What Is Business Intelligence?
Why Use Business Intelligence?
In today's data-driven world, businesses are harnessing the power of data like never before to gain an advantage over their competitors. The way in which they are able to do so is the implementation and use of BI tools within their internal operations.
The most fundamental advantage of BI is its ability to transform raw data into actionable insights that drive strategic decision-making. BI is able to identify emerging trends and uncover hidden opportunities and potential risks that may not have otherwise been apparent at first glance. By extracting and visualising meaningful insights from large data sets, BI is able to not only identify past trends but predict future patterns so that businesses can make more informed choices.
How Business Intelligence Works
Business intelligence empowers organisations to unleash the potential of their data and harness it for making strategic decisions. While there may be slight variations among different BI platforms, they all commonly adhere to four-stage processes involving data collection, analysis, visualisation and decision-making. This standardised approach ensures a systematic and comprehensive utilisation of data to drive informed decision-making and gain a competitive advantage.
1. Extract & Collect Data From Various Sources
The first stage of the business intelligence process is data collection. Here, data can be gathered from various sources, such as external databases, spreadsheets, customer interactions, social media platforms, and external data providers. This data may include sales figures, customer demographics, website traffic, etc.
2. Data Analysis and Integration
Once the data is collected, the next stage involves analysing and integrating it into your existing business processes. Here, data analysis techniques like statistical analysis, data mining, and data profiling are employed to identify patterns, trends, and correlations within the data.
3. Data Visualisation and Reporting
In the third stage, the data gathered and analysed from the previous stages are transformed into visually appealing and easily interpretable formats through various visualisation techniques. Here, charts, graphs, dashboards, and interactive reports are created to present the insights derived from the analysed data.
4. Make Informed Decisions Based on Insights
The final stage involves interpreting the data and using it to drive decision-making. Here, decision-makers and stakeholders evaluate the findings and identify potential future risks and opportunities and areas of improvement. From this, actionable strategies and plans are developed, implemented, and monitored to enhance operational performance.
Make the Intelligent Choice Today
At Virtual BI, we understand that running a business is incredibly complex and time-consuming. Fortunately, we’re here to make it easier for you. Combining our experience in data collection, analysis, monitoring and consulting alongside our expert knowledge in all things related to Power BI, we empower businesses to unleash the power of their data.
In order to do so, Virtual BI utilises the best business intelligence tools on the market, such as SQL Server, Oracle, Snowflake, Power BI and the Azure Fabric (which includes Azure Data Factory, Data Warehouse, Data Science and Real-Time Analytics). This way, we can ensure our clients are armed with the most accurate information to make more strategic business decisions.
With our consulting, modelling, and reporting services, we can assist businesses in leveraging their data to make more strategic business decisions likely to benefit them in the long run. Contact a member of our friendly team today to see how we
can help your business thrive.
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