Business Intelligence Software Customers List

Understanding Business Intelligence (BI)

What is Business Intelligence (BI)?

Business Intelligence (BI) is software or a service that transforms raw data into meaningful and useful information for business purposes. This technology-driven process analyzes data and presents actionable insights, helping managers, executives, and other corporate end-users make informed decisions. In short, “BI provides timely, accurate, and actionable insights through the processes and technologies designed to obtain these insights.”

Purpose of Business Intelligence in Business

The primary purpose of Business Intelligence is to measure an organization’s progress toward achieving strategic and business goals. It aids corporate executives, business managers, and other operational workers in planning and making strategic decisions. Organizations use BI to cut costs, identify market trends, and optimize inefficient business processes.

Importance of Business Intelligence

BI systems offer descriptive analytics, providing historical, current, and predictive views of business operations using data gathered in data warehouses, data marts, or operational data sources. BI enables businesses to examine and understand trends, and derive valuable insights.

Merely accumulating data is not beneficial. Business Intelligence converts data into an asset that adds value to the organization by analyzing and discovering facts, trends, and previously unknown observations. BI tools transform large datasets into intelligible information from which actionable decisions can be derived.

Benefits or Advantages of BI

Fact-Based Decision Making: BI aggregates data from various sources (business, financial, production, and customer data) to help make informed decisions based on comprehensive insights.

Improved Sales and Negotiations: Detailed customer data enhances sales processes by providing up-to-minute reports, identifying sales trends, product improvements, customer preferences, and unexplored markets.

Identifying Opportunities: BI helps companies assess their capabilities, compare strengths and weaknesses, and identify trends, market conditions, and respond quickly to changes.

Enhanced Business Productivity: BI evaluates performance in terms of customer and competitor experiences, spotting internal trends and identifying underperforming processes.

Improved Access to Crucial Information: BI provides better understanding and access to historical data, forecasts, real-time updates, and trends, ensuring crucial information is available when needed.

Boosted ROI: BI enables companies to establish metrics aligned with organizational strategy and use dashboards to improve visibility into inventory and ROI.

Strengthened Strategic Decision-Making: BI facilitates data collection and analysis using analytic tools, providing actionable insights from social media, sales, digital media, and more. This strengthens a company’s core, allowing for more efficient team operations and better decision-making.

Top Business Intelligence Tools:

• Microsoft Power BI
• Tableau
• Oracle Hyperion
• SAP Business Objects
• Oracle Business Intelligence Enterprise Edition
• QlikView
• Pentaho
• Qlik Sense
• IBM Cognos 10
• Tibco Spotfire
• Lawson Business Intelligence
• SAP Crystal Server

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