Business Intelligence (BI) is one of the key determinants of a companies’ competitiveness. Thanks to it, the management board, managers, and lower-level employees have constant access to critical information. BI allows them to make the right business decisions. Why is business analytics so crucial for running a business? You can read more about it later in this article.
What is Business Intelligence?
Business Intelligence systems combine several processes – they enable data collection and storage, analysis management and visualisation. In this way, complex data is transformed into readable and helpful information. These can then support more effective strategic, tactical and operational decision-making processes.
Business Intelligence environments consist of various technologies, applications, processes, strategies and products. These are used to collect, analyse, present and disseminate internal and external business information. Business Intelligence technologies can thus be said to use advanced statistics and predictive analytics to help businesses conclude from data analysis, discover patterns and forecast future events. Therefore, business intelligence reporting understood in this context is an ongoing, multi-faceted process of accessing, mining, and sharing data.
How does Business Intelligence help?
1. Data mining
With the help of BI tools, sorting large data sets using databases, statistics and machine learning to identify trends and establish relationships is much simpler and more accurate.
2. Query generation
BI systems make generating queries for specific data or information from a database is easy.
3. Data preparation
Aggregating and segmenting data to prepare it for further analysis using BI class systems is almost automatic. This eliminates the risk of errors.
In addition, BI makes it possible to provide decision-makers with operational and financial data analysis. In this way, they can more easily conclude and make the right decisions.
Business Intelligence also helps to compare current business processes and performance metrics with historical data. This allows you to track performance results against the best in the industry.
6. Data visualisation
The visual presentation of data in charts and graphs to facilitate analysis and conclude using BI tools such as Power BI is intuitive (not least thanks to drag-and-drop functionality and the ability to generate natural language queries).
An important BI tool is Microsoft Power BI. Power BI enables the practical analysis of data in real-time, translating into better monitoring of progress towards the set goals. Moreover, current insight into company data, regardless of time and place of work, allows for better decisions in customer service, logistics, marketing or sales. The intuitive interface ensures practical analysis and visualisation of data even for people without extensive technical knowledge. What is essential, statements and reports prepared in this way may be shared with other team members or external entities.
In addition, modern Business Intelligence systems place great emphasis on practically self-service analysis. They enable users to gain insight into the company’s condition or the situation on the market. Additionally, it is also possible to improve results thanks to comprehensive tools, methods, and data discovery processes.