Usage Of Business Intelligence – BI (Business Intelligence) is a set of processes, architectures and technologies that transform raw data into meaningful information that drives profitable business activities. It is a suite of software and services that turns data into actionable intelligence and knowledge.
BI has a direct impact on an organization’s strategic, tactical, and operational business decisions. BI enables fact-based decision making using historical data rather than assumptions and intuition.
Usage Of Business Intelligence
BI tools perform data analysis and create reports, summaries, dashboards, maps, graphs, and charts that provide users with detailed information about the nature of the business.
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Step 1) Extract raw data from company database. Data can be distributed to multiple systems and heterogeneous systems.
Step 2) Clean the data and transfer it to the data warehouse. Tables can be joined to form data cubes.
Step 3) With the help of BI system, user can request query, case report or perform any other analysis.
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Thus, a business intelligence system query performed on a product range can be done by adding a new product line or changing the price of a product to increase revenue.
So a query that can be performed in a BI system is how many new customers have been added due to a change in the radio budget
So a query that can be performed in an OLAP system is whether a customer profile change supports a higher product price
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A hotelier uses a BI analytics application to collect statistics on average occupancy and room rates. It helps you find the total revenue generated by each room.
It also collects market share statistics and customer survey data for each hotel to determine its competitive position in the various markets.
By analyzing these trends year by year, month by month and day by day, it helps the management to provide rent discounts.
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A bank provides branch managers with access to a BI application. It helps account managers determine who the most profitable clients are and which ones they should be working with.
Using BI tools frees IT staff from creating analytical reports for departments. It also provides access to richer data sources for employees in the department.
Data analysts are statisticians who must always dig deep into the data. BI systems help them gain new knowledge to develop unique business strategies.
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Business intelligence users can be found from various parts of the organization. There are two main types of business users
The difference between the two is that advanced users can work with complex datasets, while casual users need to use dashboards to evaluate predefined datasets.
With BI programs, businesses can create reports with just one click, saving a lot of time and resources. It also enables employees to perform their duties more efficiently.
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BI helps improve visibility into these processes and enables the identification of areas that need attention.
A BI system distributes responsibility within the organization because someone must be accountable for the organization’s performance against stated goals.
BI systems can also help organizations such as decision makers gain a comprehensive understanding of typical BI functions, such as dashboards and scorecards.
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BI removes all the complexity associated with business processes. It also automates analytics by providing predictive analytics, computer modeling, benchmarking, and other methods.
BI software democratizes its use, allowing even non-technical or non-analytical users to collect and process data quickly. It also allows the power of analysis to be taken away from many people.
Business intelligence has proven costly for small and midsize businesses. These types of systems can be costly to use for day-to-day business transactions.
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Another disadvantage of BI is the complexity of implementing a data warehouse. It can be so complex that it ossifies business technology.
Like all advanced technologies, BI was originally created with the purchasing power of wealthy companies in mind. Therefore, BI systems are not yet affordable for many SMEs.
It took nearly a year and a half for the data warehouse to be fully developed. Therefore, it is a time-consuming process.
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Artificial Intelligence: Gartner reports that artificial intelligence and machine learning are now taking over complex tasks performed by human intelligence. This feature is used for real-time data analysis and dashboard reporting.
Collaborative BI: BI software combined with collaboration tools, including social media and other latest technologies, to improve the way teams work and share collaborative decisions.
Embedded BI: Embedded BI allows the integration of BI software or some of its functionality into another business application to enhance and extend its reporting capabilities.
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Cloud Analytics: BI applications will soon be available in the cloud, and more and more businesses will turn to this technology. According to their forecast, spending on cloud-based analytics will grow at a rate of 4.5 times within a few years. Not surprisingly, customer experience is one of the main factors in which companies compete. No matter what era of customers we are talking about – radios, computers, mobile phones or those belonging to the digital age, they all form the core of how a business operates.
Many modern businesses use the tools of the digital age to facilitate business growth. Those who don’t yet know or don’t know the techniques or resources to use the right tools.
To deliver a better experience to end users, companies need to make better decisions. While managers want to implement the solutions they feel are necessary for the company, working with the wide-ranging data can be time-consuming and labor-intensive.
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This can lead to mediocre decisions or chaotic teams, especially when CX (customer experience) solutions aren’t working.
Business intelligence or BI combines business analysis, data mining, data visualization, data tools and infrastructure to help organizations make data-driven decisions.
In short, it provides your business with a comprehensive view of organizational data that can be used to make decisions. These decisions help your business grow by eliminating inefficiencies and quickly adapting to industry trends.
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Traditionally, business intelligence emerged in the 1960s as the then-modern way of sharing information within cross-functional teams or organizations.
In the mid-2000s, data separation, visualization creation, and ultimately decision-making became the special commodity of IT-based service solutions.
Over the past few years, more processes and activities have been added to improve BI and increase performance. Some of these processes include… – Data preparation:
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Extract data from various sources, arrange data in a structured format, define dimensions and measures, and prepare data for analysis.
For companies or industries that struggle to understand how BI works, a business intelligence consultant can help.
With modern technology, many different industries have adopted BI, ahead of their own curve; health, information technology and education.
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Enterprises that do not have privileged technology environments such as aviation, education, or retail use business intelligence consulting services in their day-to-day operations.
In a world where digital transformation drives business, social media campaigns and follow-up analytics (like PPC campaigns) are an essential part of marketing.
Business intelligence can translate analytical reports, and businesses can make decisions based on specific research, data, and facts rather than intuition or assumptions.
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Having evidence of what works for you and what doesn’t is a great way to analyze the return on investment of any marketing effort.
Collecting and analyzing customer experience data becomes easier as you get used to using your BI solution. You gain skills in customer behavior by spotting previously impossible patterns.
Businesses must strive to understand their customers better because you never know what your competitors are using to understand their customers.
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Consumers are more resistant to sales because they have access to all the information available online about the product.
Knowing who your end users are, what drives their decision and why they choose another product over yours is always an advantage.
That’s why it’s important to understand what generates revenue for your business, and BI will help you make it easy.
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More than half of the data available online today was created in the past three years. In the coming years, this data generation rate is only expected to increase. One of the main factors behind this is the exponential growth of social media channels and increase in the number of users.
To gain meaningful insights from massive amounts of data, businesses have started implementing business intelligence to manage and organize all the data that flows.
For companies that do not have in-house BI experts to take advantage of this, outsourcing to a BI services company is recommended.
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In sales, business intelligence is more about other businesses that you might want to work with.
Sales teams are often observed using this information to research and prepare positions against the company.
It is very useful to know
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