What is Business Intelligence?
What is Business Intelligence and Why Should I Care ?
You’ve probably heard the term business intelligence before, but you may not know what it means or why it’s important. In this article, we’ll look at the definition of business intelligence and give you an idea of how BI tools can improve your organization.
About Business Intelligence
Technically, business intelligence (BI) refers to a type of technology that can be used to analyze data in order to generate information. But in reality, business intelligence encompasses far more than that: It’s a system and process approach that uses data-driven insights for improved decision making.
How Business Intelligence Works
Today, many organizations are using business intelligence software to get a leg up on competitors. The two most common methods of business intelligence use are: strategic analysis and operational analysis. Strategic analysis uses BI to create market forecasts, determine competitive strategies, make plans for product development, and more. Operational analytics look at specific parts of a company’s operations in detail—like individual departments or store locations—in order to maximize efficiency.
Benefits of Business Intelligence
You can develop a better understanding of your customer base. Use BI software to track sales information, gain insight into customer trends and develop an accurate picture of your customers so you can market products they want to buy. Consider adding analysis capabilities to business applications so you can quickly generate reports that highlight important information from your database. Document daily business operations. Create a data repository that tracks performance, workflow issues and other operations-related aspects of your business so you can identify trends or otherwise spot problems as they arise.
Tools for Business Intelligence
There are many, many options out there, such as Tableau, Dataramo, Mode, but our favorite has to be DOMO! DOMO has specific tools designed to help people in business make better decisions: everything from financial analysis (for forecasting sales, managing budgets, etc.) to analytics (determining what content gets clicked on), predictive modeling (predicting what will happen before it does) and more. In short, business intelligence tools gives you information that can help you make more informed decisions and thereby boost your profits. Let us know if we can help you harness the power of your data with DOMO.
Author: Casey Sussman