Business Intelligence – Importance and Benefits

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The role of information and communication technologies in business is growing more and more every day, as if it is even impossible to imagine them separately – business and technologies. Business was organically intertwined with the digital world, as the limitless possibilities of technology have significantly contributed to the success of the business.

Today I will review Business Intelligence, which is one of the above-mentioned opportunities that technology gives to business

What is Business Intelligence?

In order for our business to be successful, we need an evaluation/analysis of past experience and current data. For this purpose, the business must have a base of marketing campaigns, manufactured operations, human resources and in general, any practices that have even accumulated. Having and processing such comprehensive data is vital for business. This obtained unit of information is called- Business intelligence, Business Intelligence (BI).

The importance of such a base is big and fundamental for the company. However, this base has no price if it is not processed and analyzed. Information has no benefit if we do not direct it to our success. The mentioned data should be a guide for the business what changes are needed, in what direction the company is strong, in what direction – weak, what are the causes of this weakness and how is it possible for a company to turn this weakness into a strength and so on. To say shortly, BI considers obtaining data, their processing and, visualization, as well as business analytics and periodic reports, everything that gives the company a clear picture of its activities.

What benefits does it have to the business?

The benefits of Business Intelligence are multifaceted. Imagine that we have the results of this or that particular marketing campaign from start to finish. The marketing team spared neither effort nor financial resources; however, the campaign did not bring the desired result.

At such times, in order to clarify customer behavior towards our campaign and search for the answers, we will need to analyze why our marketing campaign has been left out of the spotlight. Business intelligence is the starting point for studying costumer behaviors and attitudes, which ultimately helps the organization deliver customized products, offers or, services. When you know your audience, it is easy to guess their needs.

How is this information obtained and analyzed?

The constant development and refinement of the technological field have made it possible to process the database in an even simpler way. Business intelligence tools integrate a variety of software tools and systems, such as spreadsheets, online analytics tools, reporting software, business monitoring, and data processing software tools.

Several BI tools exist (Qlik Sense, Microsoft Power BI, Tableau, SAP BusinessObjects BI, etc.) that can be used to process and visualize big data. This process can be performed at a professional level by an IB developer who is fully responsible for the analytics of the organization’s database.

In conclusion, we can say that BI gives the company all the information that helps it to properly plan marketing, budget, write a strategy, eliminate risks, find weak sides, which turns into strong sides based on analysis, and so on. It is the base that helps an organization increase its customer satisfaction, sales volume, and revenue, therefore.

Blog of the Editor

Used Source:https://powerbi.microsoft.com/, https://www.techtarget.com/

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