Nowadays, the pace of competition development is much faster than the market development. This situation is influenced by progressive globalisation, technological development and widespread access to the Internet. In such conditions, achieving a competitive advantage becomes the basis for building a long-term strategy for each company. This, in turn, can be achieved by using modern solutions offered by Business Intelligence.
Business Intelligence – what is it?
Business Intelligence (BI) uses software and services to transform data into useful information that informs strategic and tactical business decisions. BI tools access datasets, analyse them and present the results in the form of reports, summaries, dashboards, charts, graphs and maps, providing users with detailed information about a company’s current business situation.
Although business analytics does not tell users what to do or what will happen if they take a specific step, BI is not just about generating reports. BI is a way of examining data to understand trends and draw conclusions by streamlining finding, combining and searching the data needed to make the right business decisions. BI applications, therefore, go well beyond typical business performance indicators such as sales growth or cost reduction.
Business Intelligence in companies
In the past, the primary users of BI applications were IT professionals. However, since BI tools have become more intuitive and user-friendly, they are also successfully used by representatives of various companies in their daily work. They make it possible to:
– more straightforward conclusions: data analysis is a process in which unknown or unusual patterns are picked up with just a few clicks. Intelligent BI solutions, including Power BI, can recognise and group pre-cleaned data themselves. Such valuable collections are then searched for relationships. Predictive mechanisms also play a significant role in this, facilitating the tracking of trends in real-time. For example, we can track the relationship between the prices of a product or service and its demand.
– automated reporting: BI systems not only facilitate data aggregation but also help automate reporting. The analyses created, presented in the form of clear charts, can be easily made available to all people working on a given project and contractors. The high flexibility of BI systems translates into significant savings in employee time and energy.
– avoiding bottlenecks and market risks: Business Intelligence is crucial for the entire organisation. It provides insight into the actual state not directly derived from profit and loss statement analysis alone. Business Intelligence is not just about tracking KPIs on a monthly or quarterly basis. BI facilitates forecasting, making it much easier to avoid bottlenecks and ensure ideal timing for important business growth decisions.
Are you interested in implementing a BI system in your organisation?
Implementation of Business Intelligence solutions should always be preceded by an analysis of requirements and conditions specific to a given organisation. EBIS consultants, apart from extensive technical knowledge and certificates, have competencies in business analysis of the organisation’s needs. The BI solutions we offer are always individually tailored to the needs of a given company. So if you are looking for Business Intelligence solutions to support your daily work, use our experience gained during numerous implementations. Write or call us – we look forward to hearing from you!