Wednesday, February 21, 2024
Daily Tech Updates

Business Intelligence And Data Analysis For Companies

By TrendsTechBlog , in BUSINESS , at February 28, 2022 Tags: , , , , ,

Today’s world increasingly has to make tough choices and important decisions very quickly to be efficient and compete. Many analysis and decision support tools can be used to help them cope better and minimize the risks. Focus on this article on Business Intelligence.

What Is Business Intelligence

Also known as Business Intelligence, Business Intelligence is a set of skills, applications, technologies, and processes used to process and share critical information. It consists of analyzing data, converting it into relevant information, and making it usable. It is intended for many people, particularly for salespeople, management controllers, marketers, and managers or decision-makers.

In addition, Business Intelligence involves many issues and aims, in particular, to facilitate decision-making within companies. It also makes it possible to transmit good information and adopt practical and relevant measures. Experts must implement it, and those that you can discover on the website can provide you with powerful decision-making tools.

It should also be noted that Business Intelligence can be split into two categories: traditional Business Intelligence and self-service Business Intelligence. Traditional Business Intelligence is usually handled by data analysis experts responsible for running queries.

As for the self-service, Business Intelligence is straightforward to use, thanks to its intuitive tools and its various dashboards. These can be installed on simple computers and are used to generate ad hoc studies and reports. It also provides access to real-time information.

The Benefits Of Business Intelligence For A Company

Business intelligence brings many benefits to companies. It allows, among other things, to improve and accelerate decision-making and to optimize many business processes. More so, it can be used to generate new revenue, improve operational efficiency, and help companies better spot their business problems and solve them effectively.

On the other hand, Business Intelligence also facilitates the identification of market trends, which leads to better spotting opportunities and adopting strategies to seize them better. It also contributes to improving the services and products offered to the public and thus leads to better meeting the expectations of customers and prospects, thereby increasing the reputation of companies and much more.

Finally, by allowing companies to collect relevant information and produce very detailed reports, Business Intelligence also increases productivity. Indeed, thanks to the information contained in words, companies can better identify their weak points and adopt the necessary measures to improve their production and avoid loss of time. The same applies to determining the resources to achieve the objectives set and finance specific projects.

The Main Tools Of Business Intelligence

Business Intelligence uses several tools to collect information and help businesses grow better. Among these tools, remember that it operates online analytical processing, ad hoc analysis, and reporting tools to generate relevant information efficiently.

Online Analytical Processing Tools

Online Analytical Processing or OLAP tools are designed to analyze large amounts of information using several exploration functions. They store their data in an “OLAP cube,” which provides a multi-dimensional view of the information collected and recorded.

Reporting Tools

These tools make it possible to convert the data collected into tables or graphs to study them and present them differently. They are exact in addition to being practical and effective.

Ad Hoc Analysis Tools

They allow users to formulate queries and produce reports from the applications and dashboards made available to them. They are straightforward to use and can even be used by people without special knowledge of data analysis.

Also Read: Data Driven, The Union Of Big Data And Marketing