What is Business Intelligence?
Business Intelligence comprises the different strategies, applications and processes carried out to analyse a large amount of data, in order to convert it into valuable information to generate business knowledge.
With this knowledge, the aim is to identify trends, and patterns and obtain information for strategic purposes to improve decision-making in companies. In addition, the goal is to bring together as much data as possible, both corporate and external, in order to have a 360-degree view of the situation.
Why should companies implement BI tools?
As we have already mentioned, BI starts when you have large amounts of data, often unstructured from different sources, and you want to obtain knowledge from them. To do so, you need specific BI solutions or tools to help you in this information management process. Today there are many solutions on the market that facilitate the analysis of companies; there are generic and specific ones in different areas such as those focused on Marketing or Customer.
The advantages of having BI tools
Business intelligence tools are a type of software that organisations use to monitor, analyse and report on data. These tools make it easier for managers to make well-informed decisions.
Organisations can use BI tools to differentiate themselves from the competition and move faster in a competitive world. The main benefits of the tools are:
Automation of processes
Tasks such as report creation which is often manual and tedious process. Currently, there are reporting solutions on the market that, besides automating this task, also eliminate possible human errors.
Reduction of work time
With the automation of periodic tasks, the time dedicated to these tasks is reduced and in this way, you will have more time to dedicate to your core business.
Data are continuously generated, and big data platforms must be able to access, store and process them so that organisations can make better decisions based on the information. Therefore, velocity refers to the speed at which data are created, accessed, stored and processed.
In short, BI solutions are changing the way we do business, helping to streamline decision-making and maximise productivity. With the help of these BI tools, we can not only see what is happening in real-time but also forecast future results and trends with a greater degree of accuracy and thus be able to anticipate any adverse scenarios.