Find out what Business Intelligence is

The term Business Intelligence (BI) refers to the technologies, applications and practices for collecting, integrating, analyzing and presenting information. The objective of Business Intelligence is to support better decision-making in the business, commercial, marketing and finance verticals. Essentially, Business Intelligence systems are data-driven decision support systems.

What is the place of Business Intelligence in a company?

Business Intelligence (BI) is a technological process of analyzing data and presenting information to help business leaders, managers, and other end users make informed business decisions. Business Intelligence encompasses a wide variety of tools, applications, and methodologies that allow organizations to collect data from internal systems and external sources. This data is then prepared for analysis to create reports, dashboards and other Data Viz tools to make analytical results available to decision makers and operations.

Today, companies rely on business intelligence software to identify and extract valuable information from the large volumes of data they store. These tools make it possible to extract information such as competitive intelligence and market trends, as well as internal information such as finding the reasons for lost opportunities.

Over the past few years, Business Intelligence has moved from a field that mainly belonged to IT to a function that has become key in all companies, to detect business opportunities, optimize marketing or financial campaigns, for example. Today, however, there is a whole range of intuitive and accessible Business Intelligence solutions that allow users across the enterprise to connect and access BI dashboards and analytics that turn raw data into real business information sources.

How does business intelligence work?

The data sources used to enrich its BI tool. include customer relationship management (CRM) systems, supply chain insights, sales performance dashboards, marketing analytics, call center call data. Business intelligence applications help businesses bring all of these disparate sources together into one unified view providing real-time reports, dashboards, and analytics.

While business intelligence does not give users guidance on what decisions to make, or what to do or what will happen if they take a certain course, business intelligence is also not limited to reporting. On the contrary, BI offers employees a way to examine business data and understand market trends and derive learnings to advance all business verticals of their company.

Business intelligence tools help factor the effort employees put into finding, merging, and querying data to get the information they need to make good business decisions.

Potential use cases for Business Intelligence go beyond the typical business performance metrics of improving sales and reducing costs

Why is Business Intelligence important?

Business Intelligence tools can bring many benefits to a company. They allow :

  • Accelerate and improve decision-making,
  • Optimize internal business processes,
  • Increase operational efficiency, new revenue generation
  • To gain a competitive advantage over the competition.

Business intelligence systems can also help companies identify market trends and spot business issues that need to be addressed.

Business Intelligence data can include historical information stored in a Data Warehouse and Data Mart, as well as new data collected from source systems as it is generated. Business Intelligence tools support both strategic and tactical decision-making processes.

Here are some of the benefits of using Business Intelligence tools in the market

  • Increase productivity: With a Business Intelligence program, it is possible for companies to create reports with just one click.
  • Improve visibility: Business Intelligence also helps to improve the visibility of these processes and helps identify areas that need attention.
  • See the big picture: Business intelligence also helps organizations get a big picture view of the business through typical business intelligence features such as built-in data viz tools and dashboards.
  • Streamline Business Processes: Business Intelligence removes all the complexity associated with business processes. It also automates analysis by offering predictive analytics, computer modeling, benchmarking, and other methodologies.
  • Analyze data easily and quickly: Business Intelligence software has democratized its use, allowing even inexperienced or untrained users to collect and process data quickly.