings about fact-based decisions because it is able to analyze the current data on all aspects of the business's financial, production and customer data hence enabling the company to make decisions such as which product to concentrate on and which to discontinue.
Business Intelligence can be employed and used in so many ways, below are major uses of BI Systems:
1. BI systems can help in measurement and creation of KPI (Key Performance Indicators) based on historic data
2. Help identify and set benchmarks for varied processes.
3. With BI systems organizations can classify market trends and spot business problems that need to be fixed.
4. BI helps on data visualization that improves the data quality and thereby the quality of decision making.
5. BI systems can be used by SME (Small and Medium Enterprises) for a high quality of business operations.
1. It helps to identify ways to increase profit
2. Analyzes customer behaviors
3. Compare data with competitors
4. Track business operations performance
5. Optimize business operations
6. Predict business operations success
7. Spot market trends fast
8. Discover issues or problems
9. It allows for easy business analytics
In the Full Course, you will learn everything you need to know about Business Intelligence with Diploma Certificate to showcase your knowledge and competence.
Business Intelligence - Introduction
Business Intelligence - Tools
Business Intelligence - Microsoft BI
Business Intelligence - Microsoft BI Architecture
Business Intelligence - Tools & Utilities of Microsoft BI
Business Intelligence - Self-service Analytics with Power BI for Office 365
Business Intelligence - End-to-end Corporate BI with SQL Server
Business Intelligence - Big Data Solutions with Windows Azure HDInsight
Business Intelligence - Exams and Certification
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