Business intelligence is important for every business. But, there is a lot of confusion about business intelligence.
This is mainly because BI has been defined in different ways. So, we thought what’s better than talking about business intelligence. We dived into the history pages and compiled a list of definitions and examples that will help you understand this concept better.
Business Intelligence (BI) is used in so many different sectors. The term Business Intelligence (BI) provides the user with the data and tool to answer questions that are important for running the business or a part of it.
In short, business intelligence is used to report the specified data of any business that is very important and by which the company's higher management will take decisions for business growth. In this article, we will give some basic as well as advanced Business Intelligence Examples that will help the user understand the business intelligence concept.
Business Intelligence is all that is used for business information research. Intelligence and the tools used to promote it are aimed at providing the historical, current state of affairs and predictive views of business operations.
BI seeks to provide a simple understanding of big data to create new business opportunities for the consumer-often in the form of business software.
Business intelligence applications focused on the technology of the data warehouse. A Data Warehouse(DW) collects information from the operating systems of a wide range of companies, based on Business Intelligence systems. Usually, data loaded to DW is well integrated and cleaned, enabling credible information to be generated that reflected the so-called' one version of the real.'
BI means using your organization's data to make business decisions based on facts. This can take on several forms and approaches, but generally includes doing things like designing Key Performance Indicators (KPIs), Trending Analysis, Predictive Modeling, dashboards, etc. There are also a few variants of the Business Intelligence Maturity Model that essentially categorize the degree to which a company leverages BI to make critical decisions.
Not only has BI impacted businesses from every sector, but the business analyst course is also in huge demand. Majority of businesses are open to hiring professional business analysts to help them understand data and strategize for the future.
When businesses had more data to analyze they began to adopt large IT systems with databases such as db2 and mainframes to handle business transactions. Thus, companies started hiring analysts to assist in reporting. This was when the fundamental business intelligence course came into light.
Originally, the sales department has sales analysts, advertising analysts, and so on. Then the executives began to realize that the reports had various interpretations, metrics, filters on their data that it did not make any sense to look at the sales report along with the advertising ones when those reports reached their stage. Executives began asking for consolidated documents.
Now organizations are recruiting analysts for the group of market intelligence, decision support systems, other names, but the key purpose was to help generate reports with cross-functional insights. So people realized that part of the problem was that information was not organized, and data warehouse was created to centralize data and put under one belt all organizational reporting.
Once you have a data warehouse (DW), you need a name on brand new DW reports and dashboards, and businesses pay for all that expensive stuff, so you can't "see" it. Business intelligence then came into being. The aim was to extract information from knowledge.
As DW gained prominence, individuals certified in a business analyst courses started flooding the market. These teams started to focus on how to centralize information, how to create dashboards, but companies are looking for new and informative analysis teams to inform them.
They understood that DW is to centralize, clean, maintain, master data, and BI was to create and visualize information reporting tools such as dashboards, but the teams did not have any new knowledge. BI teams generally have sales or marketing analysts or managers reporting criteria to build the report out of, but never say that they should have this or that report or KPI.
To sum it up, Business Intelligence is an umbrella term. It can be further sub-divided into three parts –
A BI analyst is someone responsible for evaluating organizational data that supports decision-making processes. There is a lot of data generated throughout the organization's lifecycle. A BI Analyst's job is to make the most of this information and optimize its utility by smart decision-making.
Here are some core responsibilities of a BI Analyst –
BI is the right career option for you if you are interested in data and analysis. Business Intelligence is also a good career choice for individuals with a strong academic background in finance and accounting principles.
One of the coolest things about being a business analyst is that anyone can learn it. Anyone interested to build a career in BI can opt for a fundamental business intelligence course. As you progress in your career and learn new skills, you will progress.
Business intelligence is now a core of any industry, whether it is a retail or e-commerce sector. BI is also used in other sectors. Here are a few examples of Business Intelligence around us –
Business Intelligence is widely used in various banks. A bank provides access to BI applications for branch managers. This helps branch managers decide who are the most productive customers and which customers they will focus on. Employees use BI tools to ease the task of generating visual reports from lines of data.
Banks also use BI to track credit scores of customers. The Credit Score applications analyze customer data and confirm that the loan's EMI and credit payments have been paid on time. These Business Intelligence tools help the credit manager make correct decisions.
Because of the nature of its activities, the healthcare industry relies more on data than many others. Dealing with patient records, data on hospital operations and medical information means most healthcare providers are sitting on large troves of actionable data sets.
Business Intelligence (BI) technologies in healthcare are crucial tools for healthcare organizations that need to consolidate, analyze, report, and evaluate their data collected. In providing the right data to the right people at the right time, healthcare BI software solutions are beneficial.
FMCG companies face a constant battle of standing out from the competition. They have to stay up-to-date with the changing market and consumer demands. BI helps keep a close eye on operating costs and make strategic decisions promptly to stay ahead of the game.
Usually, the end-to-end FMCG process flow is handled through a series of diverse systems and processes that are introduced over several years and possibly connected or not linked at all through the information export medium. There are also likely to be numerous spreadsheets at the heart of analyzing and planning activities that require long manual input, do not always contain the details necessary to fully understand your position, and risk being outdated before they are completed.
BI helps streamline the entire process. Decision-makers can easily extract and present data in a way that is easy to understand. In the food industry, business intelligence is widely used to analyze customer needs and display targeted ads. It also helps to improve user experience and retention.
BI and analytics certainly play a pivotal role for businesses in multiple use cases, providing valuable insight into how to use their data in meaningful ways. The equal distribution of use cases, however, is quite remarkable. BI and analytics have become omnipresent technologies and are, thanks to better decision-making and innovation, essential to digital transformation.
The future is bright. As everything appears to be "smarter" in technology, so will analytics. A real drive for solutions to be infused with AI, ML and Natural Language query is already underway in many leading technologies, all of which will enable better decision-making.
The analytics universe never stands still, nor should it. Analytics is becoming even more important for even more use cases with the pace of innovation accelerating. As more and more businesses are opting for BI, the demand for skilled business analysts is also at its peak.
Follow the trend and don’t get left behind. Let us know in the comments if you have any queries related to BI, and we’ll be happy to answer them.