What is Business Intelligence?
Business Intelligence refers to technologies, applications, and practices that convert raw data into meaningful business insights that drive cost-effective business actions. It combines business analytics, data mining, data visualization and data tools. Business Intelligent systems are data-driven Decision Support Systems (DSS) which gives a comprehensive view of your organization’s data. It has a direct impact on an organization’s strategic and operational business decisions.
Types of Business Analytics Tools
Business intelligence dashboard or BI Dashboard is a data visualization tool that displays the status of business analytics metrics, Key Performance Indicators (KPIs) and some other crucial data points for an organization. A modern BI Dashboard consists of customizable interface, interactivity and the ability to pull real-time data from multiple source points. These dashboards are also now an integral component of most leading cloud-based analytics platforms. They are progressively seen as critical tools for enterprises to derive instantaneous and longer-term insights to enable well-informed decision-making and data analysis.
Data Discovery &Visualizations
Visualization and explorative data analysis for business users have evolved into the hottest business intelligence and analytics topic in today’s market. It helps organizations to detect patterns and outliers by visually navigating data or applying guided advanced analytics. Interactive and new visualization types enable decision-makers to see, within an instant, major trends, as well as spot outliers. This area has seen a lot of investment by both vendors and customers in recent years.
Business Intelligence and Reporting are closely linked. Reporting is a fundamental part of Business Intelligence. To reap benefits from BI, organizations should have a strategic approach to BI Reporting. It has grown to the next level after the arrival of Big Data technologies. More advanced reporting systems allow paginated reports, pixel-perfect reports, as well as a variety of delivery methods meant to make development teams and administrative executives’ life easier.
To identify the probability of future outcomes, Predictive Analytics uses a combination of data, statistical algorithms and machine learning techniques based on historical information. It is used in different ways in every industry. Cyber-Security experts use it to detect frauds and Cyber-threats while they are still in the early stage of development. From a business perspective, it is used to predict profit and loss trends in an organization. These predictions help business owners to craft a strategic plan to defend themselves from critical situations and to propel the business forward.
Data warehousing aggregates structured data across an entire organization. It selects, organizes and aggregates data for efficient comparison and analysis. It maintains strict accuracy and integrity using a process called Extract, Transform, Load (ETL), Which loads data in batches, porting it into the data warehouse’s desired structure. Also, it provides a broad view of data over time, focusing on data aggregation over transaction volume. Online Analytical Processing (OLAP) is one of the basic engine included in the components of a data warehouse which enable multi-dimensional queries against historical data.
Benefits of Business Intelligence
Smart Decision Making
Business intelligence helps organizations to improve operational efficiency and business productivity by extracting and organizing unstructured data across the systems. It reveals the underlying currents of customer behaviour, preferences, and experience. This, in turn, assists the business owners to make smart decisions tailored to their customer needs. BI can arm companies with rich data resources that can help them achieve their business goals and targets.
Outstanding Customer Experience
Visualization tools help to organize extremely large, real-time data sets to understand the current state of customer experience. As the old saying goes, ‘a picture is worth a thousand words’, and the same can be said for understanding data. These tools assist to visually aggregate the whole customer journey and experience. Apart from creating visual representations of raw data, they can help to distinguish customer personas and cohorts, along with their pain points and preferences.
According to Nucleus Research, Business Intelligence and Analytics is delivering over 1300% ROI. Markets are becoming congested across all major industry segments. They can’t wait for weeks for reports on profitability, revenue, budgeting, and forecasting. Decision-making delays are no longer an affordable thing in today's’ businesses. Business Intelligence eliminates these kinds of blunders and inabilities on the decision-making side.
Companies need to examine all functional teams and measure how those teams perform against key metrics to improve efficiencies. Key Performance Indicators (KPIs) generated by Business Intelligence provide that kind of insight for organizations. BI can integrate an entire business into one centrally managed solution. When everything can be monitored from a unified dashboard, it is obvious and eases to work towards a better way so as to ramp up efficiency and productivity.
Inspirisys Business Intelligence & Analytics
ISL follows a continuous innovation in a modern, unified, flexible analytics platform that supports organizations to accelerate their analytic data pipelines. With 12+ years of successful implementations, we have a proven pathway to data integration and business analytics. Our expertise and innovation in data analytics help enterprises to create actionable insight from data and enabling them to make effective decisions that benefit their business, their customers and ecosystems that they engage with.
Our Data and Insights Offerings are
- BI and Advanced Analytics
- Master Data Management
- Big Data and Analytics
- Data Assurance Services