Have you heard the term about Business Intelligence(BI)? Do you know what does that mean? When we search in the internet, we can find several different definitions easily.
Simply, BI is delivering relevant and reliable information to the right people at the right time with the goal of achieving better decisions faster to do this. BI requires methods and programs to collect in structure data converted into information and present it to improve business decisions. BI also takes the vast amount of data generated by businesses and presents it in a meaningful actionable way. It was simple definitions about BI but BI is actually a large and complex field including performance, management, analytics, predictive modelling data and text mining and a lot more imagine business intelligence functioning.
For example, there is grocery store. When we enter a grocery store and are looking for specific items say eggs, milk, and bananas. We do not need to find an employee to ask them where to look instead grocery stores are organized into aisles and signs that make the store relatively simple to navigate. So, it is similar with Business Intelligence. The items in the store are like your business’s data and you need to collect information on production billable hours and sales goals. We are likely to go to three different experts and ask them where we can find this information then we will go to someone else and have them compile it for you. BI is all about taking your messy information and turning it into a tidy and accessible grocery store. This enables you to navigate your data on your own and find what you need without relying on others organizations no longer have to take through complex website link spreadsheets analysing the data manually and mashing together reports instead employees can use bi systems to request the information using BI offer significant advantage when trying to make strategic decisions having anytime access to organize data means that you can discover inefficient business processes and hidden patterns identify areas of strength and weakness and discover new opportunities.
Another example is retail. You’re the manager of a retail chain that has both stores and online shops you offer your customers a loyalty card which they can swipe in the stores or enter into their online account the card associates everything the customer buys in store and online with their unique account number into your organization’s databases through the use of business intelligence methods and software you’re empowered by having the ability to run analytical reports on massive amounts of customer information which can enable you to understand how loyal they are to your brand what products they buy and how frequently and if they have a preference for visiting the store or buying from the online store what does this give you the ability to understand or even predict an individual customer segments needs preferences and habits anticipate new opportunities to sell/deliver better service or even provide targeted marketing campaigns such as instant delivery of coupons at point of sale for products related to their interests as indicated by pass behaviour in short you are able to understand your customers very well based on the historical transactions and behaviour and use that information to increase your sales or differentiate your brand by providing better or unique services
Lastly, the term business intelligence refers to a group of tools and techniques that collects and organizes your data and presents it in a way that is useful and makes sense if you want to have efficient access to accurate understandable and actionable information on demand that business intelligence might be right for your organization.