Business Intelligence, or BI, is the various methods, theories, and technologies that work toward turning raw data into meaningful business information.
What can BI tech do for your company?
The primary functions of BI technologies include gathering, storing, analyzing, and presenting company data to provide insight into business operations (this is done by looking at historical, present, and predictive data). The tech itself ranges from reports to dashboards, data mining, performance management, and predictive analytics (to name a few).
And what exactly can they do?
BI tech covers a wide variety of processes and functions, and when used in conjunction with each other, ultimately serve one purpose: bettering the company through better understanding and utilizing data.
Here are 4 ways a BI solution can help you do just that:
1). Did that strategy work because it was good, or because of other underlying factors? Analyzing your historical data will give you those facts; facts crucial in creating a successful strategy.
2). Humans are prone to human error. Its a fact. By automating certain processes such as combing through data to look for insights/connections, you eliminate the chances of using and relying on incorrect information.
3). Collaboration can be a difficult thing to get going. By having the process automated to a BI tech tool, cross-department collaboration is easy, painless, and, let's be honest, more likely to happen.
4). There is nothing worse than a missed business opportunity. By having your data displayed in real-time, you can watch and track trends as they happen; allowing you to jump on opportunities that otherwise would have been missed.
The ways in which BI can help your business succeed are too many to list. By understanding the very root of how your business operates, you position yourself for future success. Afterall, you couldn't bake a prize-winning pie by simply hoping for the best; you need to at least look at the recipe.