In simple words, Business Intelligence is about converting the business’ historical data in numbers into more useful information for decision making and building on strategies.
“The goal is to turn data into information and information into insight.”
– Carly Fiorina
Most companies have data but not information which can be converted to drive powerful decisions. And the complexities increase when the data is scattered in multiple systems and documents. Worse, there is lot of data which beg to be captured but are ignored as they are not critical for managing day-to-day tasks.
- Where are we? What is happening today?
- Is what is happening in line with what is desired?
- What decisions need to be made to change the current state?
A business intelligence solution is exactly built to answer these questions and effectively addresses your challenges, empowering you to take control & drive your business to newer heights. With BI, you can track your financial and operational metrics, gain critical business insights, control your operations and monitor employee performance with a click of a button.
The Bi solution converts data in to information and dissects them to give you deep insights, through data visualization, thus helping you control operations and take powerful data driven decisions. It automates all your MIS reports and dashboards end-to-end and ensures you have access to your information whenever you want and wherever you go.
BI can use large amount of structured or unstructured data and use them for building on strategies and decision making for Management on action points.
BI does not only help in Strategic decisions like geography selection but also can be used on Operational decisions like dynamic product pricing. Data trends from the external markets when added would make the best use of Business Intelligence which can then provide an insight into where we stand as a product or as a company in the market.
Business Intelligence and Analytics go hand-in-hand but Business analytics is actually a sub-set of Business Intelligence because it uses Analytics as one of the methods for converting the numbers into meaningful data.
There are many tools in the market available which provide this features of Business Intelligence either for providing Dashboards to the management or getting insights into their Business for decision making purposes and creating a plan or a strategy accordingly.
Some of the top self-service BI tools are as follows: SAP Business Intelligence, Micro Strategy,, Microsoft’s Power BI, Tableau, etc. But you would need strong functional experts and technology expertise to integrate these in to your other systems.
But, with the arrival of Assisted BI Solutions like BICXO the organizations can easily overcome the above challenges & thereby implement a robust BI solution in the organization with the help of the techno-functional expertise offered as part of the package in which there is no need to hire an additional team to develop your business intelligence.