In the current context for companies, keeping up with technology is a necessity rather than a luxury. The benefits of business intelligence are timely to lead the market and win the preference of customers and stakeholders. Solutions based on the analysis of information are essential for any organization that seeks to position itself in the market.
Business Intelligence Or Business Intelligence
It is an interactive process designed to search and analyse information that is structured and stored in a data warehouse. Its objective? detect variables, forms or patterns, from which ideas, solutions and conclusions can be generated. Business intelligence processes (definition) combine the communication of discoveries and the possibility of making changes if required. The areas that are included are, for example: customers, suppliers, products, services and competitors.
Business intelligence software makes it easy to add, visualize, and slice your data. This makes it easier to identify trends, issues, discover insights, and adjust operations to align with business objectives.
In other words, business intelligence refers to the process of converting data into knowledge and this knowledge into actions . This information management process provides a competitive advantage to the business, due to the automation and reliability of the system. Said activity generates added value, when its use helps to control the achievement of certain results.
Therefore, business intelligence as an essential instrument of the information system can be considered as an assertive solution. Therefore, it is specifically aimed at satisfying the information needs to improve management in the organization.
Benefits of business intelligence
Among the most important benefits of business intelligence we have:
- It is an interaction process that establishes a continuous analysis of information over time, not just at a specific moment.
- Visualize the changes in trends and variabilities, analyzing their behavior and allowing you to discover their evolution.
- It allows exploring to understand what is happening in the organization, even discovering new relationships that were supposed to not exist.
- The information is structured and stored in interrelated tables (data warehouse); or better known as: databases.
- Prioritize the communication of the results , notifying the people who have to make pertinent changes, to improve the processes.
In this way, the advantages and benefits of the components of business intelligence allow us to accelerate and improve decision-making. Likewise, it has been verified that the increase in operational efficiency is already possible by using and incorporating these technologies. For this reason, it is essential for positioning to identify new profit opportunities and market trends.
Benefits Of Business Intelligence
Thanks to the benefits of this technology, it is possible to identify:
- Customers purchased more products or services.
- When did they make the purchase?
- Determine the profit margin of customers.
It is necessary to make increasingly accurate business decisions, and this is already possible with this type of data. The objective of adopting this information management system is to increase the efficiency and profitability of the company. In addition, by covering the processes and best practices, it will be easier to find and identify failures and/or errors. At the same time, continuous improvement will more quickly and directly boost market opportunities.
As we can see, the benefits of business intelligence have a positive impact on organizational growth. Although this depends directly on the employer. Since the capacity and knowledge of management and technological support will quickly lead to the best management solutions.
Business Intelligence Tools
Business intelligence uses a series of tools or capabilities that are mentioned below:
- Ranking Reports – Make it easy to see the top and bottom performing facets of your business.
- What- if analysis: allows companies to predict market trends, sales, staffing needs, profits, losses, among other things.
- Executive Dashboards: Provide a real-time overview of the entire business in the form of graphs, charts, summaries, and other information formats.
- Interactive Reports: Condense huge amounts of data from a wide variety of information formats. They exploit statistical analysis and regression analysis to identify trends, anomalies, and outliers in data.
- Geospatial mapping: offers graphic and cartographic representations; collecting and simplifying geographic data to detect relevant information by zones or by locations.
- Operational reports: provide company management with a detailed summary of events. They present information daily, to make critical decisions as quickly as possible.
- Pivot tables: Automatically extract data from large sets of information. They are very interesting for detecting hidden trends in the data.
- Adoc reports: Allow non-technical end users to generate their own reports on the fly. They can select only the elements that are relevant or strictly necessary for them.
- Open integration: they have access to their own data. To information from email, social networks, websites and many, many other sources. Thanks to the possibilities of integration with other applications.
Business intelligence is important; There is a lot of data available, but little information and generally, this information is fragmented. Because it is necessary to have a holistic vision of the market to be able to visualize all the possible scenarios . Finally, manual information management is not cost effective, it is very slow and very unreliable.