What is Business Intelligence & Why is it Important?


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Business intelligence is not a new concept, but it has been in the spotlight quite often recently. With business owners and leaders at all levels struggling to gain insights from the massive amounts of data, business intelligence has become paramount for success in today’s fast paced world. 

This article aims to help you clearly understand the advantages of business intelligence software and its importance.

Business intelligence refers to business processes that derive relevant insights from corporate data. Commonly referred to as BI. The data may come from multiple sources across the enterprise such as financial reporting, sales data, website analytics, etc. This is particularly beneficial in areas such as Finance and accounting where analysis from multiple perspectives is needed to improve the business and make efficient decisions overall.

Business intelligence can also be referred to as a technology-driven process for analyzing data and delivering actionable information that helps executives, managers, and workers make informed business decisions. In short, Business Intelligence (BI) is the use of software to capture, cleanse and analyze data to generate meaningful reports for users in the enterprise. BI uses techniques from the fields of statistics, semantic processing, data mining, and machine learning.

Business intelligence (BI) is an umbrella term for the strategies and technologies used by enterprises for the data analysis of business information. BI technology, through collecting and analyzing massive amounts of data can provide an insight on what models and strategies to craft. The purpose of business intelligence is to create a real-time flow of information that empowers employees to engage in dynamic decision-making with speed and confidence. 

WHY ARE BI TOOLS NECESSARY?

Business intelligence tools allow all types of organizations to achieve great things: they can achieve unprecedented insight into their business, gain the understanding they need to resolve urgent issues, collect all their data in one place, forecast future outcomes, and much more. And the best part is that you don’t need to be a certified analytics expert to benefit from these tools.

Some of the BI tools used in the industry are as follows;

1)     SAP Business Objects

SAP Business Objects is the premier business intelligence (BI) and analytics software for delivering actionable insights across data – both before and after it enters your enterprise. It provides powerful, flexible, and innovative analytics capabilities that will help you discover better ways to deliver value to your customers, suppliers, partners, and employees.

2)     Datapine

Datapine offers Data selection, integration, and reporting which can be completed in a matter of minutes with its intuitive drag-and-drop interface and graphically appealing visualizations. It’s set of different tools is designed to work together so that you can seamlessly create meaningful reports from a variety of data sources.

3)     MicroStrategy

MicroStrategy is a powerful business intelligence tool. It offers hyper-actionable intelligence dashboards, cloud solutions, and data analytics for enterprises such as Apple, Nike, Verizon, and General Electric. The Business Solution Suite from MicroStrategy makes it easy for companies to quickly access and analyze the business data that matters to them.

4)     Yellowfin

Through unique functionality, such as hierarchical reporting, text analytics, and predictive analytics for forecasting, Yellowfin collects and analyzes vast amounts of data made available through your business data warehouse. Few key features include the ability to create fully customized reports by joining disparate data from multiple data sources, powerful dashboard filters that allow you to monitor trends and gain insight into your operation’s efficiency, live visuals that can be tailored to suit the specific requirements of each role in your organization or industry sector and the ability to collaborate easily with colleagues who have the same level of permissions across the entire application.

5)     QilkSense

QlikSense is a data analytics platform and business intelligence tool that, when combined with Qlik shareholder information and reporting tools, lets you Gain faster insights for better decision making; See the whole story of your business; Search for discoveries and uncover hidden relationships easily and securely at multiple levels of detail.

IMPORTANCE IN TODAYS WORLD

Business intelligence (BI) is not just a platform or technology – it is an approach to improving a business through the proper use of data that has become a modern-day business necessity if a business wishes to thrive and succeed. It helps in providing organizations with data that can be used to make better business decisions, understand their customers better and perform targeted marketing. It is not an on and off switch. It’s an ongoing process that occurs daily and continuously throughout the organization to ensure that each decision made is the best possible.

In a dynamic business environment, companies must cope with a constant stream of new tasks, new connections between processes and factors of success, and the need for continually updating information about the environment. To successfully adapt to these changing conditions, companies must be able to develop quickly and efficiently. This can only be achieved by significant investments in innovation. The objective of these innovations is to maintain competitive advantages while also developing strategies that are flexible and future-proof, which will help the company withstand cyclical variations in the market. And of course, it all starts with some good information!

The combination of internal strategy and external knowledge gained through data is a pre-requisite for the efficient utilization of available resources and a bespoke recipe for success.

The development of new opportunities requires an improvement in a firm’s ability to collect and use the information to create targeted campaigns, render services and market products to the desired audience as well as reach out to a potential buyer through smart tools. This helps companies in the modern business sphere to have an edge over competitors, create and maintain their commercial dominance or protect intellectual property, and always staying one step ahead of the rivals.

CONCLUSION

Business intelligence is an intangible asset of an enterprise which if used appropriately can skyrocket a business’s value, whose productivity is directly and indirectly influenced by the quality of data collected and the time span in which it is utilized. 


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Habib Rajput

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