Modern business intelligence (BI) uses innovative techniques and digital technologies, specialized software, various modules, features, and functions that improve the accuracy of results and analyze the maximum amount of data in the shortest possible time. As a result, the collected data is transformed into information and insights that help different types of entrepreneurial activities grow, increase profitability and move forward. So, business intelligence agency offers customers exceptionally relevant services that can positively affect ongoing business processes and increase the entrepreneur’s profits by several times.
What is business intelligence?
BI is business analytics, a process in which relevant tools are used to structure information, make comparisons, display results and visualize them. Analytics results can be graphs, charts, ready-made reports and summaries. The result of business intelligence and the main task is to display the current state of entrepreneurial activity in a detailed version.
BI enables owners and managers to understand the current situation, analyze trends, and identify cause-and-effect relationships. Also, with the help of analytics, managers receive a full set of comprehensive data that allows them to make the right business decisions, correct course, work on mistakes, scale and develop. Also, analytics tools allow you to collect and structure data in order to make predictions and understand the prospects. The main function of BI is descriptive, but it also has predictive capabilities.
What are business intelligence strategies
Modern applications and tools for business intelligence have become available even to users who do not have special technical training. Thanks to this, every organization or company can use them.
In general, the market represents two types of process:
- traditional BI – data collection within the company, reporting, visualization;
- modern BI – fast, innovative systems analytics using flexible and sophisticated technologies.
For reporting or obtaining an understanding of the current financial situation, classical business intelligence techniques are sufficient, since, first of all, accuracy is important. Modern BI techniques are mainly used when it is necessary to study in more depth the situation that has developed in business. These technologies allow you to analyze the dynamics, obtain data on the effectiveness of marketing steps.
Is it possible to do BI on your own?
In most cases, an entrepreneur can do business intelligence on their own. To do this, you can use ready-made tools that allow you to collect, analyze and structure internal data, generate reports, graphs, charts.
For successful analytics, self-service tools are used, for example, user interfaces, dashboards for BI. But to work with such tools, you need to be trained.
It is also important to understand that doing business intelligence on its own comes with its own set of challenges. We are talking about the risks associated with security, chaotic metrics. In order to establish the process, it is worth purchasing special software.
Software in BI
Today there are a huge number of tools that are related to business intelligence. For example, the SelectHub service offers several categories of tools:
- technologies for data collection;
- ready panels for monitoring;
- visualization tools;
- reporting software;
- programs for analytical data processing;
- data import software.
The most popular are dashboards, as well as visualization tools. Since the choice of tools is huge, it is difficult to study the information on each of them, so you can pay attention to the most popular ones:
- Tableau is a BI platform with the ability to integrate data;
- Splunk is an enterprise analytics tool;
- Alteryx is a platform for analyzing data from different sources;
- Qlik is a visualization and analytics platform;
- Domo is a comprehensive solution with a choice of industries;
- Dundas BI – technology for building scorecards and developing dashboards and reports;
- Google Data Studio is an advanced version of Google Analytics. Having extended functionality;
- Einstein Analytics is a tool that uses the principles of AI;
- Birst is a complete cloud solution.
As you can see, business intelligence is more than just reporting. It is a collection of historical and current data available that, once analyzed, can provide valuable information for decision-making. This is a set of measures that will help not only evaluate the performance of a business over previous periods of time, but also build a more productive development model. The specialist using this technique determines the needs of the organization’s activities, that will influence on its development on the future.