What is Business Intelligence?
BI (Business Intelligence) leverages an assortment of specific software and services to transform an organization’s data into actionable insights leading to a company’s better-informed business decisions. BI tools scrape data together from its sources, help in analyzing said data sets to uncover analytical findings to be presented in graphs, charts, reports, summaries, etc. to provide the organization with detailed intelligence helping with decision making or insight about its current state.
Why is it important?
BI can guide companies to making better decisions by comparing present and historical data within specific business contexts. Analysts leverage BI to demonstrate the performance and competitor benchmarks to help organizations learn to run more smoothly and efficiently. Analyst will look to spot market trends to increase sales and/or revenue. If used effectively, an organization’s data can be used to help with anything from sales to hiring efforts.
Reporting is a frequently demonstrated aspect of BI and the dashboard is amongst the standard tools. Designed to compile given data into charts and graphs, these hosted software applications help bring forth a better awareness in different areas of your business.
BI is not predictive and its analysts and users won’t be told what to do, nor will they be told the effects of certain decisions. Apart from generating reports, BI is our way to examine data to understand trends and derive insights from data sources which have been merged and queried.