Business intelligence (BI) is the process of collecting, storing, and analyzing data about a company’s operations and performance to help executives and other stakeholders make more informed business decisions. The use of BI can help businesses of all sizes and industries improve their operations, gain a competitive advantage, and drive growth and success.
Benefits of BI
There are many benefits to using BI tools and techniques, including:
- Improved decision making: BI allows businesses to turn data into insights and actionable information, which can help executives and other decision makers make more informed and effective decisions.
- Increased efficiency: BI can help businesses identify inefficiencies and areas for improvement, allowing them to optimize their operations and reduce waste.
- Enhanced competitiveness: BI can help businesses stay ahead of the competition by identifying market trends, spotting opportunities, and making faster, more accurate decisions.
- Better customer service: BI can help businesses understand their customers’ needs and preferences, allowing them to tailor their products and services to better meet those needs.
- Increased revenue: By helping businesses make better decisions, BI can ultimately lead to increased revenue and profits.
BI software typically includes a range of tools and features that allow users to extract insights and actionable information from data, such as dashboards, reports, and data visualization tools. BI software turns data into insights and actionable information.
BI software is typically used by executives, managers, and other stakeholders who need to make decisions based on data and insights. Some examples of BI software include Tableau, QlikView, and Power BI. These tools can be used on their own or integrated with other software applications, such as customer relationship management (CRM) or enterprise resource planning (ERP) systems.
Video explanation of BI
Companies that offer BI services