Using Business Intelligence to Gather Insights

Business intelligence (BI) tools transform raw data into meaningful patterns and actionable insights. Many of today’s popular BI platforms leverage artificial intelligence (AI) and machine learning (ML) capabilities to deliver these insights to business users, helping them identify issues, spot trends, and discover new revenue sources.

A comprehensive BI system includes data mining, querying, reporting, and visualization. These elements work together to provide a clear and detailed picture of business operations. For example, visual analytics from a BI platform can present complex data in an easily digestible format, such as charts or graphs.

Business leaders consider BI essential for organizational survival and success. Approximately one-quarter of organizations currently use BI, and this number rises to 80% among organizations with over 5,000 employees.

Real-World Examples of BI

Consider Delta Airlines, with nearly 90,000 employees. The company invested over $100 million in a BI platform to track baggage handling. The insights gained help Delta teams address issues and delays, significantly reducing customer stress.

BI's value extends across various stages of the customer journey. Businesses can enhance their marketing campaigns by integrating BI analysis, creating buyer personas, and segmenting customer groups. This data enables personalized sales and marketing efforts.

In the manufacturing industry, BI platforms are pivotal in digitization efforts. They help improve supply chains, prevent delays, and increase profitability. Manufacturers use BI tools to streamline production while maintaining high quality and managing supply chain disruptions and expenses.

Data Visualization and BI

To make data easy to understand, organizations use BI platforms for data visualization. The demand for data visualization tools surged in late 2022 and remains high. These tools create visual representations like charts, graphs, and maps, which help convey the data's impact quickly.

One popular BI system, Tableau, offers extensive data visualization options. Tableau Public, a free platform, allows users to find inspiration for their own visualizations. Users can create box-and-whisker plots to show data distribution, heat maps to assign colors to data sets, and tree maps to display hierarchical data.

The Future of BI

With its diverse applications, BI is becoming a universal standard for enterprises. According to Fortune Business Insights, the BI market could reach $54.27 billion by 2030, a $27 billion increase from 2022.

In summary, BI tools are crucial for extracting insights from data, enabling businesses to make informed decisions, improve operations, and stay competitive in a rapidly evolving market.

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