What is Business Intelligence?
Business intelligence benefits refer to the technology-driven process advantages for analysing the data and delivering the actionable information that guides managers, workers and executives to make informed business decisions.
For the business intelligence process, the company gathers data from external sources and internal IT systems, go through analysis, run queries related to the data, create visualizations, prepare business intelligence benefits reports and dashboards to make results available to users for strategic planning & operational decision making.
The objective of business intelligence benefits is to make better decisions that enable the company to improve operational efficiency, gain an advantage over competitors and increase revenue. Business intelligence registers a variety of analytics like reporting tools and data management in addition to methodologies to achieve the goal.
Business Intelligence Benefits
The business intelligence benefits become a prominent factor why the companies choose a variety of tools to take the following advantages:
Business intelligence benefits by pulling data from various sources in the data warehouse and helping the users queries, dashboards and drag-drop reports. It makes the analytics easier and intuitive that even empowers non-technical users to interpret stories from data without even learning code.
Increased organisational efficiency
It helps the leaders to access data and gain a holistic view of operations to set the benchmark against the larger organisations. Like Pfizer collaborated and developed models to optimize patient diagnosis faster. By this employees get greater time to focus on new programs and innovate products.
Improved customer experience
Business intelligence benefits directly the customer relations and experience. The dashboards pull data from operations and customer chat service sessions. Like Verizon was able to improve its customer service and identified opportunities.
Increased competitive advantage
Organizations can be more competitive by knowing their performance in the market. Using business intelligence benefits to keep updated with changes in the industry, anticipate customer needs and seasonal trends.
Improved employee satisfaction
Departments that cannot access their data without the help of a data business intelligence analyst, can now jump to data with little training. Business intelligence benefits from the usage of non-technical users that gives the satisfaction of handling their content.
What is Business Intelligence and Analytics?
To explain what is business intelligence and analytics, they are data management solutions implemented in organisations and companies to gather present and historical data using software and statistics to interpret raw information and transfer insights for better future decisions.
However, both business intelligence and analytics provide insight vision but the difference occurs to find how they do it and what information they provide.
Business analytics: It determines the question of why for whatever happened in the past. It contributes to knowing casualty and factors. Moreover, business analytics use the questions to make predictions of the future. Business intelligence: It finds out what and how things happened in the past that leads to present situations. It considers patterns and big trends without predicting too much about the future.
Point of difference
The variances determine the size and age of the organisation, the desire of the company to invest in future or present and trends in job growth or business language. As a result, leaders must consider the following points before deciding the amount to invest in analytical tools and business intelligence benefits.
Size and Age of Organisation
The size of the company also reflects whether a business intelligence analyst is employed or analytical tools. Traditionally marketed for large organisations, may prefer to use business intelligence tools.
Moreover, the age of an organisation influences a manager’s decision to opt among the two. If a new business is introduced with massive changes then business analytics can be most useful to predict business trends. They are appealing to startups with a large amount of data who want to be competitive with more established companies.
However, the well established or old players in the market want to know about employee performance and organisational process. As a result, business intelligence analyst tools work appropriately. Whereas few companies use a combination of business intelligence benefits and analytical tools.
Trends in Jobs and Language
Business analytics is a trendy and newer term as compared to business intelligence benefits even when they have overlapping definitions. Many people follow google searches for business analytics rather than choosing a description of predictive and statistical tools.
There has been a shortage in the current talent of data engineers, directors of analytics and data scientists reflecting growth in the field.
Future v/s present focus
This point focuses on the disparity between the two based on the present or future challenges of an organisation. Business intelligence involves analysing the historical data to predict present working while business analytics uses past data to find how and what can happen in future to move forward.
Business intelligence benefits leaders who are convinced with business operations but want to focus on pain points in efficiency, workflow, specific goal and streamlines processes. While, organizations that want to change their major functioning and business model, might use business analytics for useful insights.
Following are some business intelligence tools often used by companies to analyse their historical data and take present decisions:
SAP business objects
SAP business objects as business intelligence tools focus on categories such as e-commerce customer relationship management, customer experience, ERP, digital supply chain etc. It offers analysis, comprehensive reporting and data visualization.
The adds on or plus points can be role-based dashboards self-service that enables users to build applications on their own. SAP is intended for all roles making it a robust software. However, the product is complex and with a skimmed price.
Datapine facilitates complex procedure even for non-technical users making it an all-in-one business intelligence benefits tool. It is a comprehensive approach to analytics that enables business users and data business intelligence analysts to integrate data sources, build interactive dashboards, generate actionable insights and advance data analysis.
The micro strategy offers cloud solutions, hyperintelligence and high-speed powerful dashboarding as enterprise business intelligence tools to business users and leaders. As a result, it aids in identifying trends, improve productivity and recognise new opportunities.
It provides a connection to various sources whether the incoming data is from CRM in cloud computing, enterprise data software or spreadsheet. Micro strategy can access from mobile or via laptop also. The setup of the software can involve various parties and provide extensive knowledge of the application.
Yellowfin BI is an end-to-end analytics platform combining machine learning, collaboration and visualization. It helps to easily filter a bunch of data with intuitive filtration like radio buttons and checkboxes or open dashboards conveniently anywhere providing flexibility to access.
The positive point for these business intelligence tools is that companies can take visualizations to next level with no or low code development environment.
Enabling user-friendly data analytics, Sisense allows the leaders in the organisation to manage large complex datasets and visualize them without the IT department involvement. It brings in the data together from wide sources along with including google analytics, salesforce and Adwords.
Since an in-chip technology uses, the data processes quickly as compare to other ones. Moreover, it recognises by many industry experts as leading cloud analytics like G2, Dresner and Gartner.
Zoho analytics works for in-depth reporting as a business intelligence benefits tool. It can schedule periodically and has automatic data syncing. A connector can be easily build using the integration API.
Easy editor aids to create personalised reports to zoom in on important details. It blends the data from various resources to create meaningful reports. Moreover, Zoho email marketing Analytics offers a unique commenting section for collaboration purposes present in the sharing options.
A subproduct of Qlik, Qliksense is a business intelligence benefits tool and a data analytics platform. It can access from any device. The Qliksense user interface optimises for touchscreen, making it a popular tool.
The software offers sophisticated artificial intelligence, one of a kind associative analytics engine and a high-performance cloud platform. The unique feature of search and conversational analytics helps to ask questions faster and discover new insights.
A part of google cloud, Looker is a unique platform that integrates with any SQL warehouse or database working great for midsize business, enterprise-grade business and startups. Also, If a user is finding a data discovery app, this business intelligence tools fits best as an option.
Few business intelligence benefits of this tool are handy visualizations, reliable support(tech team), powerful collaboration(reports shared via email or URL) and ease of use.
This business intelligence benefits excel lovers. Clear analytics is an Excel-based software that uses by employees even with basic knowledge. It offers a self-service system with features like automating, creating, visualize and analysing the company data.
Clear analytics also works with above mentioned Microsoft power BI using power pivot and power query to model and clean datasets.
Tableau specializes in data visualization and data discovery. It supports a variety of data sources like Oracle, MS Excel, Google analytics, salesforce and MS SQL. Whereas, usage of well-designed dashboards that are convenient to use.
In addition, the software provides standalone products such as tableau server (analytics for organisations) and tableau desktop(for anyone) that run locally, while tableau online for hosted analytics for organisations etc.
Business Intelligence Applications
There are various applications of business intelligence benefits that explains the usefulness of the BI being introduced in a company’s management.
Business intelligence benefits use a variety of data analytics tools that are designed to manage data concerning business operations. This data is depicted in the form of visualizations, allow companies to monitor sales, logistics, productivity etc.
Moreover, few tools offer custom reporting where the parameters can also be specified. The data presented in intuitive visuals and comprehend formats, the business intelligence benefits system enable even the least experienced user to draw insights from the data. Also, People without relying on trained data scientists can represent information to shareholders or other departments.
The key business intelligence applications focus on where the business finds the prospect. Customer negotiation is a skill that must foster by every company’s sales department. However, sometimes it can be hard to move leads through the pipeline and persuade them to buy the products. As a result, through business intelligence applications, this procedure has been more smooth and predictable.
Business intelligence benefits by collecting data from KPI such as conversion rates, demographics, sales metrics etc. then the data is organised into structured visualizations like piecharts, scatter diagrams and graphs. Leaders use this visualized data to find trends in customer behaviour or business operations to be followed.
A crucial business intelligence applications are reporting. The business intelligence tools collect and analyse unstructured data to use them to generate various kind of reports. Also, They may include expenses, customer services, staffing, sales and other procedures.
Data analysis and reporting are kinds of similar terms, but different in respect to delivery, value, tasks and purpose. Reporting determines organising data in summaries with the idea of monitoring the performance of a business. Briefly, reporting twists data into simple information. It represents the users of what’s happening.
Using business intelligence benefits, organisations can take a follow-up on the progress based on customizable or predefined timeframes. Also, The goals may include target delivery time, completion deadlines, or sales goals. As the records can reach to suggest the present goal that is set as standard.
The past performance can be tracked to closely study time updates on goal progress to understand the gaps. Alerts can be set to know when a company is close to the target or the time limit is ending which aids in being goal-oriented.
Business Intelligence Examples
Below are a few real-world business intelligence examples that considered the BI platforms into action explained as follows:
Problem: Digital marketing reporting was manual, inefficient and time-intensive
A business intelligence examples solution saved the Hello Fresh working days of the marketing analytics team for about 10-20 hours per day by automating the reporting processes. Also, It empowered the marketing team to make individualized and craft regional digital marketing campaigns. As a result, it resulted in increased conversion rates and improvised customer retention.
Coca-Cola Bottling Company
Problem: manual reporting procedure which restricted access to operations data and real-time sales
The team automated the manual reporting processes using the business intelligence benefits that saved 260 hours a year for the employees. Also, An automatic report system put the CRM analytic data back into the vision of the sales team via mobile dashboards that inhibits actionable, timely information, and distinct competitive advantage to the company. The IT and analysts can now focus on big picture strategy and innovations like data governance rather than manual research.
Problem: Disparate data sources gave a problem to the teams to look at the unified view of restaurants
Chipotle is an American restaurant with more than 2400 branch worldwide. However, they retired the traditional business intelligence benefits solution with modern self-service ones. It gave a centralized view of their business operations to track effectiveness at the national scale. Now since they have quick access to data, Business intelligence benefits in speedy delivery of strategic projects.
Overall the business intelligence benefits in navigating industrial or organisational challenges and ensures that the company take the decisions targeting the prime goal of the business using statistical and predictive tools. However, there are various tools use by different companies according to their needs. Furthermore, applications and examples are quotes to explain the value of the BI in an organisation.