Business Intelligence: everything you need to know!
Which tool allows you to transform data in information and information in knowledge? Business Intelligence (BI) makes it possible to recollect and analyze a great deal of information in very little time.
BI allows the optimization of the decision-making process, a key factor to be successful in the market. This tools extract all the knowledge possible from your organization.
This tools allow you to anticipate problems, recognize opportunities, evaluate tendencies and patterns quickly, as well as reduce costs, plan sales and manage inventory.
Some uses of Business Intelligence
- Project management: The processing of information could generate knowledge that makes managing projects easier, as well as boosting its efficiency and effectiveness.
- Assigning resources: It allows the recollection of data on some available resources and to obtain knowledge to assign them in an optimal way.
- Creation of budgets: At the start of very project, creating budgets with BI can be very recommendable.
What advantages do these tools have?
- They save time, for example, in the creation of reports.
- allows the evaluation of different scenarios.
- They allow you to make detailed analyses of the market and the clients, for example, segmenting and recognizing patterns.
- BI contributes to cost reductions and sales boosting.
- These tools help establish realistic goals.
- It allows you real-time analytics, which means that everyone in the company can take solid decisions using last-minute analysis.
- More in-depth analysis.
- It allows you to back test using historical series of data.
Types of BI tools
- Data discovery apps: It’s used in data mining. These apps allow you to recollect and evaluate new information. With this information predictive analysis techniques are applied.
- Data management tools: They allow you to standardize data from diverse origins, as well as its extraction, processing and system transfer.
- Reporting Tools: They help organizations visualize the processed information in an intuitive way. They are useful when integrating the information in balanced scorecards or dashboards that explore if the indexes are being met. They can generate different types of reports.
Some BI Tools
- Power BI
- Microsoft Dynamics
- IBM Cognos Analytics
- SAP Business Intelligence
- AlanedBI Business
- One Six Solution
- Oracle Business Intelligence Enterprise
Gartner designated Microsoft as leader of the BI segment in the Gartner Magic Quadrant of 2020, for the 13th year in a row. It’s a market that will probable keep on growing in the next few years and that we will be following up close.
¿Does your company use any of these tools already? If it did, think about how it would benefit you that it could count with socially validated data to improve its “Intelligence” for your business. FySelf can help you out with that!