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What do businesses want? They want to optimize their performance in regards to their competition so that they can obtain higher financial gains and dominate the market in their sector. In other words, they want to earn more money! And how to do this?

Well, in this data age, it's best if businesses use their data to understand their market performance and then create further strategies for the future. This process is collectively known as Business Intelligence. These days, Business Intelligence is necessary for businesses if they want to retain their competitive edge and dominate their competitors using the power of data! But what exactly is it?

What is Business Intelligence?

Business Intelligence collectively refers to tools that are used to transfer the data that a business has acquired into actionable insights that they can use to further their profitability. These Business Intelligence tools are used to analyze different types of data that is generated by ta business and then represent the insights gained from this data in the form of reports, charts, dashboards, summaries, graphs, etc. Business Intelligence does not tell decision-makers in a company about what policies they should create or which avenues they should invest more in, but it gives them all the relevant data in a condensed form that they need to make their business decisions.

For example, Let's assume a global business that wants to analyze the popularity of their various products in the market and understand where to invest more to gain maximum profits in the future. This business can use Business Intelligence to collect data about all the products such as their worldwide sales, popularity levels among customers, feedbacks for improvement, etc. By analyzing this data, the business can understand which products are more popular all over the world, which products are in demand in various countries and cities, and which products require improvements. Then they can create a manufacturing and marketing plan based on these data insights to obtain maximum profitability in the future,

What are the Activities in Business Intelligence?

Business Intelligence is a rather vague term that includes many different activities to gather the data, to obtain actionable insights from the data, and to report these insights to the decision-makers in a company. So let's see some of these activities now:

1. Data preparation - The data needs to be collected, cleaned, and organized in a uniform manner before any data analysis can take place. Business Intelligence tools can collect data from various sources and then prepare this data with the same dimensions and measurements.

2. Data mining - Patterns are found in the data that were previously not visible using Data Mining. This involves using a combination of statistics and machine learning to extract information from the data sets.

3. Statistical analysis - Statistical components like mean, median, range, variance, etc. can be used to get a more detailed view of the data. These categories are a critical part of Statistical analysis and they allow businesses to understand their metrics in more detail so that they can chart a better Business Intelligence strategy.

4. Descriptive analysis - Researching historical data using descriptive analysis is also a part of Business Intelligence. This means that businesses can analyze their historical data to understand their past business practices and behaviors and whether they were leading to success and failure. Then they can build a strategy based on that for the future.

5. Data visualization - The data can be visualized using many different charts such as Area Charts, Bar Charts, Histograms, Heat Maps, Tree Maps, Scatter Plots, Gantt Charts, etc. All these charts allow decision-makers to understand the data in more depth by visualizing it and understanding the slowly changing trends or the places where critical changes suddenly occur.

6. Visual analysis - It is very important to visually analyze the data after the data visualizations have been created. This Visual analysis involves obtaining business insights from the data in a visual form that can be used to make changes to the company policy.

7. Data Reporting - A critical part of Business Intelligence is reporting the insights obtained from the data to the higher-ups in the business such as the stakeholders and board members so that they can make informed decisions. This involves using a layman language to explain technical concepts so that they are easily understandable and useful in decision making.

What are the Advantages of Business Intelligence?

Some of the advantages of Business Intelligence are given here:

1. Identify ways to increase profit

Companies can use Business Intelligence to increase the net profit they can earn. After all, the main aim is to make money! This is possible because Business Intelligence allows companies to obtain tangible insights from their data that they can use to optimize their plans. This naturally results in increased profit for a company.

2. Understand the market trends

Business Intelligence can be used to collect data from the market and understand the current market trends. In this way, companies can understand what their customers want and what is popular in the market so that they can work on it and provide products and services accordingly.

3. Optimize business operations

Companies can optimize their business operations using Business Intelligence. They can collect various types of data such as profits per quarter, sales and delivery reports, details of acquisitions and mergers, etc. and use this data to improve the problems in the overall business pipeline which will naturally optimize their business.

4. Analyze customer behaviour

Business Intelligence can be used to analyze customer behaviour. Companies can collect data about their customer demographics such as their age groups, education levels, geographical locations, etc. and brand their products to specifically target these customers. They can also understand what their customers want and work on providing products and services that satisfy them.

5. Compare performance with competitors

Companies can collect data from their competitors such as their sales, popular levels among similar customer demographics, profits, etc. and compare their own performance to understand where they stand in the highly competitive market. They can also analyze what their competitors are doing better than them in order to get a competitive edge.

What are the Different Business Intelligence Platforms?

There are many different Business Intelligence platforms but the most popular ones are given below:

Tableau is one of the most popular Business Intelligence platforms that is used by businesses to get an idea of their operations using data analysis. It has many different products including Desktop, Server, Online, Reader, and Public where the Public version is free for anyone to use. Teams and businesses can access Tableau creator for 70$ per month with a 14-day free trial followed by the paid version.

Qlik Sense is a Business Intelligence platform that allows decision-makers in businesses to use any BI use cases and find out unique insights into their data. All the data charts, tables, and other visualizations that can be created on Qlik Sense are totally interactive and they can automatically update themselves based on the changing data context. Teams and businesses can access Qlik Sense Business for 30$ per month and Qlik Sense Enterprise for 70$ per month.

Looker is a business intelligence, data visualization, and data analytics tool that can go in-depth in the data to provide real-time dashboards and in-depth data insights. Businesses can securely access their data analytics as Looker provides custom applications, data science workflows, embedded data visualizations, etc. to make this process easier. If businesses want to use Looker, they can obtain a price quote by submitting a form.

Microsoft Power BI is a Business Intelligence platform that can be used to create a data-driven culture in modern businesses. This BI tool has various self-service analytics that can be used to collect, manage, analyze, and share the data easily in business. Microsoft Power BI Pro is available for a $9.99 monthly price while Microsoft Power BI premium costs $4995.

IBM Cognos Analytics is an Artificial Intelligence-based business intelligence platform that is very supportive of all facets of data analytics like data discovery, cleaning, management, visualization, etc. It provides a free trial for 30 days followed by a basic plan starting at A$15 per month. Businesses can contact them for the Enterprise plan if they wish.

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Why Business Intelligence(BI) is Important? - GeeksforGeeks

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What do businesses want? They want to optimize their performance in regards to their competition so that they can obtain higher financial gains and dominate the market in their sector. In other words, they want to earn more money! And how to do this?

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Businesses are moving at neck-breaking speeds and so is their competition. For these businesses to have an edge in the market, every decision they make must be informed. Irrespective of the industry, every business has access to a lot of data that they can leverage to their advantage. But unfortunately, very few do. Business Intelligence (BI) helps these businesses to use their data to their advantage by presenting the otherwise unusable pile of data into an understandable and interpretable form. BI enables you to combine the power of technology and business expertise to make fully informed decisions and stay ahead of the competition.

Business intelligence is actually an umbrella term covering different methods of collecting, storing, and analyzing the data from business operations. Mostly, all of this data just lies there, largely unused. With the help of BI, businesses can find useful insights from the pile of data.

The human mind is better at understanding pictures and visuals than plain text and numbers. When we look at a table containing a few text labels and numbers, our mind doesn't interpret that information quickly. It takes some effort for our brain to even understand what is being presented to it. But when the same data is presented in a graphical form, our brain not only quickly understands, but also quickly observes any patterns in the data. This is the power of data visualization and the primary reason why data visualization has become so popular in recent times.

Data visualization is an integral part of business intelligence and it helps you to visualize your data as maps or graphs and interact with them. This makes it much easier for the human mind to digest the data and thus allowing it to spot patterns and trends in a much better way.

Here are the top 7 reasons why having a great business intelligence system is crucial for any business.

With effective business intelligence, businesses can better understand their customers by analyzing their buying patterns and creating user profiles. This helps them to create better products and product experiences for their customers. One example where a business can leverage the power of BI to understand their customers is customer segmentation. Based on the types of products a customer buys, when they buy, and how often they buy, customers could be classified into different segments. These segments are used to give the customer an overall better experience through custom-tailored product offers or custom reminders and many more. This creates a win-win situation for both parties, as both the customer and the business are benefitted from it.

Organizations that leverage business intelligence will have better control over their business processes. They have better visibility of what's going on in the organization. Having an active vigilance over the processes and standard procedures helps to rectify any error rather quickly. This also helps the business to become prepared and not reactive. For example, for a logistics company struggling with delayed deliveries, knowing where and why the delays are happening, could prove quite valuable. This kind of insight into their business operations could help the business to largely improve their services.

The most important thing while taking any business decision is to have enough data to back the decision. With traditional reporting, it's not as easy and convenient to get actionable insights as it is with business intelligence. Actionable insights are those metrics that actually enable you to take any action, rather than just a 'feels good to hear' number. One example of an actionable metric is the % of customers who abandon their carts rather than the number of transactions metric. This metric gives us an idea of where the customers are dropping off and enables the business to take the necessary action to try and reduce the cart abandonment rate.

Having a proper business intelligence system in place considerably improves the efficiency of the overall organization. This in turn positively impacts the overall revenue of the organization. By making meaningful data accessible across various teams in the organization reduces the waiting time on the report requests and increases the productivity of all teams in the company. Data should be accessible by everyone and not be limited to a few privileged teams. This helps everyone in the company to stay informed and make knowledgeable decisions.

A business intelligence system provides real-time data at all times. This in turn reduces the risk of any possible human error while preparing any critical data reports. Having access to real-time data enables the business to stay informed about the health of the company at all times. This helps the organization to take data-backed decisions every time they need to make one. No more waiting till the report from the analytics team arrives!

A business intelligence system enables the marketing team of the organization to create better marketing campaigns that provide better Return on investment (ROI) by providing them a convenient way to access data regarding the current and past campaigns. It also provides key metrics such as customer acquisition cost (CAC), cost per lead (CPL), click-through rates of the campaigns (CTR), and many other crucial metrics required for a successful marketing campaign.

Apart from all the benefits of using business intelligence, another great benefit of using BI is a competitive advantage. Business Intelligence enables businesses to have insight into what their competitors are doing and enables them to make informed and educated decisions for plans. Also, a company that keeps an eye on its internal systems at all times, stays ahead of a company that doesn't.

Having a great business intelligence system is quite essential for every business these days. Having an active vigilance upon the company's internal processes and its external health is critical for today's fast-paced businesses. Leveraging data to improve the company should be integral to the business's core values. Data is considered the oil of the 21 century and BI acts as a lamp, providing value from it.

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7 Reasons why Business Intelligence (BI) is Crucial!

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Businesses are moving at neck-breaking speeds and so is their competition. For these businesses to have an edge in the market, every decision they make must be informed. Irrespective of the industry, every business has access to a lot of data that they can leverage to their advantage.

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Leverage our business intelligence development services to unlock actionable insights, boost productivity and make data-driven business decisions.

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We recently shared straightforward definitions of business intelligence (BI) to help you explain it in plain terms that anyone in your organization can understand. In this article, we'll do a deeper dive on another question IT leaders will face - the "why" behind BI - specifically, why is it important?

Explaining the "why" of a particular technology matters greatly to any internal evangelism, especially during budget season or in any scenario where there's cultural resistance to adoption or usage.

What are the benefits of BI?

In BI's case, this sort of evangelism often involves reminding people of its importance, since the discipline and corresponding technologies the term represents have been around for decades. In large enterprises in particular, BI has probably been around in some form for long enough that it goes relatively unnoticed, even by people who rely on it every day.

BI's importance fundamentally boils down to this: It's the practice of making data-driven decision-making - long the rage in business and other contexts - a tangible reality.

"Data, workflows, and collaboration are intersecting, and whether it's adjusting supply chains or deciding which product lines to focus on, it's clear that intuition is nothing without data-based insight," Angshuman Guha, co-founder and CEO of bipp. "For many companies, true business intelligence is a big part of the answer."

Business intelligence fits with digital transformation efforts across many industries.

BI also fits with digital transformation efforts across many industries, as E.G. Nadhan, Red Hat Chief Architect and Strategist, North America, recently told us. "Business Intelligence is poised to yield more value going forward with more data sharing between enterprises," Nadhan says. "The digital ecosystem is one that can grow in an open, collaborative environment, yielding more meaningful insights for the end consumer. This can be the patient in the healthcare ecosystem, the consumer walking into the retail store, the human with their device of choice, or the passenger in their transport of choice, etc. Culture is more often the barrier to the advancement of such collaboration than technology. The prevailing mindset of the data stewards across the extended enterprise will determine the value that Business Intelligence can provide going forward."
[ Where does AI fit in? Read also: How big data and AI work together. ]
4 reasons Business Intelligence (BI) is important

Let's dig into four related reasons why BI remains so vital to data-driven enterprises.

1. BI catalyzes rapid decisions

The term "data-driven decision-making" doesn't fully encapsulate one of its important subtexts: People almost always mean fast decisions.

This distinction matters because it's one of the capabilities that modern BI tools and practices enable: Decision-making that keeps pace (or close enough to it) with the speed at which data is produced.

"Data is now produced so fast and in such large volumes that it is impossible to analyze and use effectively when using traditional, manual methods."

"Data is now produced so fast and in such large volumes that it is impossible to analyze and use effectively when using traditional, manual methods such as spreadsheets, which are prone to human error," says Darren Turner, head of BI at Air IT. "The advantage of BI is that it automatically analyzes data from various sources, all accurately presented in one easy-to-digest dashboard."

Sure, everyone talks about the importance of speed and agility across technology and business contexts. But that's kind of the point: If you're not doing it, your competitors almost certainly are.

"The ability to act on insights sooner allows businesses to spot internal trends and improve inefficiencies before it's too late," Turner says. "In a marketplace where the volume of data is ever-increasing, the ability for it to be processed and translated into sound business decisions is essential for better understanding customer behavior and outperforming competitors."
[ Get exercises and approaches that make disparate teams stronger. Read the digital transformation ebook: Transformation Takes Practice. ]
2. Hello, big data: BI wrangles copious data sets into usable form

There's still a place for experience and instinct in business decisions; try telling the rest of the C- suite otherwise. But there's a difference between a gut call and a wild guess. BI is about making information readily available and accessible to the people who need it to do their jobs at any level of the organization.

"Knowledge workers depend on data for everything from underpinning a strategy to measuring their impact," says Amy Hodler, director of graph analytics and AI programs at Neo4j.

The challenge is that we often have too much information. Moreover, it's often incomprehensible in its raw form, or would require incredible amounts of time to sift through for value. This is the proverbial needle in a haystack - except the haystack gets bigger by the day.

"The issue is that with the advent of big data, the size of those haystacks has grown exponentially, making finding those needles a lot more challenging," Hodler says.

Many BI tools and platforms place a heavy emphasis on dashboards and visualization as the primary UX/UI.

BI done right presents information in a usable form that gets rid of a lot of the "hay," allowing end users to actually utilize the data they're presented with. This is why many tools and platforms place a heavy emphasis on dashboards and visualization as the primary UX/UI.

"Visualizing the data set - guided by contextual relevancy and an intuitive user experience - will ensure that we'll always get significant value from BI," Hodler says.

This also links back to speed: What once might have been a time-consuming end-of-month or even quarterly reporting process can now happen continuously, again in a manner that people can understand and act on.

"Rather than spending hours collating data at the end of each month, BI platforms make it possible to see data in real time - shaving hours off your working week and allowing you to view insights as they happen," Turner says.
[ Read also: 6 misconceptions about AIOps, explained. ]
This spans both the earliest stages of a business strategy as well as its ongoing measurement: BI brings information together and renders it in a consumable format.

"Business intelligence platforms with strong data modeling capabilities can turn disparate databases into a single source of truth that defines a company's business logic," Guha says. "This can then be used across the entire company, so everyone is using the same language to represent critical KPIs and data."

3. BI offers industry-specific use cases and benefits

As Red Hat's Nadhan noted, BI is not a one-size-fits-all proposition. Organizations tailor it to industry and business contexts.

"The benefits of business intelligence can vary greatly by the industry and what kind of application the business is utilizing," says Bill Szybillo, business intelligence manager at VAI. "For example, a food distributor or processor can use business intelligence tools to gain insights into their supply chain, such as inventory levels, supply and demand trends, order status, and more. This kind of data is not only valuable for streamlining warehouse operations but can also be used by sales and marketing teams to better communicate with current and potential customers."

As we noted previously, a useful way of thinking about BI's capabilities is to frame your goals as data-driven questions. BI may be able to provide the answer, or at least the basis for an answer.

Turner notes that a retail store owner who wants to determine whether an investment in new equipment will be profitable can run an ad-hoc report to make an informed decision. A restaurant ownership group can use BI tools to compare efficiency across different locations. BI is widely applicable; there aren't many industries where it's irrelevant.

4. BI is evolving for the cognitive and AI age
[ Want best practices for AI workloads? Get the eBook: Top considerations for building a production-ready AI/ML environment. ]
BI and AI aren't mutually exclusive; they're increasingly intertwined.

A different form of technology-fueled intelligence - artificial intelligence - has decidedly more star appeal than traditional BI. But BI and AI aren't mutually exclusive; they're increasingly intertwined.

"Traditionally, BI has referred to dashboard and visualization platforms that render data into charts, graphs, and pivot tables. However, AI has greatly accelerated analytics beyond these basic capabilities," says Mike Finley, chief data scientist at AnswerRocket. "AI can automate data analysis, generating visualizations as well as diagnostic and predictive insights. Simply put, these insights explain key drivers that impact performance and forecast future trends, telling a more complete story of what's going on in the data - and why."
[ Check out our primer on 10 key artificial intelligence terms for IT and business leaders: Cheat sheet: AI glossary. ]
The pairing of BI and AI can bring more automation to areas like data analytics and corresponding actions or responses to the analysis, for example, requiring less human intervention on more mundane tasks. This is similar to security automation and the automation of certain kinds of incident responses triggered by data analysis. The goal is similar, too: Increasing speed and improving outcomes in the face of overwhelming amounts of information.

"Business intelligence coupled with artificial intelligence can make a huge difference in solving problems such as customer retention, performance and operational management, visibility, and more," Szybillo from VAI says.

Another way to think of it: AI should improve BI, not replace it. It's ultimately concerned with similar business goals and challenges.

"Driving intelligence from customer data and using this data to make more informed decisions on behalf of clients is one of the most important goals of implementing a BI strategy," Szybillo says. "Other common problems are performance or operational inefficiencies - such as employees traditionally having to manually create customer reports or manually track inventory, wasting valuable time. BI tools can do this for employees, allowing them to spend their time more efficiently."

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Why is Business Intelligence (BI) important?

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We recently shared straightforward definitions of business intelligence (BI) to help you explain it in plain terms that anyone in your organization can understand. In this article, we'll do a deeper dive on another question IT leaders will face - the "why" behind BI - specifically, why is it important?

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Businesses are moving at lightning speed to stay competitive. Obtaining an edge over competitors requires leveraging data to make critical decisions. Businesses have huge amounts of data that they can use to their advantage. So, why is business intelligence important? How can it help you derive value from your data? BI tools play a vital role in taming unstructured data and visually presenting it in the form of graphs, charts, maps and more. They also help boost productivity and ensure effective decision making.
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Why Business Intelligence is Crucial

Business intelligence refers to the tools, techniques, strategies, applications and practices businesses employ to collect, integrate, analyze and visualize information. These tools help you make better decisions and drive competitive advantages by leveraging robust predictive analytics capabilities.

Here are the top reasons why business intelligence is crucial:

Understand Customers

With effective business intelligence strategies and practices, businesses can gauge their customers by analyzing their buying patterns and creating robust customer profiles and personas. They help develop better products and rich experiences for their users. One example where organizations leverage the power of BI to understand customers is customer segmentation. Most companies take customer feedback in real time to retain existing customers and approach new ones.

Customer segmentation allows marketers to create distinct groups with higher accuracy levels based on what products the customers buy, when they buy, which channels they use to purchase and how often they buy. These segments provide customers with a seamless experience through custom offers, discounts and more.

Boost Business Operations Visibility

Organizations that leverage business intelligence have better control and visibility over their processes. It helps them identify and rectify errors or inefficiencies in existing processes. It also allows them to predict unforeseen challenges and act accordingly.

Finding out the root cause of a problem and knowing where and why the delays occur can prove useful for a logistics company struggling with late deliveries. This level of insight into business processes can also improve services.

Get Actionable Insights

It is important to back your business decisions with sufficient data. BI gives you access to enormous amounts of information to gain valuable insights and make better decisions. Some of these metrics include the percentage of customers abandoning their carts. This data gives you an idea of where customers are dropping off and lets the business take necessary actions to mitigate the cart abandonment rates.

Improved Efficiency

Having a robust business intelligence solution in place empowers you to boost the efficiency of your business, improve overall performance and increase revenue. Making data available across all departments reduces the waiting times for report requests and increases the productivity of all teams with self-service capabilities. Data should be available for everyone in the organization. It helps teams stay informed and make data-driven decisions.
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Access to Real-Time Data

A business intelligence solution provides access to real-time information that reduces the risk of potential errors while preparing critical data reports. Having access to real-time data enables you to monitor the company's health, detect and address operational inefficiencies, act on short-term market fluctuations and boost customer experiences.

Stronger Marketing Efforts

BI solutions let you create marketing campaigns that boost ROI. It provides key metrics, including customer acquisition cost (CAC), cost per lead (CPL), click-through rate (CTR) of campaigns and more.

It also enables you to understand employee productivity, revenue, profit margins, sales in specific regions, department-specific performances and more. It can uncover the strengths and weaknesses of business processes and operations. It can also set up alerts to track key metrics that matter most to your business.

Provides Competitive Advantages

Business intelligence solutions allow you to understand what your competitors are up to, their strategies, approaches and more. It helps you improve your products and services while providing a seamless customer experience. Moreover, a company that closely monitors its internal processes and systems always stays ahead of the game.

Manage and manipulate large amounts of data to perform competitive analysis. Moreover, budgeting, planning and forecasting are powerful ways to stay ahead of the competition. You can track competitors' sales and marketing performance and learn to differentiate your products and services.

Improved Reporting

These systems help you create robust reports while slicing data to uncover hidden insights and trends. These insights help organizations make better decisions and gain an advantage over their competitors with ad hoc reporting capabilities.

Monitor KPIs using KPI software by leveraging financial, operations and sales data from different sources. Generate reports in real time to make accurate decisions. Reports consist of easy-to-read visualizations such as tables, charts and graphs. Interactive reports let you play around with different variables and gauge trends, patterns and insights.

Identify Market Trends

Leverage external market data to detect sales trends and target regions that qualify for huge profit margins. Analyze customer data and market conditions to identify new markets.

Some organizations leverage social media to gauge the market through user comments and feedback. Social media proves to be a valuable source for insights into customer preferences and pain points.

Increase Revenue

Leverage BI tools to ask questions about why things happened through making comparisons across various dimensions. Identify sales weaknesses, get customer feedback, analyze competitors and improve operations with the help of BI to boost revenue.
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Value by Department

Human Resources

Businesses utilize human resources data to perform employee productivity analysis, compensation and payroll tracking, determine upskilling needs, gain useful insights into employee performance and satisfaction and create high-performing organizations.

Finance

BI tools provide valuable insights into financial performance. It helps you track quarterly and annual budgets, identify potential issues before they occur and boost organizational health and financial stability. It tracks customer behaviors to prevent fraudulent activities and ensures regulatory compliance while addressing potential insider threats.

Sales and Marketing

BI solutions analyze consumer behavior and buying patterns to develop products and services to match their needs. You can create robust visualizations for sales performance, in-depth conversion rates and total revenue analysis. Gauge markets to identify potential selling opportunities and perform competitive analysis to plan future courses of action.

View performance and trends of current and past marketing campaigns, a breakdown of cost per lead, return on investment, site traffic analytics and actionable information on marketing dashboards.
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Conclusion

Business intelligence tools make it possible to combine, clean, prepare, analyze and convert data into digestible information. It is then disseminated to relevant stakeholders to view the big picture. Decisions come with risk, but robust BI solutions can help you mitigate possible issues.

Why do you think business intelligence is important for your organization? How has it helped you solve challenges? Let us know in the comments below.

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Why Business Intelligence (BI) Is Important In 2022

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Businesses are moving at lightning speed to stay competitive. Obtaining an edge over competitors requires leveraging data to make critical decisions. Businesses have huge amounts of data that they can use to their advantage. So, why is business intelligence important? How can it help you derive value from your data?

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Explains how business intelligence can be used for performance management to fuel faster, data-driven decisions.