Business Intelligence definition (BI) is a very important system today. The reason is that this system can make it easier for businesses to collect data and also carry out real-time analysis. The results of this analysis can later be used as a consideration for making better business decisions.
Thanks to these extraordinary BI capabilities, many businesses decide to use business intelligence applications. Are you interested too?
To find out more information, let’s study a complete guide on Business Intelligence, benefits, implementation examples, and recommendations for the best Business Intelligence applications in the following article!
What is Business Intelligence Definition?
Business Intelligence Definition is a system used to collect, store, and analyze data generated by company activities.
The collected data will be displayed in an easy-to-understand, comprehensive and accurate report format. These reports can be used to measure, analyze, and monitor business operations.
In addition, the insights generated can also be used as material for consideration in making more effective decisions.
1. Why Do Businesses Need to Build Business Intelligence?
The ability of Business Intelligence to collect and process the information needed by the business is very important. Because, from this information, the business has a real-time and accurate picture of the condition of the company. That way, businesses can easily identify the level of achievement of the company.
Thanks to BI, you can also avoid errors caused by inaccurate data analysis. For example, you are responsible for production schedules for a number of beverage factories. When sales show strong month-over-month growth in a given region, you can approve additional shifts in near real-time to ensure your factory can keep up with demand.
Likewise, you can quickly stop or control production of the same e.g. when weather conditions start to affect sales. Controlling this production is one example of how business intelligence can increase profits and reduce costs when used properly.
2. What are the Benefits of Using Business Intelligence?
The main benefit of companies adopting business intelligence is getting faster and more accurate reporting and analysis with better data quality.
This certainly can encourage increased employee satisfaction, reduced operational costs, and increased revenue, as well as the ability to make better business decisions.
In addition, there are many benefits that companies will get after implementing BI, including:
- Encouraging companies to achieve KPI targets by synchronizing all information so the team can focus on doing their job.
- Monitoring company performance and identification of problems becomes easier.
- Provides insight into the company at multiple levels.
- Provide information about problems or constraints that occur within the company.
- Digging deeper into available data sources and utilizing these data to improve the quality of company performance decision making.
1. What are the Roles of Business Intelligence in Business?
The main role of Business Intelligence is to gather information from various sources, and present it in an easy-to-understand report format. In addition, there are still BI roles or tasks that are important for businesses to know, including:
– Make data analysis
This system will generate reports automatically that make it easier for you to analyze business data. Analysis like this is needed to improve company development based on accurate data.
– Manage Data
The task of business intelligence does not only stop at collecting various business data or information from various sources. Bi is also responsible for storing customer data in a safe place and can only be accessed by parties with an interest in your company.
– Evaluate business performance on a regular basis
The results of the reports presented by BI can be used by businesses to conduct a thorough evaluation. From this evaluation, it is expected to produce the latest business trends that can be used to increase profits for the company.
How Does Business Intelligence Work?
Business intelligence applications work by relying on existing data and information in business databases. Generally, this data is obtained from a CRM system that works by recording, storing, and managing customer and business-related information in a centralized database
The database also combines all the information and data obtained from various different sources into one centralized system.
Then, BI applications will process this information and present the results to users in the form of reports, charts or maps that have been analyzed in real time and adapted to business needs.
Business Intelligence Career Path is the career path of this profession is fairly good, there are several positions that can be occupied, if later you already have experience.
But usually, to be promoted from this position, a minimum of 3 years experience is required.
The first possible position in the field of business intelligence is the business intelligence manager. If you are already in this position, you will lead a business project.
This project certainly relies on business data, and you will be the person responsible for it. Such experience will also enable one to become a master data services. Wrestling every day with data certainly has an understanding of the tendencies of a data.