Business Intelligence: A Guide on Everything You Need to know
Business Intelligence(BI) is a set of methods, architectures, and technologies that transform raw data into important information that drives valuable business actions. It is a suite of software and services to convert data into actionable intelligence and knowledge.
In this tutorial, you
What is Business Intelligence?
Why is Business Intelligence Important?
Process and Activity of Business Intelligence.
Four types of Business Intelligence Users.
Business Intelligence system Advantages
Business Intelligence system Disadvantages.
Trends in Business Intelligence.
What is Business
Business intelligence (BI) links business analytics, data mining, data visualization, data tools, and infrastructure. And best practices to help businesses to make more data-driven judgments. In practice, you know you’ve got modern business intelligence when you have a complete view of your business’s data and use that data to drive change, eliminate incompetence, and instantly adapt to market or supply changes.
Why is Business Intelligence important?
Business intelligence can help organizations make better
judgments by showing present and historical data within their industry context.
Analysts can leverage BI to provide performance and competitor benchmarks to
make the company run smoother and more efficiently. Analysts can also more
easily spot market trends to improve sales or revenue. Used efficiently, the
right data can help with anything from compliance to hiring efforts
Some ways that business intelligence can help businesses
make more intelligent, data-driven decisions:
Recognize ways to improve profit
Analyze customer behavior
Compare data with competitors
Spot market trends
Identify issues or problems
Process and Activity of
Over the past few years, business intelligence has grown to
include more processes and activities to help increase performance. These
Data Mining: Using
databases, statistics, and machine learning to open trends in large datasets.
data analysis to stakeholders so they can draw results and make judgments.
and benchmarking: Comparing current performance data to historical data to
follow the performance on goals, typically using customized dashboards.
Using preliminary data analysis to find out what happened.
the data specific issues, BI extracting the results from the datasets.
analysis: Taking the results from detailed analytics and further examining
the data using statistics such as how this trend happened and how?.
Turning data analysis into visual representations such as charts, graphs, and
histograms to more efficiently use data.
Examining data through visual storytelling to deliver insights on the fly and
stay in the flow of analysis.
Selecting multiple data sources, recognizing the dimensions and measurements,
preparing it for data analysis.
4 types of Business
Understanding given are the four key players who are used
Business Intelligence System:
1. The Professional
The data analyst is a statistician who always wants to drill
deep down into data. BI system helps them to get fresh insights to develop
unique business plans.
2. IT users:
The IT user also plays a powerful role in maintaining the BI
3. The head of the
CEO or CXO can improve the profitability of their business
by increasing operational efficiency in their business.
4. The Business Users
Business intelligence users can be found across the company.
There are mainly two types of enterprise users
Casual business intelligence user
The energy user.
The difference between both of them is that a power user has
the ability to work with complex data sets, while the casual user need will
make him use dashboards to assess predefined sets of data.
Advantages of Business Intelligence:
Here are some of the benefits of using a Business
With a BI program, It is possible for companies to create
reports with a single click thus saves lots of time and support. It also allows
employees to be more productive in their duties.
2. To increase
BI also helps to increase the visibility of these methods
and make it possible to recognize any areas which need attention.
3. Fix Responsibility
BI system assigns responsibility in the company as there
must be someone who should own responsibility and ownership for the company’s
performance against its set aims.
4. It provides a
bird’s eye view
BI system also helps companies as decision-makers get an
overall bird’s eye view through typical BI features like dashboards and
5. It streamlines
BI takes out all complexity associated with business rules.
It also automates analytics by offering predictive analysis, computer modeling,
benchmarking, and other methodologies.
6. It allows for
BI software has democratized its usage, allowing even
nontechnical or non-analysts users to receive and prepare data immediately.
This also allows putting the energy of analytics from the hand’s many people.
Business intelligence can prove expensive for small as well
as for medium-sized companies. The use of such type of system may be valuable
for routine business activities.
Another drawback of BI is its complexity in the
implementation of the data warehouse. It can be so complex that it can make
business systems hard to deal with.
3. Limited use
Like all improved technologies, BI was first established
keeping in consideration the buying competence of rich firms. Therefore, the BI
system is yet not affordable for many small and medium-sized businesses.
4. Time Consuming
It takes almost one and a half years for the data
warehousing system to be completely implemented. Hence, it is a time-consuming
Trends in Business Intelligence
The following are some business intelligence and analytics
trends that you should be aware of.
Artificial Intelligence: Gartner’s report indicates that AI and machine learning now take on complex tasks done by human intelligence. This ability is being leveraged to come up with real-time data analysis and dashboard reporting.
Collaborative BI: BI software combined with collaboration tools, including social media, and other latest technologies improve the working and sharing by teams for collaborative decision making.
Embedded BI: Embedded BI allows the integration of BI software or some of its features into another business application for improving and extending it’s reporting functionality.
Cloud Analytics: BI applications will be soon offered in the cloud, and more companies will be moving to this technology. As per their predictions within a couple of years, the spending on cloud-based analytics will grow 4.5 times faster.
BI is a set of processes, architectures, and technologies
that transform raw data into significant information that drives valuable
BI systems help businesses to identify market trends and
spot business problems that need to be addressed.
BI technology can be used by Data analysts, IT people,
business users, and the head of the organization.
BI system helps a company to improve visibility,
productivity and fix responsibility
The draw-backs of BI is that it is a time-consuming costly
and highly complex process.
At Hir Infotech, we know that every dollar you spend on your business is an investment, and when you don’t get a return on that investment, it’s money down the drain. To ensure that we’re the right business with you before you spend a single dollar, and to make working with us as easy as possible, we offer free quotes for your project.