Are you collecting relevant data in your business?
In practice, businesses have data that is unstructured or in diverse formats that do not make for easy collection and analysis.
Business Intelligence (BI) use programming and analytics to collect, interpret and change information into significant bits of knowledge that advise a business’ vital and strategic business choices and decisions. BI tools collects and breaks down informational collections and present diagnostic discoveries in reports, dashboards, diagrams, and guides to furnish stakeholders with insight about the condition of the business.
A Metric (or Key Performance Indicator (KPI))is a quantifiable value that demonstrates how adequately an organization is accomplishing key business goals or destinations. Metrics allows owners/management teams to convey the crucial and critical focal point of the business to stakeholders (staff, financial partners, suppliers, etc.)
Benefits of Business Intelligence
There are many reasons why businesses (should) adopt BI. Many use it to support functions as diverse as compliance, production, and marketing. BI is a core business value; it is difficult to find a business area that does not benefit from better information to work with.
Some of the additional benefits companies can experience after adopting BI into their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs, and increased revenues, and the ability to make better business decisions.
Business intelligence is applied differently from business to business and across a range of sectors—finance, retail and consumer goods, energy, technology, government, education, healthcare, manufacturing, and professional services.
Conclusion
Business intelligence greatly enhances how a business approaches its decision-making by using data to answer questions of the business’s past and present. It can be used by teams/stakeholders across a business to track key metrics and organize their goals.