What is Business Intelligence?
Business intelligence is a data-driven process for analyzing and understanding how organizations work and make better decisions based on real insights. Business intelligence, or BI, has become a popular term across industries, but it is a catch-all term that encompasses various processes, tools, and methodologies that let companies capture data, analyze it, and derive better answers to key questions.
BI starts with the tools to capture data from across an organization’s operations so that every stakeholder can eventually access them. This includes the use of data warehouses and identifying them multiple data channels available to gain a deeper understanding of an organization. In an increasingly digital world, this translates into terabytes’ worth of data that must be properly contextualized.
See Sisense in action:
Another key aspect of business intelligence is the organization and analysis of these massive data sets to find unexpected connections, patterns, and insights that can be turned into actions. To do this, organizations employ advanced analytics and visualization tools that allow them to parse data, provide better access to different team members, and make insights more easily digestible.
Additionally, most business intelligence tools include virtual dashboards that offer direct access to the most relevant data and let different team members view only the insights that are necessary for them.
How can I Use Business Intelligence?
Business intelligence has gone from a novelty to a necessity in most industries today. One of the biggest benefits of using BI at an organizational level is that the insights it provides are not just management level but can bore down into specific areas of a company to drive improvements and better efficiency.
You can use business intelligence tools to improve operational aspects of your organization, ranging from payroll and HR to even manufacturing processes. At this level, BI is focused on finding areas that can be improved, pointing out where they can be made better, and showing possible solutions based on historic data.
On the strategic side, business intelligence uses predictive analytics tools and methodologies that are ideal for planning out organizations’ future moves. By leveraging your existing data streams and analytics, you can predict trends, possible opportunities, and use insights derived from your data to make smarter decisions about your company’s future.
On a more practical note, using business intelligence across your organization also gives every member of your team easier access to the data they need, and creates easy-to-use and relevant reports that keep every stakeholder informed.