Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information to help managers corporate end users make informed business decisions.
BI covers various tools, applications, and methods that empower businesses to collect data from internal systems and external sources; prep it for analysis; develop and run queries against that data; and create reports, dashboards and data visualizations to make the analytical results available to decision-makers.
Business in the 21st century is fast paced and global. The ability to take quick and informed decisions is critical for any organization. BI enables you to make intelligent, informed decisions by giving you access to the “bigger picture”. The picture painted by BI can help optimize internal processes which can be valuable USPs, USPs which can identify previously ignored opportunities. Naturally, such capabilities are much-desired traits in a company navigating through today’s hyper-competitive landscape.
BI can utilize either old, warehoused, data and /or data fresh from core system like ERPs, POS, etc. The days where BI was up to specialized roles such as analysts and specialized is long gone. BI tools tool of 2019 is far more democratized thanks to user-friendly data discovery tools and dashboards.
A huge part of the BI tools is the visualization element. These visualization tools are used extensively for giving shape to charts, infographics and the user interface elements of the dashboard. Different brands of BI suits bring their own flavor of UI abstraction, though it can be safely said that the BI tools in the market are getting increasingly user-friendly. Based on the ease of use and the platform of operation, BI tools can range from a simple setup where the DB is queried by direct SQL queries, basic reporting from legacy enterprise software solutions, OLAP, mobile device based BI and cloud-enabled BI solutions.
In order to produce human intelligible data, BI tools are capable of working deep data mining, predictive analysis based on pattern recognition, statistical and big data analysis. Though it must be noted that before data can is fed to a BI tool, it must be properly formatted to ensure more precise insights.
To get the most out of your BI Tool, it takes a team of trained and seasoned professionals to implement a tight-fitting BI instance. Proper, thorough training comes next as the BI tool is only as good as the user that uses it. Again, an experienced implementation partner is the key factor in the proper implementation of the BI tool.
Evomatiq Business Solutions LLC is a trusted, lithe and boutique enterprise software service provider based in Dubai. We help businesses get the most out of their enterprise software like ERPs, CRM, Business Intelligence tools.