Visual Business Intelligence – It’s more important for companies to have a clear view of their data to stay competitive, which is where business intelligence (BI) tools come in. In fact, nearly 50% of all businesses are already using BI tools, and forecasts show continued growth in the coming years.
But for those who are new to the tool or want to learn more, it can be difficult to fully understand what BI is. We created this comprehensive guide to educate people about what BI is, how it works, and more.
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Business Intelligence combines business analytics, data mining, data visualization, tools and infrastructure, and best practices to help organizations make data-driven decisions. In practice, you know you have modern business intelligence when you have a comprehensive view of your organization’s data and use that data to manage change, eliminate inefficiencies and quickly adapt to the market or change supply. Modern BI solutions prioritize self-service analytics, trusted domain-controlled data, optimized business users and speed of discovery.
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It is important to note that this is a modern definition of BI – and BI has a history of being strangled as a buzzword. Traditional business intelligence, capital letters and all, originally emerged in the 1960s as a system for distributing information across organizations. The term Business Intelligence was coined in 1989 with computer models for decision making. These programs continued to evolve and transform data into insights before becoming a specialty offering from BI teams with IT dependent service solutions. This article will be an introduction to BI and the tip of the iceberg.
Businesses and organizations have questions and goals. To answer these questions and monitor performance against these goals, they collect the necessary data, analyze it and determine what actions need to be taken to achieve their goals.
Technically, raw data is collected from company systems. The data is processed and then stored in data warehouses, clouds, applications and files. Once the data is saved, users can access the data and begin the analysis process to answer business questions.
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The BI platform also offers data visualization tools that convert data into tables or charts and present them to all key stakeholders or decision makers.
Much more than a specific ‘thing’, business intelligence is an umbrella term that covers the processes and methods of collecting, storing and analyzing data from business operations or activities to improve performance. All of these things come together to create a comprehensive view of the business that helps people make better, more actionable decisions. In recent years, business intelligence has evolved to include more processes and activities that help improve performance. These steps include:
Business intelligence includes data analysis and business analysis, but uses them as part of an overall process. BI helps users draw conclusions from data analysis. Data scientists deal with the details of data using advanced statistics and predictive analytics to discover patterns and predict future patterns.
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Data analysis asks, “Why did this happen and what might happen next?” Business Intelligence takes these models and algorithms and distills the results into actionable language. According to Gartner’s IT Glossary, “business analytics includes data mining, predictive analysis, applied analysis, and statistics.” In short, organizations conduct business analysis as part of their business strategy.
BI is designed to answer specific questions and provide immediate analysis for decision making or planning. However, companies can use analytical methods to continuously improve their questions and follow-up reviews. Business analysis should not be a linear process, because answering one question can lead to the next question and repetition. Instead, think of the process as a cycle of data entry, research, discovery, and information sharing. It’s called the analytics cycle, a modern term for how companies use analytics to respond to changing questions and expectations.
Historically, business intelligence tools have been based on traditional business models. This is a top-down approach driven by the IT organization and most of the analysis questions are answered through static reports. This means that if someone has a follow-up question about a received report, their request will go to the bottom of the report queue and the process must start over. This has led to a slow and frustrating reporting cycle and people can’t use new data to make decisions.
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Traditional business intelligence is still a traditional way of generating consistent reports and answering consistent questions. However, modern business intelligence is interactive and accessible. Although IT departments are still an important part of managing data access, many users can modify dashboards and generate reports without notice. With the right software, users can view the data and answer their own questions.
Now you know what BI is and how it works. But how does BI really help the business?
BI is more than just software – it’s a way to maintain a real-time view of all business data. BI implementations provide countless benefits, from better analytics to increased competitive advantage. The main benefits of trading business include:
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A wide variety of industries were early adopters of business BI, including healthcare, information technology, and education. Any organization can use data to transform operations. With the amount of information in this article and available online, it can be difficult to understand the true capabilities of BI. Real-world examples can help, so we collect case studies from our clients’ success stories.
For example, financial services company Charles Schwab used business intelligence to present a comprehensive view of all branches across the United States to understand metrics and identify areas of opportunity. Access to a centralized business intelligence platform allowed Schwab to bring branch data into a single view. Now branch managers can identify potential customers with a change in investment needs. Management can track whether an area’s performance is above or below average, and click on it to see which departments are driving that area’s performance. This leads to more opportunities for improvement along with better customer service for customers.
Another example is HelloFresh, which automated its reporting process because its digital marketing team was spending too much time each month. With the help of , HelloFresh saved the team 10 to 20 hours of work per day and allowed them to create more segmented and targeted marketing campaigns.
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Your BI strategy is your blueprint for success. You need to decide how the data will be used, collect the main tasks and define the tasks in the first step. At a high level it can be simple; however, the key to success is starting with business goals.
There are three main types of BI analytics that cover many different needs and uses. They are prescriptive analytics, descriptive analytics and prescriptive analytics.
Predictive analytics takes historical and real-time data and projects future outcomes for planning purposes. Descriptive analysis is the process of identifying trends and relationships in data using historical and current data. And prescriptive analytics uses all relevant data to answer the question “what should I do?”
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There are many benefits of BI. But like any big business decision, BI implementation comes with some difficulties and drawbacks, especially during the implementation phase.
Many self-service tools and business intelligence platforms facilitate the investigative process. This makes it easier for people to find and understand their data without having the technical skills to analyze it. There are many BI platforms available for ad hoc reporting, data visualization and creating customized dashboards for different users. We’ve compiled our recommendations for evaluating modern BI platforms so you can choose the right one for your organization. One of the most common ways to demonstrate business intelligence is through data visualization.
The key to successful BI implementation is choosing the right platform for the job. When choosing a tool, it’s a good idea to keep in mind what key features are most important to your business. Some important features of BI tools include:
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Perhaps one of the most useful BI tools is dashboards, which allow you to collect and visualize complex data in one place. These dashboards can serve a variety of purposes, such as comprehensive analysis or stakeholder buy-in. The challenge is to create the best dashboard for your needs.
As the data environment grows and the collection, storage and analysis of data becomes more complex, it is important to consider the relationship between BI and big data. Big data has become a buzzword in the industry lately, so what exactly is it? Data experts describe it in terms of the “four Vs”: volume, velocity, value and variety. These four define big data and separate it. In particular, volume is cited as a major determining factor, because the amount of data is constantly increasing and it is easy to store it for a long time.
As you can imagine, this is important for BI because companies create more data every year and BI platforms need to keep up with the increasing demands placed on them. The good scene will grow
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