What is Business Intelligence and Why is it Important?
Business Intelligence is the modern-technique of dealing with complex business data and critical information to make it more readable and easy to understand for the users, and bring out the value out of the same. If explained in-depth, business intelligence is not just a one-time practice, but a complete process. The process of business intelligence includes important stages such as:
- Data Mining and data preparation: Here the data is collected and collaborated from the various data sources and datasheets to decode the hidden business trends in the same.
- Querying: Noting and asking the data specific questions to which BI acts by fetching the answers from the dataset.
- Descriptive analysis: Carrying out the preliminary data analysis to know the current business situation
- Statistical Analysis: Exploring the data further from the results drawn out of descriptive analysis to analyze the data trend better.
- Visualization: Turning texts into ease to understand visualization in form of graphs, charts, histograms, etc.
- Visual Analysis: Analyzing the visual data to draw meaningful conclusions and communicate the results in the form of a story to make the insights more readable.
- Reporting: Sharing the visual data to decision makers so that they can make mission-critical business decisions out of them.
- Performance Metrics: Business leaders compare the current and historical data to track and analyze the business performance and make strategies to improve the same.
This entire procedure is known as business intelligence. Though, it means a lot to the business, yet we encounter questions related to its importance. If you too are wandering about its significance, then, ponder in your view to this article.
Importance of Business Intelligence
Business Intelligence in the company empowers the leaders to make strategic business decisions, resulting in improved ROI and reduced investment cost. To enable business intelligence in your organization, you must possess a system that renders real-time and updated historical insights that help users analyze and compare the performance of the organization in a while. This again helps them improve the processes and fill in the gaps to increase productivity and efficiency of the organization.
Which is the Best Business Intelligence Software?
There are many Business Analytics tools available in the market but not every tool possesses the requisite business intelligence that is needed for the growth of the organization. There are several characteristics that diversify an ideal BI tool among the others.
An ideal Business Analytics tool helps the analysts to realize the true value of business data by:
- Identifying new opportunities to increase profit
- Analyzing trend in customers’ behavior
- Comparing current and past organizational data and track performance with the competitors
- Identifying loop holes in the processes and rectify them timely
- Orderly arranging all the business information so as to generate ad hoc reports as and when needed
- Predicting the future scenarios based on data insights
These qualities along with many more can be seen well in leading BI software in the market today, that is, Tableau. If you are planning to adopt this BI tool in your organization, simply check on your trusted vendor and enquire about tableau creator license today.