The Benefits of Business Intelligence to your business

You may have been hearing a lot about BI Business Intelligence in recent times. What is Business Intelligence or what is BI as used in common parlance?

BI Business Intelligence is a combination of data tools, data mining, data visualization, and analytics best practices. These help organizations get insights from data and then make better-informed business decisions. BI Business intelligence enables an organization to get deeper insights, and use it to improve business processes, eliminate inefficiencies, and adapt to market and competitive moves. Today, technology is advancing at a rapid pace. Here we will take a look at the latest trends in Business Intelligence and how it benefits businesses globally.

Collaborative BI Business Intelligence

It is also known as Collaborative Business Intelligence or in other parlance as Social Business intelligence. So what does Collaborative BI mean? It is the merger of BI business intelligence software with collaboration tools. These are tools that allow a larger audience across the span of business to see and take necessary action on the changes and business insights provided by the data. They are a set of tools that will allow even non –analyst type people to collaborate, discuss, and take needful actions from data insights. Collaborative BI can be used across the organization.

Some key collaborative analytics capabilities in today’s Collaborative BI products include the following:

• Sharing of interactive dashboards, reports, scorecards across multiple channels like desktop and mobile apps.
• Adding notes or asking questions
• Changing data values with permissions
• Email and text notifications when there are updates

Big Data Analytics and BI: Big Data is all about the collection, analysis, and processing of huge amounts of data. Business Intelligence is the process of deriving valuable information to help business users to get actionable insights.BI involves mathematical concepts like flowcharts, effective decision making, probability, and statistics.BI can be implemented in Big Data for getting solutions to complex problems.

Organizations gather vast amounts of data. BI along with Big data can be used in different business scenarios with newer use cases. For example, the combination can be used for Sales analysis. Patterns in Big data shows strengths and weaknesses like the most number of sales and the time it happens. BI applied will tell stores on goods to be stocked to meet the relevant sales requirements. On the same lines, there are consumer analysis and many more use cases. Big Data consists of data that will provide business intelligence insights.

Business Intelligence Vs Business Analytics 

Business Intelligence system presents data to a business in a way that helps it understand what that data means. It helps a business ‘make sense’ of the various numbers in a presentable manner that management can use to make decisions. It provides trends and patterns that can be used to determine future actions.

Business analytics goes a step further to explain why a certain trend occurred. Business analytics will help management understand why events happened the way they did. A good example maybe the prediction of sales for perishable goods. A company may be experiencing a decline in sales for a perishable product whose estimated shelf life is 4 days. Business intelligence software will clearly show the trend in this but business analytics will clearly show why this happened (maybe a shorter shelf life than the estimated length of 4 days)

Real-Time Analytics and BI:

Real-time business intelligence is the process of delivering business intelligence information about business operations as they occur in real-time. It gives organizations access to the latest data and visualization. As the information is real-time, organizations can make smarter decisions. Real-time BI tools use serverless analytics and data warehouses and transmit data directly to dashboards.

Some of the uses of Real-time BI are in Customer Relationship Management (CRM) which enables real-time data for improving services to customers. Manufacturing organizations can use real-time information from machinery, production floors to review performance, improve efficiency, and resolve maintenance issues before it causes production impacts.

Risk analysts can analyze incoming real-time data to their advantage by modifying risk models continuously. This helps to make better decisions on providing loans, insurance, and a host of other financial decisions.

Mobile Business Intelligence applications 

Business intelligence applications are now expanding to mobile devices so that analytical information will be available on the move through mobile dashboards and can enable faster decision-making.

Conclusion

BI is paving the way for a culture of data-driven decision making and products like Oracle Business Intelligence Enterprise Edition (OBIEE), Incorta, Power BI, Tableau or others are coming up with newer features to help enterprises to keep pace with digital technologies. The growing adoption of business intelligence and analytic tools is providing companies competitive advantages and success.

Why business consulting with us?

1. We are independent experts with an objective view of your business
2. Our business consultants have over 20 years of consulting experience 
3. We have handled over 60 project globally 

What are the outcomes of our business consulting services?

1. We identify any problems 
2. We help you overcome challenges
3. We help improve efficiency in your processes 
4. We help you optimize profits 
5. We initiate change in your organization 

We have a variety of business consultants and we ensure we give you the right match to fit your needs.

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