Why Business Intelligence is Beneficial?
Well if you don’t already know what Business Intelligence (BI) is, it is software that collects data generated from a business and presents it in a meaningful and actionable way which improves executive and managers decisions efficiently and to make decisions that would benefit the organisation in subject.
Imagine Business Intelligence like a Pick ‘n Pay or a Spar, and for arguments sake, your looking for tea, milk and bread. You don’t need to ask for help where to find the items as the stores is organised in a neatly and methodical fashion (aisle and signage) which is easy to navigate. BI is about taking all your company’s data (production, billable hours and sale goals) and organising it in a simple and neat way for you (executive/managers). BI makes your companies data easy to navigate without the need of having to ask specialists where you would be able to find this information and then go to another person to systematize it for you.
BI can help you identify:
- Any inadequate business method
- Unidentified patterns
- Pinpoint an enterprises strengths and weaknesses
- As well as identify new opportunities
This will help you understand your organization functions and challenges.
The tools and softer ware put in place can help your organization understand what clients prefer as well as predict their wants, needs and behaviors. As this can find ways to increase sales and provide higher standers of service. Modernising Managements Business Intelligence solutions focus on the provision of analytics ready data through effective data engineering practices, interactive data analytics accessible via any device, static reporting solutions, Artificial Intelligence (AI) solutions and data literacy management.
Business Intelligence Tools
As Mary K. Prat and Josh Fruhlinger suggests there are many different types of BI tools, and have many different types of features but the main characteristics are Dashboards is a user interface which allows you to glance over your KPI’s kind of like a progress report, visualizations where by graphs and charts are made to give you a visual representation your companies progress (the most common), data mining is identifying patterns from large data sets, extract-transfer-load (ETL) is a tool that pulls data from one data source and stores it in another and online analytic processing is a bunch of software that allows users to evaluate information form multiple database systems simultaneously.
Here are some technologies that supports the above:
Tool such as the above mentioned, can help your enterprise in so many ways, I believe that BI is the way of the future. Many companies ranging from small to big should adopt BI tools as it will increase the company in any context.
As Modernizing Management is an analytic and BI provider our data engineering work ensures the provisioning of data for any data science and analytical tools from Qlik to Tableau, PowerBI and beyond.
https://youtu.be/hDJdkcdG1iA [Accessed on the 3rd of June 2020]
https://olap.com/learn-bi-olap/olap-bi-definitions/business-intelligence/ [Accessed on the 3rd of June 2020]
https://dl.acm.org/doi/fullHtml/10.1145/1978542.1978562 [Accessed on the 3rd of June 2020]
https://www.cio.com/article/2439504/business-intelligence-definition-and-solutions.html [ Accessed on 4th June 2020