We have often heard the term Business intelligence (BI). Generally it is used in reference to tools that give a quick insight into any Business’s state using the available data. It is safe to say that Business Intelligence is a technology that leverages data using softwares and converts it into actionable insights. These insights are helpful to organizations in making strategic business decisions. These tactical decisions provide an additional leverage to agencies when it comes to tapping into the full potential of their businesses.
The tools utilized in Business Intelligence are pivotal in accessing and analyzing data sets. This Analysis is then compiled in reports, summaries, dashboards, graphs, charts and maps which provides the organizations with detailed intelligence about the state of the business.
Illustrations of Business Intelligence:
Despite reporting being an important facet of business intelligence, its scope is not simply limited to implying technology to data and generating reports. It is much more than that. For instance, it helps agencies in examining data in order to aid their understanding of trends. Such understanding is then applied to yield insights that help make businesses sound decisions. The usage of Business Intelligence is not extended to helping businesses know what to do or what will happen if they do a particular thing.
The dashboard is a prototypical Business Intelligence tool. It is a software application that mechanically pulls together available data and generates charts and graphs that give a peek into the immediate position of the company.
Business intelligence can be useful for companies that are interested in upping the ante of their supply chains. BI is beneficial in a way that it allows the companies to determine location and cause of delays caused in the shipping process. Business Intelligence can be used to pinpoint the products that are mostly delayed and which modes of transportation responsible for such delays.
Conclusion:
Technology, knowledge and manpower skilled in Business Intelligence is truly an asset for any organization. It is both a sword and shield that guarantees the successful existence of a business in this throat-cutting competitive market.
