What, how, why: the answers to all your questions about Business Intelligence.
Data management and digital tools are highly developed today. Companies have taken advantage of their usefulness to start making better decisions, analyzing the market and the results to achieve better ways to pursue their business objectives. That is why business intelligence (BI) emerges as an indispensable strategy. What is it about? Basically, seeking to convert information into actionable knowledge. From data visualization to predictive analysis, BI offers a complete overview that drives strategic decision making.
In this article, we will explore in depth what Business Intelligence is, how it is applied in different contexts, and how the platforms that support it are revolutionizing the business landscape.
What is Business Intelligence?
Business intelligence or BI is the process of collecting, organizing, analyzing and presenting data to help organizations make informed decisions. It involves using specialized software and tools to convert raw data into meaningful and insightful information. Business intelligence enables companies to gain a deep understanding of their performance and environment, gaining confidence in choosing directions, optimizing operations and even identifying new market opportunities.
Business Intelligence Applications
Business Intelligence finds applications in a wide range of areas, such as:
Business process optimization: identify and correct bottlenecks, improve cambodia phone number operational efficiency, identify deviations from a business plan (under the monthly Rolling Forecast methodology ) and reduce costs.
Market Analysis: Evaluate product performance, P&L , identify market trends and anticipate future demands.
Customer management: segment customers, personalize experiences, and improve customer retention and loyalty.
Strategic decision making: providing timely and accurate information for key business decisions such as expansion, diversification and mergers.
Key components of BI
The first step in the business intelligence process involves gathering information from a variety of sources, including databases, files, ERP systems , and web applications.
There are different sources: from hard data that IT or marketing platforms can offer to softer or more specific information that can be provided by customer surveys, for example.