Business Intelligence: Imagine that you need to make a decision that should impact your corporate finances. Thanks to the logs projected on the screen, you can observe business data, understand insights, and deliberate confidently.
This is a typical scenario that characterizes Business Intelligence (BI). The manager needs to access several documents in a business without BI simultaneously. Not to mention the long hours to analyze and draw a conclusion that may or may not be ideal.
With BI, the technology analyzes millions of data in a few seconds and generates complete reports. So, management quickly understands what to do to solve different situations effectively. You will discover as you read how BI drives intelligent strategic decisions. Follow up!
What Are Business Intelligence And Business Analytics?
Business Intelligence is the set of technologies, architectures, processes, and methods for dealing with corporate data. By entering information into BI applications, it is possible to facilitate analytical work in practices such as:
- sales administration;
- creating reports;
- team management;
- organization of corporate knowledge;
- performance verification;
- document views.
Based on the histories revealed by data, BI tools generate insights that can be integrated with other corporate systems such as ERP and CRM. In turn, Business Analytics represents a step forward from Business Intelligence. BA applies solutions with Cognitive Computing, Machine Learning, and Artificial Intelligence to generate production forecasts, and sales, among other aspects. In addition, it is popular in developing tools to detect financial fraud quickly.
Business Analytics ‘ mission is to reveal so-called deep insights with resources capable of analyzing raw data to identify correlations, relationships, and basic patterns for business groups that want to discover how to innovate.
How Does Business Intelligence Work?
BI provides strategic support and guides companies towards the best decision, focusing on data for assertive corporate actions. Discover the four characteristics of how Business Intelligence works :
Collecting data is essential to define the purpose of the collection and the types of information that must be collected to turn production costs, sales, investments, and product innovations. In the collection, it is possible to use a Data Lake to store and process data in its raw form and large volumes. Thus, according to the corporate mission, the company guarantees a scalable repository to start the data cleaning process to absorb exciting facts.
Any area of the business can have data for collection and analysis. It is even possible to obtain the history of customer interactions if the mission is to improve communication or corporate image.
Then there is the analysis phase. Initially, the manager has to select the essential metrics to interpret the information he wants to find. The organization of contents is established as a pattern to simplify comparisons or visualizations. BI software makes data available in dashboards to update, consult, or other data science practices.
Data scientists send interpretations to specific areas of the organization. This occurs based on reports for managers and staff to exchange knowledge before deliberating.
At this point, it is not difficult to see how Business Intelligence works for any department. This ranges from handling initial customer contact to the final stages of operations.
Monitoring and review are ongoing practices regarding BI results. During monitoring, the scientist can aggregate new data sources to reinforce ideas related to the market, organization, or target audience.
What Are The Advantages Of Business Intelligence?
Have you heard that data is a precious asset these days? But this valuation only occurs if a business has Business Intelligence tools to extract decisive insights into the corporation’s destiny. Discover the five benefits of BI below.
Plan Management Better
Companies have immense volumes of information. Some do not know that there is data in the heap that serves to improve operations and add competitiveness. With Business Intelligence, cutting-edge programs process information optimally, revealing indices for effective management.
With high-quality information, managers understand what to do to improve operationally and commercially and understand competitors’ behaviors to figure out how to innovate accurately.
Safely Manage Risks And Production Processes
Minimizing risks is one of the missions of Business Intelligence because, with organized data, there are fewer difficulties in controlling databases to prevent problems.
This type of technology covers the internal routines of all departments. Some applications simplify the activities of evaluating the performance of teams, each team member, and the corporation’s general chain.
Ensure Smart Decision Making
Being agile is a must when speed makes a difference to competitiveness. With the dynamism provided by talented resources, an institution achieves more representation in the market.
If decisions are made faster than competitors, there is more chance of success. On the other hand, slow and low-precision deliberations tend to scare away customers and reduce market presence.
Build Customer Loyalty And Reduce Unnecessary Expenses
Business Intelligence optimizes the quality of customer service and helps in building loyalty. Relationship strategies are guided by data related to conduct, purchase patterns, and satisfaction levels, among other matters.
Adopting strategic plans with BI is expected to save resources and improve the power of competition, with investments correctly allocated to generate a quick financial or productive return.
BI informs the leading commercial, behavioral and market trends. Management takes advantage of capturing predispositions to identify new opportunities to undertake and grow sustainably.