Business Intelligence is defined as the method of finding out insights and knowledge by the use of various software as well as hardware technologies. This knowledge is used to turn data into business actions.
The use of Business intelligence is done very strategically as per the desired results. Business intelligence with cloud-based architecture is very critical for many corporations to get efficient actions and results.
Steps- Business Intelligence
Business Intelligence works as following steps
Business Intelligence Architecture
Benefits of Business Intelligence
- Faster and effective analytics
- Reduces overhead
- Better data comparison and data quality
- Provides valuable data insights to improve company’s performance.
- Great reporting and visualization capabilities in all business intelligence software.
- Improved enterprise collaboration by putting the right piece of information together.
- On-Demand real-time data insights.
- Real-time feedback and customer satisfaction
- Increased revenue and profitability by making correct decisions based on the analytics provided by BI
- Elimination of cost consuming variables in a company
Self Service BI
Self Service BI is carried out by the business users independently. For anyone to use Self BI, there is no beforehand requirement of any statistical methods or analytics. Self Service BI requirements vary from business to business which is the reason for it being so diverse.
In Self service BI, the business user performs all the processes of BI. Self Service BI not only improves collaboration but also gives a competitive edge to businesses that use it. Some important requirements for Self Service BI include:
- Reports, Ad hoc Reports and Dashboard modification as well as creation
- Integration of data files
- Data Model modification
Applications of Business Intelligence
Here are some of the areas where the business can benefit the most from Business Intelligence
BI can be used to forecast and analyse the demands of the customers. Real time analytics provided by business intelligence platforms can be used to carry out actions such as stock reduction, inventory management etc. Customer behaviour can be used for marketing campaigns.
BI can be used to optimize research and development of marketing, finance, sales, production and Human Resources domains. It can help to make decisions to cut costs and effectively create a profitable venture.
BI can be used to enhance communications among suppliers to standardize the transactions to increase efficiency. BI can be used to forecast the demand for a particular product which causes inventory upgradation. BI can also be implemented in HR department to aid the employee in any difficulty and appraisals.
Logistics and Transportation
BI can be used to strengthen communication between business partners by providing great solutions for all the operations of a logistics and distribution company.
Business Intelligence Tools
Some Popular business intelligence tools are listed below. These tools are used to develop Business Intelligence dashboards according to the business plan to perform analytical operations easily.
- Microsoft Power BI
- SAP Business Intelligence