What is Business Intelligence (BI)? What Do Businesses Use It For?
Business Intelligence is a software system that is critical in making fast and accurate decisions by transforming complex data into easily understandable graphics and visuals in the tactical planning processes of businesses.
Why is it Important for Businesses?
You may have a lot of data. But this data will not mean much unless it becomes meaningful to you.
Usually at certain intervals, businesses hold meetings to assess the situation and make important decisions. A presentation is made by creating a report based on data.
This report can take several days when worked on manually. Because data is collected, analyzed, sorted and listed by subject. Opportunities are uncovered and analyzed. Possible problems are identified.
Then, with this filtered information set, templates, graphs and understandable reports are produced.
This work process, which takes days, causes loss of time and effort. Sometimes the desired performance is not achieved for various reasons.
This is where the Business Intelligence (BI) system comes into play. With Business Intelligence, this process is fully automated. According to the desired focus point, efficient results are obtained in a very short time. Valuable data is processed in the BI (Business Intelligence) system and becomes manageable. Successful planning with the right strategy serves your goals.
What are the Advantages?
Saves businesses time and workload. Generating shareable insight reports increases visibility and enables easy creation of reports that can be used in every area of the company.
- Speeding up data analysis and performance evaluation,
- Identifying inefficiency and increasing productivity,
- Identifying potential problems,
- Finding new revenue streams,
- It helps identify areas for future growth.