What is Business Intelligence?
The purpose of Business Intelligence is to support better business decision making. The abundance of data is changing the way businesses are run, as organisations are interpreting data and using it to their benefit to meet the organisations goals and targets. Business executives, financial controllers, management, directors and other business users use Business Intelligence software to utilise data and guide their business with fact based insight rather than hierarchy opinions and ideas.
Business Intelligence incorporates a wide variety of tools, applications and procedures that allow organisations to gather data from internal systems and external sources. The software can prepare the data for analysis, develop and run queries against the data, and generate reports, dashboards and data visualizations. These are then formed into analytical results that are made available to corporate decision makers as well as operational workers.
Why incorporate Business Intelligence into your organisation?
The benefits of Business Intelligence are plentiful here are a number of reasons to include BI in your organisation:
- Improving decision making
- Reduce time spent on decision making
- Increasing operational efficiency
- Driving new revenues
- Optimizing internal business process
- Identify market trends
- Gain competitive advantage
- Identify business problems that need to be addressed.
- Runs in your web browser no need to install large files.
- Capable of operating on multiple devices across your organisation
The below infographic explains the concepts and terminology of business analytics.