What is business intelligence?
BI is one of the processes which helps to analyze the data for presenting it into actionable information. It helps the corporate end-users, executives, managers in making the right decision.
How can an organization make the right decision?
Organizations need to make the right decision so that they achieve their business targets easily. The BI tools help in improving:
- Competitive intelligence
- Data integration
- Market intelligence
- Customer insights
- Personalized sales strategy
- Holistic overview of an organization
- Business model
How are BI tools used?
- Dashboards process monitoring and exceptions
- Data mining and analytics
- Decision support, drill down, and what if
- Automated agents
Main features of BI:
- Online analytical processing
- Ad hoc analysis
- Operational BI
- Advanced analytics
- Self-service BI
- Open-source BI
Benefits of BI:
- Increases operational efficiency
- Accelerates and improves decision making
- Drives new revenues
- Spots the business problems to be addressed
- Optimizes internal business process
- Assists companies in the identification of market trends
- Gains competitive advantage
- Helps to focus on every small component of the business
- Helps to identify the least effective marketing strategies and adjust accordingly
BI for Executives:
- Meaningful and accurate information
- Allows the business managers, and corporate executives for making the informed and timely business decision
BI in small organizations:
Business intelligence helps the small organizations in:
- Cutting down the costs
- Reducing operational costs
- Increasing revenue
BI to check performance:
Small business analytics refers to:
- Practices and techniques for measuring the performance of a small organization
- It is used for evaluating the smaller datasets used for gaining insights on a company process or a specific project
Necessary BI features in small businesses:
- Ad hoc queries
Questions to answer for the right BI tool:
- Who needs access to the dashboards?
- What is the budget?
- Does the reporting features need to be dynamic?
- What kind of integration capabilities does the tool have?
- Do you prefer a cloud-based or on-premise platform?
BI for top-level executives:
BI visualization tools are powerful tools for displaying complicated data sets in an easily comprehensible format. CEOs can understand the key metrics to spot the trends with appealing visualization features.
BI for your organization:
BI tools, when implemented in your organization, could:
- Eliminate the guesswork
- Helps to monitor the critical metrics
Forrester report stated that:
- 74% of the enterprises strive to be data-driven
- Only 29% of the organizations are good in turning the data insights into the actionable outcomes
Visualization vs. summarized data:
- Many times CEOs want the top view or the snapshot of the business in an organization.
- Static reports provoke the question but do not give the ability to explore data for actionable insight
- Visualization in BI dashboard is an effective form of communication and provide information for actionable insights
The important CEO dashboard features are:
- Real-time data
- Drill down abilities
- Data blending
- Access to multiple data sources
- Data governance
- Access to database
The BI dashboards are helpful for the CEOs as they:
- Provide evidence-based decision making
- Are data-driven