What is Business Intelligence?
Last updated on May 7th, 2020
Business intelligence enables organizations to dig deep into raw data to make it more meaningful. Business intelligence is quite a heavily invested field, and many businesses spend a huge amount of money to gain meaningful analytics to resolve business problems and boost sales. Let’s take a look at what is business intelligence and how can it benefit your business?
What is Business Intelligence and how can it be Useful for Businesses?
Business intelligence or BI is a set of methods used to transform raw data into a form which can be helpful for business analysis. For example, you might have a lot of raw data on incoming calls from potential leads, with thousands of numbers and related information about the calls logged into your database. You might want to transform that data in the form of charts, tables and reports that might give an idea as to how many and what type of callers are actually being converted into customers. This might help ensure that your organization can take steps to boost sales and better cater for your target market.
In many businesses, BI experts make use of raw data to convert it into meaningful reports. For this purpose there can be a plethora of software that can be used, ranging from rudimentary applications like Microsoft Excel to complex cohort analysis software, as well as complete business intelligence solutions like Microsoft Dynamics.
Business Intelligence in a Nutshell
If your company hasn’t yet made the leap into using business intelligence, or BI, software, you should. It’s an unmatched way for you to forge ahead with data as your guide, using what you know about your clients and business to create more productive business strategies.
BI software isn’t just for data geeks—it’s for everyone at every level of your brand. It helps to analyze data, giving you reports that offer actionable points. It’s a great way to improve efficiency and identify trends, as well as identify markets and movements. Want to learn more about BI? This graphic can help.
Click To Enlarge
Business intelligence is one of the key components of converting raw data into something meaningful to make your business more efficient and profitable, therefore, BI entails heavy investment from businesses around the world. Even if you are a small business, you can use business intelligence solutions to suit your needs. Here are some BI software you might find useful.