BI - A Smart Solution for Business
lays a key role in the strategic planning of organizations and is used for multiple purposes, including measuring performance progress toward business goals, performing quantitative analysis, reporting and data sharing, and identifying customer insights.
Business intelligence (BI) approach is a strategy and technology combination for capturing, analyzing, and interpreting data from internal and external sources, with the aim of providing information about the subject's history, current, and future state.
Business intelligence and business analytics are two concepts that are often used interchangeably. The term "market analytics" refers to the process of analyzing data in order to discover patterns and insights. When used in conjunction, the terms business intelligence and business analytics have a wider scope that encompasses all aspects of data collection, analysis, and interpretation. The words would be the same for our purposes.
Current business intelligence/business analytics solutions offer applications to help the user at every stage of the process to gain actionable information. This includes applications for data preparation, analysis, data visualization, reporting, and collaboration for use on premises, at the desktop, in the cloud, and away from the office with mobile capability.
Making the Intelligent Choice
Every organization needs business intelligence. But to make sure that everyone in your organization has access to your data whenever and wherever they need it, you’ll want to choose a smart, easy-to-use, feature-rich BI solution. Stay in the know by getting the most out of your data.
Features of Business Intelligence
With data analysis software designed to model, visualize, and manipulate any type of data and support better decision-making, users can spot trends, identify issues, and generate insights. They can explore data with powerful relational OLAP or in-memory analysis against any data source.
With dashboards that combine data and graphical indicators and deliver at-a-glance summaries, users can view the state of business, track key performance indicators (KPIs), generate insight into historical and real-time context, and act faster. When software developers embed these dashboards within applications where executives and knowledge workers are taking action, they make their products more valuable and competitive.
· Data Integration
A data mart or warehouse can be built with data integration software that extracts, transforms, and loads (ETL) data from different sources for reporting and analysis purposes. Several disparate relational or non-relational data sources can also be combined and made quickly accessible using data virtualization technology
Benefits of Business Intelligence Platforms
· Faster insights
Empower everyone to transform data into insights quickly and easily. Data visualization allows easy discovery of trends and faster identification of outliers. The information helps build an understanding of how business is performing and what opportunities and risks are developing.
· Smarter, faster decisions
Organizations can make fast data-driven decisions. Because understanding information and collaborating with others to spark insights from it is now a much faster, fact-based process, the days of relying on gut instinct to make decisions are long gone.
· Greater value from products and services
Data holds an incredible amount of value, yet most users don't have the time or patience to learn a specialized business intelligence tool. Organizations can make data access convenient and data analytics intuitive for users by embedding self-service analytics in apps and business processes.
· Easier analytics for all
Today, technical teams can be saved from the time and effort of writing custom code for every report or visualization. Instead, they can now enable end-users to visualize and get answers from data all on their own.
--Saleh Ahmed Rony