Business Intelligence – An Important Tool
For An Enterprise, A Company or an organization there is always tens of thousands, even millions of data coming in everyday. It is not possible for humans to manage that amount of data on their own. That’s where business intelligence software comes in.
Providing reports, graphs and much more is where the business intelligence software comes in handy.
What is Business Intelligence ?
BI comprises the strategies and technologies used by enterprises for the data analysis of business information.BI technologies provide historical, current, and predictive views of business operations.
These technologies can handle very large amount of structured and unstructured data and they also turn this data into useful report, analytics and can even do predictions.
BI can be summarized in three functions :
- Data Gathering
- Data Storing
- Knowledge Management
Why Use Business Intelligence Technology ?
Using this technology is a necessity for every business as they help in many ways :
- Decision Making : all these analytics help the business owner make more impacting decisions that are based on real world data.
- Measure Corporate Performance : having all the data as chart or graphs helps to measure the performance and compare it to competitors or even to the corporate itself.
- Identify market trends and directions : helps detecting trends and utilizing them to the corporate advantage.
- Spot business problems : spotting these problems sooner can help create better solutions.
When To Use Business Intelligence Technology ?
If the company falls within these use cases it is recommended to use BI :
- Inventory Management
- Project Management
- Data Mining
- Business Optimization in general
How and What To Use ?
There Are a ton of tools that are available online that provide BI services but From my experience I’ve seen these be used the most :
a business analytics service by Microsoft. It aims to provide interactive visualizations and business intelligence capabilities with an interface simple enough for end users to create their own reports and dashboards
Google Data Studio
an online tool for converting data into customizable informative reports and dashboards
SAP Business Objects
A java based web tool that provides performance management, planning, reporting, query and analysis, as well as enterprise information management.