Business Intelligence: We live today in the age of technology and information. We are bombarded daily by the most diverse news. Data permeates our reality, and we must know how to deal with it daily.
For companies, data are essential tools to guide decision-making in any area. But it’s not enough to have a lot of data and not know how to use it to your advantage. You must interpret and understand them to take their insights and turn them into something valuable. For this, there is the Business Intelligence tool, the famous BI. Organizations are increasingly using BI due to the return it brings in the analysis of corporate data and in identifying improvements to be made.
After All, What Is Business Intelligence, The Famous BI?
Business Intelligence can be understood as a set of processes to collect data and transform them into valuable information to assist in decision making, generating opportunities for action. In other words, it brings “intelligence” to companies. BI makes it possible to create reports with more precision, optimizing strategies and reducing the occurrence of possible errors.
BI works to extract relevant information that generates value to the business, bringing incredible speed and assertiveness in decision making and is currently recognized as one of the most critical sectors of organizations. This is because information can be considered the most valuable item for companies in the face of an increasingly competitive and unpredictable market.
What Is The Importance Of BI In Organizations?
Companies that use BI are always one step ahead of those that don’t. The insights that can be obtained from its use guide companies in their actions, both in brand positioning or launching a new product on the market and in content marketing and publications on social networks, for example. Another benefit that BI brings is a higher return on Investment (ROI), betting on accurate strategies, more agile processes, less wasting time, and reduced costs.
Business Intelligence encompasses not only the process of collecting and analyzing data but also the specialists, the techniques used, the computational resources, and the software systems involved in information mining.
Advantages Of Using BI
BI provides several competitive advantages for a business to stay ahead of its competitors, focusing on intelligence, improving performance, and bringing satisfactory results in its use.
Using modern resources such as Big Data, for example – which brings robust applications in the collection of multiple data sources – with this information, it is possible to understand the market better, analyzing the competition, the target audience, and what they think. And talk about a business, its products, and services.
In addition to influencing decision-making, BI is capable of predicting market trends, evaluating performance indicators (KPIs), assisting in the launch of new products and services, optimizing a company’s internal operational routine, and helping to improve your experience, among other benefits.
How Does BI Work In Practice?
Transforming data into relevant information and interpreting it in reports is something that must be done constantly: it is a change in the culture of organizations, which attributes their actions to data analysis and its applications. Of course, the analysis of this data is done automatically. Several tools and software perform the collection and analysis, in which the functionalities vary according to the needs of each business.
With the BI tool chosen, it is necessary to filter the data that are of interest to the company to outline the best strategies and decision-making. Over time, the team responsible for this routine will get used to the process, and the analyzes and insights will emerge more naturally and spontaneously, thus obtaining a deeper understanding of the information gathered.
What Kind Of Data To Collect With BI?
The data to be collected with BI varies significantly from company to company. It all depends on the goals and needs in question. The primary purpose of BI is to assist in the strategic decisions that can be made based on the data collected, avoiding guesswork and seeking a smaller margin of error.
To define what kind of data to collect, you need to analyze what is essential to the company and what data and channels are relevant to your strategy, depending on the sector, the size of the company, and the number of employees.