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Why Is Business Intelligence So Important?

Combining business analytics, data mining and visualization, tools, infrastructure and best practices, business intelligence (or BI) is vital for helping companies make informed and intelligent decisions that are based upon the relevant data. If your organization uses a comprehensive collection of data to drive positive change, eradicate any inefficiencies and adapt better, and quicker to changes in the market or supply chain, then you undoubtedly possess modern business intelligence.

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Why Is Business Intelligence So Important?

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  1. Why Is Business Intelligence So Important?

  2. Combining business analytics, data mining and visualization, tools, infrastructure and best practices, business intelligence (or BI) is vital for helping companies make informed and intelligent decisions that are based upon the relevant data. If your organization uses a comprehensive collection of data to drive positive change, eradicate any inefficiencies and adapt better, and quicker to changes in the market or supply chain, then you undoubtedly possess modern business intelligence.

  3. What are some examples of business intelligence? A term that covers the processes and methods of collecting, storing and analyzing data from business operations or activities to maximize performance, business intelligence has evolved over the years, and now includes more performance enhancing processes and activities such as those listed below: • Data mining –trends in large sets of data can be uncovered using databases, statistics and machine learning, better known as data mining • Reporting – stakeholders are better able to make both conclusions and decisions, when data analysis is shared with them via reports

  4. Performance metrics and benchmarking – using customized dashboards, current and historical performance data can be compared to help track performance against goals • Descriptive analytics – this involves using preliminary data to discover what happened • Querying – business intelligence retrieves answers to data specific questions from datasets • Statistical analysis – discovering why and how certain trends happened by analyzing the results from descriptive analytics and exploring the data in detail using statistics

  5. Data visualization – charts, graphs and histograms are used to present visual representations of data analysis and consume data more easily • Visual analysis – visual storytelling is used to communicate data insights • Data preparation – To prepare multiple data sources for analysis, their dimensions and measurements are identified. Why is business intelligence so important? Giving companies the ability to make more informed decisions, business intelligence illustrates current and historical data within the context of their business, and can help them in the following ways:

  6. Discover new ways to help increase profits • Better analyze the behavior of their customers • Compare competitor’s data • More effectively track performance • Optimize all operations • Predict success • Identify market trends • Quickly discover potential or existing issues

  7. How does business intelligence work? Gathering data, analyzing it and using the results to determine which path to take to reach their goals, companies have always used business intelligence to answer their questions and achieve their targets. From a technical perspective, the data harvested from the activity of a business is processed and stored in a data warehouse, from which it can be accessed and analyzed. What major industries are benefitting from business intelligence? Using data to help transform their short, and long-term operations, many industries have begun adopting business intelligence, from healthcare and information technology, to education and commerce.

  8. What does the future hold for the role of business intelligence? Evolving from one month to the next to stay in line with the changing needs of businesses and keep up with advances in technology, business intelligence continues to help companies be more data-driven, and more effectively share their data and collaborate with others. As artificial intelligence and machine learning grows alongside BI, organizations will be able to integrate AI insights into a much broader BI strategy. Simply put, the future is business intelligence, and if you need help identifying, gathering and analyzing your businesses data in order to achieve your goals and keep your customers satisfied, you’d be advised to seek professional help as soon as possible.

  9. Intelliprise commits to empower organizations with cutting edge solutions. Intelliprise LLC is based in Indianapolis, IN and offers holistic Enterprise solutions, technologies, and systems integration for over 200 companies worldwide, ranging from startups to Fortune 1000 companies. Many of the largest companies outsource their business needs to Intelliprise, including leaders in retail, travel, e-commerce, education, hospitality, manufacturing, consumer goods, logistics, SCM, lifestyle, non-profits, and BFSI.

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