In today’s day and age, information is everything, to the point that the excess of information can be sometimes overwhelming. Nevertheless, to succeed in anything nowadays you must be good at analyzing and implementing the information you are presented in the real world. But there comes another problem. Today we have a lot more information to process than in any other era. Sometimes it is simply impossible to require this from one person alone. So naturally, we hire one analyst whose job is to analyze information from one field at the time, and finally, we gather tons of reports from all of our analysts and… then we start to analyze. Fortunately, business intelligence services are here to save the day. BI creates only one report that’s easy to read and understand while presenting only crucial information.
What is BI and how does it work?
Generally speaking, Business Intelligence is a type of system that uses data analytics techniques to analyze, process and present simplified data on application’s dashboard. It allows you to act quickly and instantly make decisions that will increase the productivity of your company, regardless if you run a small or large business. What is interesting about it is that BI can also be helpful in analyzing the market. And to be more precise – BI might observe online, open actions of the competition and provide you with that information. It can derive it for example from their profiles on social media or interpret their consumers’ behavior (as well as ours).
When you get to understand the concept of BI it really is not rocket science, though it might seem like it to some of us at first. It may also be a little bit frightening to allow computer to scan through so much information but common sense suggests that entrusting several people to analyze this data is not the safest thing ever either. People can have worse and better days – BI is constantly doing its amazing work. And the benefits you get by using business intelligence services instead of a bunch of analysts are enormous. You can save time and resources, and increase your income due to that.
Some of business intelligence services show current, up to date information constantly. You can monitor the statistics anywhere anytime you want to, even on the screen of your smartphone. We call it business activity monitoring (BAM). Furthermore BI uses technics such as data mining, process mining, expert systems, data integration, big data, OLAP, visualization tools and generates key performance indicators.
Business Intelligence is only a start
Though BI is such a useful tool, it cannot make any changes on its own. It is really important to have one person (even if it should be you) that can make those quick, tough decisions based on information BI provides. Only then we can really talk about improving productivity and increasing income. Let’s remember that BI is only a tool and it must be used by someone competent who can rise to the challenge.