Business Intelligence: 5 Ways To implement Business Intelligence In Your Company
Business Intelligence is a concept that refers to the infrastructure, tools, and ability to transform data sources into easily interpretable information through dashboards, charts, and reports.
Today, most organizations generate a large amount of data, so much so that it becomes very difficult to analyze it in detail and extract useful knowledge to optimize resources and improve results.
One of the main advantages of Business Intelligence tools is that they make it possible to represent data in a simple way, allowing the organization to redirect undesired situations and detect growth opportunities, among other objectives.
In this article we will see what Business Intelligence is and the main benefits of implementing it in your organization.
What is Business Intelligence?
Business Intelligence consists of collecting, analyzing, and presenting data from any source to convert it into useful information that helps to find solutions that improve the overall performance of the business. In other words, it is a report that improves decision-making.
Business Intelligence, through data analysis, presents large amounts of information in a way that is accessible to any user who consults it.
Business Intelligence highlights the problems, risks and opportunities of the company. Today, there are many Business Intelligence tools with different business applications.
It is important to note that, although complementary, the concepts of Business Intelligence and Big Data are distinct.
Big Data refers to the processing, acquisition, storage, and analysis of large volumes of data, whether structured or unstructured. It is a process of collecting and processing information. Business Intelligence tools, on the other hand, allow data analysis, through different analytical techniques, to be loaded into a data warehouse and displayed on dashboards. Thanks to these applications, a company can interpret the information and transform it into reports or dashboards to draw conclusions about its key performance indicators.
5 keys to implement Business Intelligence in your company
Business Intelligence applications have important benefits for a business, as they improve decision making and offer greater control of the company.
Business Intelligence is a technology that collects external information (markets, sector, etc.) and internal company information (production, sales, personnel, etc.) to subsequently transform it into easily interpretable reports, with the aim of adopting better solutions and facilitating the management of the organization.
Although Business Intelligence offers many advantages, there are 5 ways that stand out:
Visualizes important information clearly and accurately
One of the advantages of Business Intelligence is that it provides excellent visualization of business-relevant data in a single dashboard.
Business Intelligence software analyzes data from external and internal sources of the organization and then presents it in a more visual and interpretable format.
It facilitates the creation of customizable and intuitive reports and knowledge dashboards, which can be adapted to the different departments of the company.
In this way, the people in charge have up-to-date information in real-time on the data that really affects them.
Improved decision making
Thanks to the implementation of Business Intelligence, decisions can be made more quickly and accurately.
The possibility of accessing detailed information in real-time about the different areas of the business means that decisions are based on evidence, and not on conjecture or intuition.
Optimizes resources and increases business productivity
The ability to collect, select and analyze a large amount of data using Business Intelligence tools makes it possible to streamline processes, reducing manual or unstructured tasks.
In this way, operations become more effective and efficient, significantly reducing costs.
Business Intelligence technology allows decision-making to be based on real-time data and market trends, identifying solutions with a greater guarantee of success and lower risk.
By improving productivity, the company can focus on the most important strategic objectives.
Improves internal collaboration and increases customer satisfaction
The use of Business Intelligence improves organizational collaboration. The availability of customized reports and information facilitates internal communication since it allows the sharing of valuable information with the rest of the company.
The head of each department has access to the most important data within his or her area and, at the same time, management can see it in real-time.
As a result, a better analysis can be made, and better control of the current situation can be maintained.
On the other hand, it allows you to analyze the different behaviors and opinions of your customers. This knowledge helps to identify opportunities for improvement and to implement the appropriate changes to increase the quality of the service offered.
Help identify new opportunities
Business Intelligence allows a greater vision to identify new and great opportunities for the business.
Accordingly, it is possible to design a strategy based on consistent data, which is a competitive advantage over other companies in the sector, directly impacting business profitability.
The use of Business Intelligence provides valuable and easily processable information in real-time, allowing teams to make more accurate and informed decisions.
In short, Business Intelligence tools are used to create dashboards and other data visualizations that help find solutions based on current and relevant information.