Knowing what business intelligence is is the first step to start leveraging all the information generated daily within your business on factors such as your customer relationship, market changes, product development and more.
For this reason, today we have collected all the information you need to know in order to understand in detail what it is about, what is its importance and how to implement it successfully in your company.
What is Business Intelligence?
Business intelligence is a data analysis process that combines business analytics, data mining, data visualization, data tools, and infrastructure to provide actionable insights that help executives, managers, and workers make decisions. business information and based on real information.
As part of the business intelligence process, organizations collect and analyze data from internal computer systems and external sources.
The ultimate goal of business intelligence initiatives is to drive better business decisions that enable organizations to increase revenue, improve operational efficiency, and gain a competitive advantage over business competitors.
Modern business intelligence enables you to see the full depth of your organization’s data and use it to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes.
How to Implement Business Intelligence?
Here we present 7 steps to implement business intelligence processes in your company:
1. Data extraction
The first step is to use databases, statistics and machine learning to find trends in large data sets. Data from various sources, such as surveys and observations, are collected, integrated, and then stored.
2. Data preparation
After collecting multiple data sources, identifying dimensions and measures, data sets are created and prepared for data analysis, often by creating different analysis models.
3. Data analysis
Using preliminary data analysis will allow you to find out what happened. Next, the results of the descriptive analysis are taken and the data is drilled using statistics, for example about how this trend occurred and why.
Data analysts typically query data sets or models, ask specific questions about the data, and extract answers from the data sets.
Query results are used to generate visualizations in the form of charts, graphs, histograms, or other visual representations, along with dashboards and reports.
Decision makers use data visualization and reports to help them make decisions. They can also use the business intelligence dashboard to drill down into the data and learn more.
Performance Metrics and Benchmarks
Finally, comparing current and past performance data helps track performance against targets, usually using a dedicated dashboard.
Benefits of Using Business Intelligence
In addition to the reasons previously mentioned, the application of business intelligence can provide multiple benefits for a company, including:
1. It Helps You Get Information About Customers
With effective business intelligence, companies can better understand their customers by analyzing their buying patterns and creating user profiles. This helps them create better products and product experiences for their customers.
2. Increased Visibility Into Business Operations
Organizations that leverage business intelligence will have better control over their business processes because they have better visibility into what is happening within the organization.
Having active oversight of standard processes and procedures helps correct errors fairly quickly.
3. Gain Actionable Insights
Actionable data are the metrics that actually enable action to be taken, not just numbers that give confidence to be heard.
The most important thing when making a business decision is having enough data to support that decision.
With traditional reports, it is not as easy and convenient to get actionable information as it is with business intelligence.
4. Improved Efficiency Throughout The Organization
Having an adequate business intelligence system greatly increases the efficiency of the entire organization. This, in turn, has a positive impact on the organization’s overall revenue.
By making meaningful data accessible to multiple teams in an organization, waiting times for report requests are reduced and the productivity of all teams in the company is increased.
5. Availability Of Data In Real Time
Business intelligence systems provide real-time data at any time. This, in turn, reduces the risk of potential human error in preparing critical data reports.
Having access to data in real time allows companies to stay informed about the health of the company at all times.
Importance of Business Intelligence In a Company
The importance of business intelligence lies in the following factors:
- It helps reveal business or market trends.
- This can lead to identifying areas where operational efficiency is maximized or could be improved.
- It makes data analysis more understandable and useful to decision makers through the use of tables, graphs and other forms of visual representation.
- It provides a “what if” analysis from a different possible decision or business perspective.
Now that you know what BI is, what it’s important for and how to develop it, now is the time for you to start creating a solid strategy in your company to start leveraging all the information about your business, your market and your customers. to make more accurate decisions.
Remember that with you can have access to powerful sources of business information, from information gathering via online and offline surveys to market research to customer experience and employee experience platforms with personalized dashboards, insight repository and much more. further.
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