The rapid growth of new technologies and innovations make the global market even more competitive, and to remain visible, businesses must use ingenious tactics. Companies must develop methods to understand and take ownership of Big Data to stay relevant in a given market segment. Business Intelligence enables small companies and enterprises to get a comprehensive overview and more profound understanding in a given business-related question.
In the current environment of Big Data, company directors and managers might feel overwhelmed by the large volume of information we perceive day by day. How can we make good decisions that help the organization move towards its goals? Business Intelligence is the key to better understanding and control of information.
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What is business intelligence?Business Intelligence (BI) combines tools, apps, technologies and best practices that help businesses identify, collect, analyze valuable information for better decision-making. In short, BI is a system that translates unstructured data into easy-to-understand analytical information. |
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According to the Gartner IT glossary, "Business Intelligence is an umbrella term that includes the applications, infrastructure, tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance." The main objective of data visualization softwares is to detect new, valuable insights businesses can implement for higher profitability goals.
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The value of business intelligence
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E-commerce continues to pervade every aspect of the global market, which means business intelligence is even more crucial than ever. Companies have to group the yearly budget in the suitable business activity to provide their customers/consumers the best product/service available. Some of the crucial benefits of BI is that it improves the overall operation, sales and marketing activities, the customer relationship.
Reporting based on accurate information helps companies set key process indicators and measure the process performance. BI allows companies to extend their knowledge on given information, current and historical performance, future trends, benchmarks, etc. BI teams receive real-time reports to provide enhanced data for better decision-making.
Companies that don't track their customers can perceive a significant drop in their operations in today's life. BI delivers factual information to help businesses attract new customers. Every customer data is the most valuable information for an organization; BI helps understand them by providing detailed and structured end-data with reports.
Big Data is crucial when we want to detect our potential target segment, which consumer groups must our sales and marketing team reach with offline and online tools. Specialized tools are available to receive enhanced reports and follow up customer/partner activities on different platforms. BI helps marketing teams to ensure future marketing ambitions are adequate and profitable.
Business Intelligence identifies the bottleneck processes through live data, reduces the possible risks and makes operational procurements smoother. BI increases the overall productivity of teams and enhances the quality of products or services. The system is also a massive help for inventory control, to keep managers informed in real-time.
Overall, business intelligence provides a 360-degree view of the organization and its processes for more heightened transparency. With structured data, businesses allow themselves to make the right decisions on time, based on the correct information.
For more information on how business intelligence can improve your data-sensitive processes, don't hesitate to contact our BI team here.