Up till now, there thousands of marketers out there who are not fully aware of the term “Business Intelligence (BI)” for that reason, we are going to take a brief tour around the course.
What Is Business Intelligence?
Business intelligence commonly known as BI is a technology-driven process for analyzing data and presenting actionable information to help executives, managers, and other corporate end users make informed business decisions.
“.What Is Business Intelligence? .What is the purpose of business intelligence in a business? .What Are the Benefits of Using Business Intelligence? .What Are Potential Business Intelligence Problems? .What Are the Latest Trends in Business Intelligence?…”
If you are starting your journey into the world of business intelligence (BI), we’ve come up with this helpful guide. It focuses on the Frequently Asked Questions, FAQs by new BI users.
What is the purpose of business intelligence in a business?
The purpose of business intelligence in a business is to help corporate executives, business managers, and other operational workers make better and more informed business decisions. Companies also use business intelligence to cut costs, identify new business opportunities, and spot inefficient business processes.
What Are the Benefits of Using Business Intelligence?
We are glad that you’re already aware of what is the purpose of Business Intelligence in business it’s worth tackling the question of what are its main benefits. The potential benefits of business intelligence programs include:
- Accelerating and improving decision making
- Optimizing internal business processes
- Increasing operational efficiency
- Driving new revenues
- Gaining competitive advantages over business rivals.
- Identifying market trends
- Spotting business problems that need to be addressed
What Are Potential Business Intelligence Problems?
User resistance — Implementations can be dogged by cultural challenges.
Irrelevant and poor quality data — To get accurate insights, you must have standard data. Get your data in good working order before extracting and acting on insights.
BI tools — The core of BI is reporting, not process management. Be careful not to confuse business intelligence with business analytics.
Companies don’t understand their business processes well enough — Strive to understand all the activities that make up a particular business process before starting a BI project.
What Are the Latest Trends in Business Intelligence?
The following are three of the latest trends in the Business Intelligence field:
The Integration of Data and Content — Currently organizations are starting to see that data and content should not be considered separate aspects of information management, but instead should be managed in an integrated enterprise approach. Enterprise information management brings Business Intelligence and Enterprise Content Management together.
Operational Business Intelligence — Currently organizations are moving towards Operational Business Intelligence which is currently underserved and uncontested by vendors. Traditionally, Business Intelligence vendors are targeting only top the pyramid but now there is a paradigm shift moving toward taking Business Intelligence to the bottom of the pyramid with a focus of self-service business intelligence (SSBI).
Embedded and Conversational Business Intelligence — This is not just ordinary reporting BI software, but advanced integrated reporting and analytics.
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