What is Business Intelligence

In today’s world, information is power. It is important that information flow accurately and effectively for the functioning of any organization. However in the past organizations concealed information with only some critical folks, who used it for important decision making about competitors, future directions, response to regulation and many other factors vital for business functioning.

However, with so much information available, it is critical to be able to filter out the right information in short amount of time. In addition, the market environment changes so frequently that incorrect information may lead to lost business opportunity. Sorting through multiple emails, documents, reports, and enterprise databases to find data for right decisions is challenging. The evolution of Business Intelligence (BI) has enabled organizations, by providing concise results using data from various sources. In addition, the user- friendly representation of data clearly indentifies growth, opportunity and many more areas that require attention. 

BI refers to methodologies used in identifying, researching, and interpreting data. Organizations rely on BI to view, analyze, understand, and project information relevant to the performance of a business. The purpose of BI is to help organizations make better decisions to help business with any challenges and grown. BI software’s and various solutions accomplish this by making it simpler to accumulate, view, and split the data. Thus, leaders can identify issues, find new opportunities and challenges, and improve organization performance to meet business goals.

BI solutions can be very broad, or they can focus on specific functions, such as trade volume analysis, revenue spends analysis, prospective customer analysis, financial compensation analysis and many more. Some organizations rely on spreadsheets and other multiple tools to process information. Nevertheless, as organizations grow, the amount of information leaders need to understand increases due to new services, upcoming opportunities, hidden markets, increasing investments and many more. Business leaders need to be able to understand and direct investments in operations, sales, marketing, and other departments to streamline business growth. BI solutions offer multiple dashboards and reporting tools that make it easier and less time consuming to understand and analyze the data during short time at any point of time.

Business intelligence solutions give organizations a way to reorganize and combine the data group, investigation, and reporting process. BI solutions are built on a common platform, so everyone involved in the organization hierarchy can be setup to get an actual view of the data. To conclude BI aims to support better decision-making of organization and improve business.