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Posted on June 7, 2017 By Admin

Things business owners need to know about Business Intelligence BI

 

What is Business Intelligence (BI)?

Business Intelligence (BI) refers to the set of technologies, strategies, processes, applications and practices which are used by enterprises, business managers and other end users to support the collection and analysis of business information. The purpose of Business Intelligence is to support better business decision making by providing business intelligence technologies, including reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics

Business intelligence (BI), is changing the way companies are making decisions, and it is creating significant advantages for those that do it well. Data-driven decision-making helps improve potential outcomes by reducing speculation in favor of analysis.

Business Intelligence systems provide historical, current, and predictive views of business operations. Many of the benefits of business intelligence programs include accelerating and improving decision making; optimizing internal business processes; increasing operational efficiency; driving new revenues; and gaining competitive advantages over business rivals.

In this post, we want to talk about the ways in which BI is becoming an essential tool for all business owners.

  1. BI is also for Small business

Business intelligence is no longer a luxury that only big organizations can afford. lot of small enterprises are hesitant to implement BI, due to worries about cost and effort. This is no longer the case, thanks to some great tech advances the costs of this platforms have come down, the implementation is faster and interfaces are easier to navigate

  1. Data is becoming more useful

BI is all about turning data into insightful and actionable information. Companies are working to provide quality data visualization that is accessible to even the less technical members of the team. Organizations are all innovating at a rapid pace, aiming to gain market share by helping their customers improve the usefulness of their data.

  1. Securing information

The need for securing information increases when more members of an organization have access to crucial information. According to Gartner, by 2018, 20 percent of organizations will be looking to develop sound data security governance plans to protect themselves from data breaches on the cloud.

 

Challenges

 

  1. Business intelligence is expensive

The cost of acquiring the right software, looking for qualified individuals such as data science experts, IT infrastructure professionals and consulting analysts may sound terrifying for a small company. Today, some platforms make BI software accessible to small businesses without requiring anyone to shell out major cash for deployment.

  1. Business intelligence requires extensive training.

Self-service BI or SSBI delivers insightful and actionable information without needing data scientists to collect, prepare and analyze complex data and process it into reports that management can understand. Nowadays, analysis has become so efficient that even large providers are pushing SSBI, such as Microsoft with its Power BI platform.

  1. Business intelligence is time consuming.

If we go back to 2010, the traditional implementation of business intelligence used to take weeks or even months because it required the deployment of dedicated hardware and customization of specialized software. In present 2017, you can save time by eliminating the need for It experts and the need to install additional software and hardware, because everything can be done in a single office PC in less time.

 

This post is a summary of two articles found it the entrepreneur.com website. Visit the following links to learn more about BI

https://www.entrepreneur.com/article/280432

https://www.entrepreneur.com/article/289500