BI – business intelligence, as a multifaceted process, is important in all respects. This is a process that includes the collection of various and intellectual analysis using various modern digital solutions and tools. Based on the results of business intelligence, companies and their leaders can make effective business decisions, eliminate significant risks, and comprehensively improve performance.
For the first time, business intelligence technologies began to be used in the middle of the last century, in the 80s this area reached a new level of development. It was then that computer models began to be used to provide more effective analytics. But today BI has become more efficient, comprehensive and flexible. Thanks to the use of modern digital technologies for data management, analytics processes have become much more efficient and easier to understand. You can always resort to the quick option for this service, so go now to the specialized website of the company and contact competent programmers who can perform the service at a high level.
What does BI include?
Given the current level of business development and market characteristics, business intelligence should be carried out unconditionally and regularly. It includes many different stages, each of which uses modern technical solutions and tools. Here are the main components of the BI process:
- data collection and intellectual analysis of all the information necessary for this;
- summing up, analyzing statistical data and applying technological solutions to identify certain trends (depending on business goals);
- reporting on the results of analytics, providing data extracts to interested parties for decision-making;
- benchmarking and comparative analysis of performance indicators, the use of dashboards;
- descriptive analysis, summing up preliminary results, checking data to get a big picture;
- response to requests from interested parties, collection, structuring, analysis and provision of specific data under the guise of reporting documentation for the project;
- conducting deep, detailed statistical analytics, searching for cause-and-effect relationships in certain business processes or in the market as a whole;
- structuring and visualization of absolutely all the data received, building special clear graphs, developing multi-colored or black-and-white charts;
- careful preparation and compilation of information.
BI tasks may differ, as well as processes and their sequence. Depending on the specifics of the goals of the service, the characteristics of the business area in which certain tasks are performed, etc.
What is the importance of business intelligence?
BI is a necessity for a modern business that wants to develop and keep pace with the times, respond in a timely manner to the ever-changing market conditions. Without this relevant service in the conditions of the modern economy, it is impossible to build a stable, efficient and growing business that can withstand any situation.
With business intelligence, owners and managers can access all the information they need to make the right decisions to grow and improve performance. What Business Analytics Provides:
- analyze your own and competitors’ capabilities;
- compare with competitive enterprises and companies;
- evaluate the level of efficiency;
- explore possible ways to develop and increase profitability;
- carry out optimization;
- evaluate clear risks;
- know the market trends in a timely manner;
- identify potential problems and risks in a timely manner.
To achieve all the goals aimed at business development, analytics provides comprehensive and detailed information, answers questions and points out problematic nuances.
Business Intelligence Features
The analytics process begins with the setting of requests and goals, for which the entire necessary package of content and information is collected. But the raw information is of little value, so more work is done on the data. A comparative analysis is carried out, the search for various patterns, the identification of trends and the preparation of statistical reports. It is a multi-component, iterative and flexible process.
Business intelligence requires the use of modern technical solutions and the involvement of experienced professionals who know the nuances and subtleties of BI processes. But the results of effective financial analytics are worthy of the resources and efforts spent, because thanks to them, a business can reach new levels of development and become more profitable. It doesn’t take a genius to realize that profit growth is exactly what all entrepreneurs strive for.
