Business intelligence (BI) is a term that has been used in different ways by different people. At its core, BI is the process of transforming data into knowledge so that it can be used to make better decisions. This can be done in a variety of ways, including through the use of dashboards, reports, and data analytics. BI can help businesses to make better decisions by providing insights into how customers are behaving, what products are selling well, and where the business is making money and losing money. BI also helps to highlight problems and issues that arise within a business. In short, BI increases the decision-making capabilities of a business as well as its employees by giving them proper insights into various aspects of the business operation.
Business Intelligence Software for Businesses
In most cases, BI is done using software that can be accessed over the internet. There are a number of different types of BI software on the market, and many businesses will use a combination of these tools to get a broad view of their business operations. Some common examples include:
Dashboards
Dashboards allow users to track specific metrics without going through reams of data. This makes it easier for people to determine whether a business is on track to achieve its goals.
Reports
BI software allows you to easily create reports that can be used as often as needed. These reports can be generated for specific individuals or they can be generated to provide information to the entire business.
Data Visualization
Data visualization is a fancy term that refers to graphs and charts that are used to analyze data in an easy-to-understand format. These visualizations help businesses make decisions by highlighting trends and offering insights into how different factors may be impacting one another.
Some common purposes of business intelligence are the following:
-To make better decisions
-To increase efficiency
-To improve competitiveness
-To understand customers and markets
-To detect fraud
-To uncover new insights
-To motivate change
Business intelligence is a category of technologies used to analyze data, create reports, and present data in an effort to make better decisions. It’s primarily focused on analyzing structured data, rather than unstructured or semi-structured data.
Business Intelligence Software Vs. Traditional Software
Traditionally, businesses would use software like Microsoft Excel to analyze data and make decisions. BI tools are designed to better help businesses see the big picture of how different factors impact one another. Businesses also have more control over what they can do with their data using BI software than they would be using traditional software, which makes it easier for them to achieve their business goals.
For companies that want to improve their decision-making and increase their analytical capabilities, BI software can be a useful tool. It allows users to see the big picture of how their business is performing so that they can make better decisions about where to take it next. In addition, because most BI tools have been designed with ease-of-use in mind, businesses may find that using them is much simpler than they would have imagined.
For more information on business intelligence, including how you can use it to make better business decisions, Paradigm Interactive is here to help you.