Benefits of BI
Syeda Mahrukh Raza
Founder @ LeanOutset | Helping companies create unique value proposition by figuring out user's pain points.
Business intelligence helps company analysts and decision makers in various ways such as:
1. It helps them examine their business model, be it is based on manufacturer or distributor/retailer/franchise.
2. It improves the decision-making process for upper management on the basis of analytical reports.
3. It reduce risks of bottlenecks. Analysts predict such situations and take precautionary measures before time.
4. It allows a very quick real-time analysis by analyzing their live data.
5. It improves revenue by giving an opportunity to understand which factors drive it and reduce cost.
6. It makes it easier to access and view reports.
7. It helps in identifying the waste in the system.
8. It aids in discovering the big-picture of why and what motivates consumer behavior.
Tools used for BI Reports:
There are many tools which are being used to process data and extract useful reports.
Below is the list of a few basic and advanced tools which top the list of preference in the industry.
- · Micro strategy
- · Tableau
- · Power BI
- · OBIEE
- · Oracle Hyperion
- · Business Objects
- · IBM Cognos
- · QlikView
Any business can choose a suited tool from among these according to its business needs.
I will be using Power BI for my next articles. So let's get to know more about Power BI.
Power BI:
Power BI is a business analysis tool developed by Microsoft for data visualization and sharing business insights within your organization. Different sources of datasets can be loaded into Power BI for creating real-time dashboards and reports.
Difference between Business Intelligence and Data warehouse:
Commonly, a confusion rolls in when we read the definition of Business intelligence and Data Warehouse. Both of these have definitions that suggest that these can be employed to conduct analysis. This is somewhat correct but there is a little more explanation to it. A data warehouse is actually designed to refine data using ETL (extract, transform and load) which can be collected from different sources like an Excel sheet, CRM or ERP. Data Warehousing tools are used for initial stages of cleaning data and preparing it for business analysis whereas in Business Intelligence we prepare data for analysis, visualization and creating dashboards.
Design Lead at @MARHAM.PK?? | ?? Bringing Brands to life ?| Specialist in Social Media Designs | ??Visual Communication Strategist | DM me to Discuss your Projects ????.
5 年Thanks Ma'am for sharing useful info on business intelligence.
Senior Program Manager | SAP | IoT
6 年Good brief and targeted article. But Instead of saying “Business Intelligence we prepare data for analysis”, in my opinion the Business intelligence is larger paradigm which has Data warehousing as part of it. Until we do not have a good Data warehouse we cannot prepare healthy data for analysis. Yes, we have reporting tools as mentioned above that could be used for “Fancy Reporting” on live data without having a need of a DWH.
PM/PMO/Oracle Utilities Consultant
6 年Aakash Lakhani Noor Ali Zubair Ahmed Danish Ghani
Managing Consultant| SAP BI | SAP BW4HANA | SAC | DATASPHERE | DWC
6 年Perfectly Describe the difference between Business Intelligence and Business Warehouse. Thanks for sharing. I hope You may include BW tools as well with BI for your listing to show the complete picture of analytics from step 1 in your next article.