Saturday, March 20, 2021

What is Business Intelligence and How Does BI Tools Work?

Business Intelligence is a technology-driven process to collect business data and convert it into meaningful and actionable information towards a strategic goal.

Business Intelligence
What is Business Intelligence and How Does BI Tools Work?

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 is considered a technology-driven process to analyze data and provide actionable information to help executives, managers, and other end-users to make informed business decisions.


Business intelligence has become an important asset for all companies that want to reach the next level.

 

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. 


There is often no need for a specialist to work on these BI tools, but the decision-maker himself can deal with 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.


How Business Intelligence Works

Business intelligence (BI) is a technology-driven process that includes various steps: data extraction, analytical processing, query, and reporting.


Business intelligence works by obtaining information from any system then registering it in a database and then submitting it to the business.


Business Intelligence includes strategies and technologies that provide business leaders with the information they need to analyze data and make more informed business decisions.


Business intelligence tools help companies deal with large amounts of structured and sometimes unstructured data to identify, develop, and create new strategic business opportunities. They bring all disparate sources into one single offering, providing real-time reporting, dashboards, and analytics.


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.

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


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.

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.

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).

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