What is Business Intelligence, and how its role impacts Organizational performance?
What is Business Intelligence?
Though Business Intelligence was increasingly gaining popularity by the early 1990s among the various industries, there was still a need for its comprehensive development. Formerly, BI was primarily dependent on IT support, which hindered generating reports with more time consumption. With new innovative approaches towards its further development, Business Intelligence emerged as one of the dominant business tools that can transform businesses to be future-ready.
Business Intelligence was limited to the Business Intelligence analysts for data queries and data analysis. There arose a need to bridge the gap between the technical and non-technical users in utilizing the technology; the self-service BI applications were one of the major solutions to simplify it. The modern BI tools and applications allow users to quickly understand data and draw value-driven business insights for strategic business decision making.
Why businesses need business intelligence?
Few Crucial reasons explain why there is a need of BI
- Capability of gaining valuable customer insights.
- Allows better control over business and processes.
- Help drawing actionable insights for decision making.
- Increases the overall productivity across the organization.
- Availability of real-time data.
- Creates potential marketing campaigns that provide better ROI.
- Provides competitive business advantage to stay abreast in the market.
How does Business Intelligence work?
Why Business Intelligence is important
What Are The Types Of Business Intelligence?
- OLAP (Online Analytical Processing).
- ETL (Extract, Transform, and Load)
- Concept of Operational Intelligence (OI)
- Data Mining
- Drill Down
- Predictive Analytics
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