Business Intelligence, often referred to as “BI,” is growing more popular with the passage of time. Though there are a number of people with small and large enterprises, not all of them are aware of business intelligence and its basics. With this article, our goal is to offer you clarity about the business intelligence concepts, tools, uses, and applications. This way, the next time someone mentions BI, you will be able to join in the conversation and give your insights on the topic with a smile.
BI is nothing but the use of computing technologies in order to identify, discover and then analyze the business data such as products, sales revenue, incomes, and costs. By this, business technologies offer predictive, current and historical views of the internal structure data for departments and products which, in turn, help in providing strategic, operational insight and also for establishing effective decision making.
The definition of BI above is to the point but it is a bit complex, and if you are looking for a simple gist, business intelligence, in simple terms, can be defined as the process of locating useful and vital trends in the data. This, in turn, will give the insight to make effective decisions related to an enterprise.
If you have decided to incorporate the use of BI in your enterprise for making effective decisions, then you should be aware of the best BI tools available in the market. If you are open to suggestions and have a desire to make the most out of your investment on BI tools, then you should consider using Kloudgin’s Business Intelligence. Kloudgin’s BI is one of the most popular BI tools and has helped a number of enterprise owners in taking their enterprise to the next level.
After all this discussion, you must have figured out the application of BI in enterprises. One of the primary purposes of BI is to offer business managers, corporate executives and operational workers to make better and informed business decisions which hold the potential of helping the enterprise. In addition to this, Business Intelligence also allows companies in identifying new business opportunities, cutting costs and identifying the business processes that are inefficient and might require some re-engineering.
What Activities Constitute Business Intelligence?
BI refers to the technologies, applications, practices, and tools that are used for collecting, integrating, analyzing and presenting a company’s raw data for offering insightful, actionable and useful business information. BI is a technology-driven process, and this process involves several activities which include:
- Data mining or the collection of data
- Online analytical processing
- Analyzing or querying
Is It Worth Using Business Intelligence Tools and System?
You can say that business intelligence tools are data-driven business decision support system. With the help of a BI tool, business owners or people can easily analyze an available lot of data on their own, rather than waiting for hours or days for IT to run and analyze complex data reports. With an effective BI tool by your side, you will be able to backup your business decisions with real hard numbers rather than relying on your anecdotes and gut feelings.
Since you are now well aware of the purpose of Business intelligence in business decision-making, for making a safe and sound investment decision on this tool, you should consider having a look at the benefits of the tools mentioned above.
- Business intelligence tools or software offer actionable data. It is one of the main reasons because of which BI is gaining popularity.
- Business data tends to spread around and get trapped in silos. The new versions of BI tools can remove all such barriers between the silos in order to produce a holistic image based on different data sources. This way, it offers way more accurate forecasts.
- Sales personalization: It also helps in offering targeted and personalized online experience to customers. These further assists in cost savings and getting more and more customers.
- Speedy answers: Things have changed now because anyone can use BI platforms for accessing the final report extracted from a complex set of data. Earlier, BI platforms required specialists for operation whereas now, anyone can use this business tool.
- Data visualization: The latest version of BI tools offers instant insight with the help of visualization tools. This offers a businessman a wide range of options for viewing information.
- This will also enable you to gain a competitive advantage over your business rivals.
- Business Intelligence tools and applications also help in increasing operational efficiency.
- BI tools can also spot inefficiencies and business problems that require attention.
- The latest versions of BI tools can also identify the latest market trends.
Hence, as can be seen, business intelligence tools form an indispensable part of any entrepreneur or people in business and can prove quite handy when it comes to knowing your enterprise a bit better!