What is Business Intelligence (BI) and how you can benefit from it? What improvements you can gain? Can you? Answers to all these questions we've gathered in our article
Data is the key to success. Most likely, but raw data is not enough to ensure a business’s prosperity and competitive advantage. This is where Business Intelligence comes in. It is a constant that no modern company can succeed without data analysis and analytics. These elements are essential for making better-informed business decisions. BI allows enterprises to enhance their profits, establish new vectors for further growth, and make sure they evolve in accordance with the defined strategy. The increasing demand for real-time data analysis in various organizations is expected to accelerate growth of the business intelligence and analytics market. According to BI Software Global Market Report 2021, the business intelligence market is expected to grow from $42 billion to $107 billion by 2025. Among major players in the BI market are Microsoft (Power BI), Tableau, Qlik, and ThoughtSpot. Their services are already boosting the possibilities of businesses around the globe. If you are still pending on whether to adopt BI tools, we are here to allay your fears.
What is BI?
Business Intelligence (BI) is a technology that allows businesses to analyze generated information in all of their actions, visualize it, and as a result, get valuable insight that leads to data-driven decisions. BI solutions access and analyze raw data and show analytical findings as reports, dashboards, graphs, and charts to provide users with detailed and comprehensive information about the state of the business. The real-time access to data allows top management to eliminate issues and inefficiencies, quickly adapt, and perform structural changes.
There are mainly two approaches – on-premise BI and cloud-based BI analytics. Before implementing any BI technologies, businesses and organizations were forced to do much of their analysis manually, using trial-and-error methods, intuitions, and guts, which led to misconceptions and cost loss. Although Business Intelligence is not a pile of Tarot cards or crystal balls, it does not tell business users what to do or what will happen if they take a particular course. Instead, BI gives its users an understanding of trends and deriving insights so that, in the end, they make sound business decisions.
Business intelligence software tools
Many different types of tools are gathered under the BI umbrella. These are software used to collect, visualize, and analyze collected data through business operations to ensure decision-making is based on data results, not imaginative suggestions. Yet, according to SelectHub the most critical BI tool features and functionality must include dashboards, visualizations, reporting, predictive analytics, data mining, ETL, OLAP, and Drill-Down.
Among various global vendors, in the TOP 5, there are:
Tableau – One of the most popular BI tools, Tableau is considered among the most desirable BI systems. It is user-friendly not only for technicians but for non-technical users as well. The tool allows exploring data through intuitive means like drag-and-drop filtering and natural language questions, regardless of skill levels.
Qlik – It offers self-service data to help drive decisions and generate significant ROI for technical skill-level users. It can ingest data from diverse sources like big data streams, file-based data, and on-premise or cloud data. It is well-known for its data associations and relationship functionality, keeping data in context automatically.
Power BI – Microsoft Power BI is an analytics tool that assists in reporting, data mining, and data visualization to provide business insights. Through Power BI’s simple interface, businesses can connect to various data sources and create dashboards and reports.
Dundas BI – With the Dundas BI system, users can get data ported to any device and connect relational databases, web services, Excel, and other formats. Dundas represents its product as a fast, self-service BI and a leading data visualization tool.
ThoughtSpot – ThoughtSpot empowers everyone to create, consume, and operationalize data-driven insights. Consumer-grade search and AI technology deliver accurate self-service analytics that anyone can use. At the same time, the developer-friendly platform ThoughtSpot Everywhere makes it easy to build interactive data apps that integrate with an existing cloud ecosystem.
BI for industries
Thanks to tech development, BI tools and platforms are no longer limited only to data engineers. User-friendly and self-service, they are quickly adopted by many industries like healthcare, workforce, and finances. BI tools allow them to unify the data storage, receive real-time reports, track the state of affairs, and work more efficiently. Depending on the industry, it brings exclusive advantages. To look deeply into that matter, let’s see some benefits of examples on these specific fields.
FinTech gained a tremendous competitive advantage over traditional funding institutions due to modern and user-friendly solutions that cover not only technical needs but provide a better user experience. To remain on the same level of demand and expand new areas, Business Intelligence is the right choice to make. BI helps track business behavior to provide them with enhanced user experience, create new possibilities, and protect the data. All this info could be collected in years of hard work and never implemented due to being outdated, but thanks to BI, this process is automated and accurate.
▪ Monitor user behavior to make proper investments
▪ Uncover new market trends
▪ Improved security with Business Intelligence
▪ Unique user experience
Healthcare organizations generate lots of data. These are electronic health records (EHRs), patient feedback, operational data, and financial data (invoices, paychecks). Organizations usually use different storage solutions to collect and store this colossal amount of information. Still, with a BI centralized solution, all the necessary info would be available to administrators and other personnel without extra effort. Business Intelligence solution allows for tracking key performance indicators (KPIs) and patient outcomes in a matter of clicks. Here are the main points of how healthcare organizations can improve care and operations using BI.
▪ Better patient outcomes
▪ Personalized treatment plans
▪ More streamlined services
▪ Lower operational costs
Financial institutions are handling a significant amount of data. Because the finance sector is tightly connected with transactions, they generate more data than almost any other industry. The finance and banking sector is highly competing and undergoes continuous risks, shifts, and changes. By implementing business intelligence software into the working process, employees are becoming more empowered in each department by uncovering insights that mitigate risk, generate growth, and create a competitive advantage. Another benefit banking systems can gain from BI tools is a forecast of financial scenarios. Predictions in this range are crucial to business and can cause flourishing outcomes or total crush. Here are the main benefits that business intelligence brings to the finance and banking sectors:
▪ Increased operational efficiency
▪ Improved products and services to meet customer needs
▪ Boost customer retention
▪ Reduce financial risk
Business Intelligence is vital for the proper work of workforce management. Information gathered from employees is incredibly powerful for making informed management and business planning decisions. With BI tools, management can track the results of their employees in the real-time, trail the progress of their skills, and forecast future backlog precisely. Workforce analytics data allows identifying and following trends in employee engagement and making informed workforce planning decisions. Workforce analytics tools allow for enhancing individual performance and high-level business outcomes. Among other benefits are:
▪ Reduce Employee Turnover & Burnout
▪ Analyze And Improve Resource Use
▪ Optimize Bandwidth Utilization
▪ Improve Performance
▪ Control Costs
Business Intelligence has become integral to helping various industries make better data-driven decisions and manage their operations most effectively. This technology has a bright and prosperous future for sure. With the help of skillful engineers, this technology can be accessible to everyone who wishes to enhance their business.
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