What is Business Intelligence?
Business Intelligence is the strategy and technology used by companies to analyze data and business information. In simple terms, it allows businesses to learn about any process or trend affecting performance, and to find out why such things are happening and what is likely to occur in the future. We can break them down in three categories:
What is the purpose of Business Intelligence?
The major purpose that Business Intelligence serves for a business is helping the corporate executives, business managers, and other operational heads to make better data-driven business decisions. Many companies are using BI for cost-cutting, identifying better business opportunities, and spotting inefficient business processes.
What are the benefits of using Business Intelligence?
The major benefits that Business Intelligence provides are directly derived from the purpose it serves in the modern business scenario. Business intelligence helps in:
Who uses Business Intelligence?
Give leadership the quick overview they need without getting their hands dirty into details. Clearly visualize cash burn, pipeline, revenue, employee engagement, and more.
BI tools can help not only in tracking budgets, but can give visual insights into financial data, potential problem areas, and overall business health.
BI can help improve sales KPIs drastically through visualizing the sales cycle, displaying conversion and churn rates, tracking the pipeline, total revenue, and more.
View all marketing KPIs in one place so you can track engagement and performance, as well as the conversions, cost per lead, website traffic, and analytics.
The major issue in the modern business scenario is that business owners often mix business analytics with Business Intelligence. A business owner must understand that the core of BI is reporting and not process management. Business Intelligence has the power of transforming organizations; however, this is not implemented because business owners lack the knowledge of Business Intelligence. Let’s explore what Business Intelligence is NOT.
Business Intelligence is not a fancy expenditure for your organization, it’s an investment that can help you to cut the unnecessary cost, increase the productive time, and can give you the insight to be future-ready and shape your business accordingly.