Here we will discuss what is Business Intelligence? How Business Intelligence is Helpful for Business Growth?
What is BI? How Business Intelligence is Helpful for Business Growth?
What is BI (Business Intelligence)? I got up in the morning and dressed in my formal suit because of the official meeting planned. The other day, I may have dressed up considering the weather and my mood. We plan our daily activities like when to wake up, what to eat, what to wear, what to purchase etc. based on our past experiences and patterns.
Likewise, when we have a plan for investment to determine the return on investment, we need Evidence-based Decision Making. We can only sustain in business if we take calculated risks and increase our probability of making right choices.
To make a good, rational decision, we need data and this data can come from various data sources. Problem is, this data can be very messy and unless we transform it into clean data, it isn’t viable. This is where Business Intelligence comes in which helps us to get the data, clean it and then draw insights from it.
BI (Business Intelligence) is a collection of methods and programs to collect and structure raw and messy data into reliable information by removing the anomalies and redundancies and then delivering relevant and reliable information to the right people at the right time with the goal of achieving better decisions faster. It can help a company identify its areas of growth and weakness, set goals and strategies.
For the executive of a Retail- Store Chain, it is important to identify the specific area to open his next store. Based on the customer’s preference in his other stores, he can stock his new store with more profitable items and cut with the least-selling products. He can further introduce the concept of Loyalty Card at his new Point of Sell. In order to get better insights into the customer’s choice, his profits on the next Christmas sky-rocketed because of the strategies, he set. He basically utilized Business Intelligence and Data Analytics.
Descriptive Analytics let us know, what has happened. Predictive Analytics tells us what could happen and through Prescriptive Analytics. So we can decide what to do. The term Business Intelligence refers to a group of tools and techniques that organizes and presents your data in a way that is useful and makes sense. Through powerful visualizations backed with evidence, if you need accurate, understandable and actionable information on demand on a quick basis. Then Business Intelligence is the right tool for your organization.
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I hope this tutorial will be helpful to learn What is Business Intelligence? How Business Intelligence is Helpful for Business Growth?
I am Bijay from Odisha, India. Currently working in my own venture TSInfo Technologies in Bangalore, India. I am Microsoft Office Servers and Services (SharePoint) MVP (5 times). I works in SharePoint 2016/2013/2010, SharePoint Online Office 365 etc. Check out My MVP Profile.. I also run popular SharePoint web site EnjoySharePoint.com