Business intelligence (BI) refers to the strategies, technologies, and applications used by enterprises for data collection, analysis, integration, and presentation of business information.
The purpose of BI technologies is to support better business decision-making and to provide historical, current and futuristic views of business operations.
6 Steps to Business Intelligence Testing
What is the Process of Business Intelligence?
Self-Service Business Intelligence (SSBI)
Business Intelligence Services
Improve Sales and Marketing
Cost Efficiency and Reduction
Improve Human Resource Management (HRM)
The purpose of BI technologies is to support better business decision-making and to provide historical, current and futuristic views of business operations.
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Business intelligence tools and software: Learn how business intelligence tools can help improve your business. |
Business Intelligence: Tools and Processes - How BI Tools Can Help Improve Your Business?
What is Business Intelligence (BI)?
Business Intelligence (BI) is a set
of systems, processes, strategies, tools, and technologies used by
organizations or companies to analyze business information data and convert raw
data into useful information that leads to profitable business processes.
Business intelligence tools provide current, historical and predictive views of business processes and enable users of different positions within the company or End-Users to collect, store and analyze company data to help guide company decisions.
Business intelligence tools provide current, historical and predictive views of business processes and enable users of different positions within the company or End-Users to collect, store and analyze company data to help guide company decisions.
Most companies in the world seek to
increase their competitiveness, or at least stay in the competition and try to
find more innovative ways to attract customers, by providing new and good
services.
This hard work requires quick decisions, based on an instantaneous vision of the company as a whole.
The moment of the availability of the right information reduces a lot of time for decision-makers.
This hard work requires quick decisions, based on an instantaneous vision of the company as a whole.
The moment of the availability of the right information reduces a lot of time for decision-makers.
Most large companies have a range of
resources such as systems, infrastructure, customers and other important
components, while IT solutions play a key role in integrating all sources with
each other and these solutions can be built using different technologies.
How Does Business Intelligence Work?
6 Steps to Business Intelligence Testing
Six Steps to Successful Business
Intelligence (BI) may include:
- Less is more - do not try to boil the ocean.
- Set your targets and measure your goals.
- Set parameters on data and content.
- Identify and recognize the resource availability.
- Identify measurements that reflect your business.
- Ensure flexibility and longevity in your system
What is the Process of Business Intelligence?
Business Intelligence (BI) is about
making better decisions within your business and guiding them through data
analysis.
Business Intelligence tools connect to different data sources (Flat files, Databases, Web, etc) and extract data of interest, and then analyze this data and convert it to information in the form of graphs and dashboards that help the businessmen understand the current situation of the company.
Business Intelligence tools connect to different data sources (Flat files, Databases, Web, etc) and extract data of interest, and then analyze this data and convert it to information in the form of graphs and dashboards that help the businessmen understand the current situation of the company.
The overall purpose of business
intelligence is to achieve company and management goals. It is not just the
work of a set of reports and graphs that interact with each other.
It is important that these reports answer specific questions that ultimately aim to guide the decisions of the company and employees to achieve the best possible performance through the available data.
It is important that these reports answer specific questions that ultimately aim to guide the decisions of the company and employees to achieve the best possible performance through the available data.
You can use business intelligence
solutions and tools to analyze any company activity, for example, monitoring
sales performance. You can imagine that you live in a water-filled environment
(data).
Business intelligence tools are a
boat with fairly limited possibilities that enable you to sail and explore
amazing things (information and insights into the current state of the
company).
Self-Service Business Intelligence (SSBI)
Self-service business intelligence
(SSBI) or self-service analytics is a relatively new approach to data analysis
that enables End-users to access and perform data analytics on their own and
deploy their queries, reports, and analyses within an architecture supported by
business departments in the organization even if they do not have a background
in information technology, statistical analysis, business intelligence or data
mining.
It means that there is often no need for a specialist to work on these BI tools, but the decision-maker himself can deal and learn these tools and begin to analyze data and guide decisions.
Most of these solutions are based on the point and click concept of doing things.
It means that there is often no need for a specialist to work on these BI tools, but the decision-maker himself can deal and learn these tools and begin to analyze data and guide decisions.
Most of these solutions are based on the point and click concept of doing things.
Business Intelligence Services
Business groups are in dire need of
intelligent reports and analysis tools for data and information. The more data
within an organization, the greater the need for such reports and tools.
Decision-makers within organizations
face many problems and challenges that require a faster and more specialized
way to help them make decisions.
Business intelligence tools and BI programs, based on partnerships with the world's leading business intelligence software such as IBM, Oracle, and Microsoft, can address these types of challenges.
Business intelligence tools and BI programs, based on partnerships with the world's leading business intelligence software such as IBM, Oracle, and Microsoft, can address these types of challenges.
Some important business intelligence
services may include:
- Data Discovery
- Classify data and create data warehousing
- Purification and revision of data
- Analytical study of customer requirements
- Set KPIs for business
- Set KPIs based on client wishes and requirements
- Build the logical data layer in the data warehouse
- Data mining
- Select appropriate data collection methods for market research
- Build transfer tools
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Business intelligence tools and techniques |
How Business Intelligence Tools Can Help Improve Your Business?
Business intelligence solutions and
tools are as important to startups as they are, to large and medium-sized
companies.
According to a report by Dresner Advisory Services, the main reason, why small businesses use business intelligence solutions, is to make better decisions.
According to a report by Dresner Advisory Services, the main reason, why small businesses use business intelligence solutions, is to make better decisions.
Companies can utilize BI tools in
many areas such as project performance monitoring, financial analysis, employee
performance analysis, and other analytical reports.
Let us review the importance of
using business intelligence solutions and tools for the companies in their
various activities:
Improve Sales and Marketing
A customer is the lifeblood of any
company. The more you know about your customers such as their buying interest,
their geographic or demographic distribution, the more it helps to increase
sales, to anticipate demand for products and improve targeting in marketing
campaigns.
In the sales world, the most
profitable customer is not the best-selling invoice in the company, but the
most frequent customer is the most loyal customer of the company.
Business intelligence tools
help categorize customers based on the frequency of their procurement and
purchases or based on their contribution to the overall profit of the company
to determine the best customers and identify the lowest.
BI tools help the company select loyal customers and meet their desires better, increase their loyalty to the company and target similar customers with marketing campaigns.
BI tools help the company select loyal customers and meet their desires better, increase their loyalty to the company and target similar customers with marketing campaigns.
According to Marketing Metrics - a
book for a manager's guide to measuring marketing performance, "The
probability of selling to existing customers ranges from 60% to 70%, while the
probability of selling to new customers ranges from 5% to 20%."
For example, in the retail sector, the historical sales of a particular customer can be analyzed as his interest in purchasing and targeting the marketing of products similar to his previous purchasing interest.
For example, in the retail sector, the historical sales of a particular customer can be analyzed as his interest in purchasing and targeting the marketing of products similar to his previous purchasing interest.
BI tools also help you analyze and
evaluate the performance of your marketing campaigns and maximize the revenue
from your campaign or so-called Return on Investment (ROI), you can
analyze the sources with which people come or interact with the marketing
campaign to customize targeting.
You may know that a particular product group is sold in a given period frequently by focusing on a marketing
campaign to target customers with the same product purchasing interests in that
period.
Using BI tools, you can guide sales representatives to target customers who are really interested in doing business with the company and focusing their efforts on that.
Using BI tools, you can guide sales representatives to target customers who are really interested in doing business with the company and focusing their efforts on that.
BI tools also help you predict
sales. Forrester reports indicate that the field of predictive analytics is
becoming increasingly widespread and that tools are easier for companies than
ever before, as there is a difference between analysis and anticipation or
forecasting.
Cost Efficiency and Reduction
You can easily know what is draining
your finances, what is the most expensive part of the company?
By analyzing your company's cost lines to explore items where costs can be reduced. For example, a company can look at the stock and see what products are most in-demand and what are the least sold and stagnated products in the company's stores (Deadstock), to reduce them and thus reduce the cost of storage.
Business intelligence tools show you where you can reduce your costs. You can also reduce the cost of purchases by choosing the best supplier based on past vendor transactions.
By analyzing your company's cost lines to explore items where costs can be reduced. For example, a company can look at the stock and see what products are most in-demand and what are the least sold and stagnated products in the company's stores (Deadstock), to reduce them and thus reduce the cost of storage.
Business intelligence tools show you where you can reduce your costs. You can also reduce the cost of purchases by choosing the best supplier based on past vendor transactions.
Improve Human Resource Management (HRM)
The term called Human Resource
Business Intelligence (HRBI) or simply HR Business Intelligence means business
intelligence tools in the field of human resources.
A report by Deloitte indicates that
71% of companies see the analysis of data on human resources and people as a very important part of the company.
Business intelligence tools
enable you to do a lot of analysis, extract a lot of information for employees,
evaluate their performance, and perform many Key Performance Indicators (KPIs)
on a daily basis, such as how much each employee contributes to the company's
sales or the company's overall performance year after year, or the so-called
Year-over-year (YOY).
BI tools can help you do a lot of data analysis of when and why employees require to leave, see the percentage of areas where employees apply for the company and compare employee performance in departments and between departments.
BI tools can help you do a lot of data analysis of when and why employees require to leave, see the percentage of areas where employees apply for the company and compare employee performance in departments and between departments.
OrangeHRM (a HR software company)
provides a system that helps decision-makers in the recruitment process.
The system collects and analyzes information from social networks using Watson Analytics about the applicant.
The system collects and analyzes information from social networks using Watson Analytics about the applicant.
Employee retention: BI tools
can be used to analyze employee behaviors to differentiate and know the loyal
employees of the company compared to those who are willing to leave the
company.
This is useful for knowing what helps employees stay or leave the company.
This is useful for knowing what helps employees stay or leave the company.
Conclusion
Business intelligence tools are
meant to collect, analyze and present the Company's data, which may be
financial or non-financial.
The general purpose of this process is to help the decision-making process become information based on a clear vision of the company's situation.
The general purpose of this process is to help the decision-making process become information based on a clear vision of the company's situation.
If you want to have a comprehensive
assessment and instant insight into the company's various activities, BI
tools are the perfect choice for you.
Anyone in the company can use
business intelligence tools to handle data and make different reports
and interact with each other to answer questions of interest and dive into more
and more details, without the need for specialists and programmers in complex
languages and ways to create various reports for you.
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