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.
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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:
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.
Thanks to the benefits of this technology, it is possible to identify:
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 uses a series of tools or capabilities that are mentioned below:
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.
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