The 21st century today is regarded as the age of information technology, where access to quick information has been a great parameter for rational decision making. Business intelligence has been a buzzword since the 1960s as a system of sharing information across organizations.
Designed for diverse environments, business intelligence applications enable organizations to gain insight from a range of assorted data sources and applications. BI tools access and analyze data sets to present analytical findings in the form of reports, graphs, summaries, dashboards, charts, and maps to provide users with detailed intelligence analysis. With the increasing insights and trends with the help of BI applications, organizations can now come up with up-to-date and well-informed strategies.
Some of the key applications to foster your business operations are:
- Collaboration– Modern business intelligence platforms allow users to work across the same data together in real-time through collaboration. This can prove to be helpful for BI platforms while creating some new reports or dashboards.
- Reporting– The process of organizing data in summaries for monitoring the business performance is reporting. Reporting turns the data into plain information to explain the exact scenario to its users.
- Work efficiency & Revenue generation-BI enables you to quickly analyze and identify the areas of problem for a quick and appropriate action to be taken. Businesses can gain actionable insights about their revenue and identify their new growth avenues accordingly.
- Analysis & Measurement– BI tools help businesses to understand data and derive value with data-driven decisions. It allows you to predict the future needs and reactions of your customers.
- Improved Decision Making– With easy to understand data and valuable insights, the decision-making process at every level in an organization is enhanced from corporate executives to business managers.
BI, Data analytics, & Business analytics working together:
Business intelligence is designed to answer specific queries and provide a thorough analysis of overall planning which includes data analytics and business analytics as a part of the whole process. Most of the organizations today are moving towards a Self- Service Business Intelligence Model allowing users to interact with their data directly.
Business intelligence is continuously evolving according to the needs and technology keeping the current users and innovations up-to-date with the on-going trends. BI platforms adapt to new technologies where diverse industries such as retail, insurance, healthcare, and many more are joining the league.