An Introduction To Business Intelligence

When the pandemic hit, many businesses worldwide quickly shifted their operations online. Many companies adopted digital technologies such as business intelligence solutions to remain competitive in the new normal.

The business intelligence industry is growing worldwide at a CAGR of 5.6%. The advent of modern data visualization, reporting tools, and shifting trends in the workforce has encouraged organizations to use business intelligence to create new opportunities.

But what exactly is this technology-driven process, how does it work, and how is it beneficial? If you’re new to this niche and want to understand the purpose of business intelligence, this helpful guide is for you:

What is Business Intelligence?

Business intelligence encompasses tools, technology, applications, and several practices to collect, store, and analyze data. It takes abundant raw data to extract meaningful insights from it. It provides data-driven solutions which make organizations more resilient. Business intelligence solutions have several related activities to find actionable business information, such as:

• Data Mining
• Data Analytics processes
• Querying processes
• Reporting

How Does Business Intelligence Process Work?

According to Gartner, 70% of organizations will shift their focus to data by 2025, which will also require more resilient analytics and decision intelligence. This will increase opportunities and demand for robust applications in business.

However, business intelligence requires storage in data warehousing in large organizations or data marts in smaller ones. It also uses data lakes based on big data systems as repositories or landing pads. Business intelligence also includes analyzing both historical and real-time data. Raw data turns into clean data using integration, consolidation, and data quality management and then is used to create insights.

The Benefits Of Business Intelligence

The many benefits of business intelligence have made it crucial for all businesses.

1. Customer Insights

According to a McKinsey survey, customer analytics is one of the most effective ways to outperform competitors in customer acquisition. Customer analytics is possible because of business intelligence operations. Companies can analyze patterns to develop better products and create better customer experiences. Customers can also leverage the power of business intelligence for customer segmentation.

2. Business Operations Visibility

Business intelligence also provides better control over business processes. Active vigilance means better visibility of what’s happening in the organization, properly functioning processes, and rectifying any problem. Businesses can be prepared and not reactive. For example, a logistics company has issues with its delivery system. They can use business intelligence solutions to discover where and why the delay is happening. They can eliminate not only the problem but also improve their service.

3. Actionable Insights & Solutions

Blind decision-making is a one-way ticket to failure. The most important thing in business decision-making has the data to back it up. Traditional reporting is inconvenient and doesn’t offer the same actionable insights and solutions as an automated process. These insights are metrics that companies can put into action.

4. Improvement in Organizational Efficiency

Business intelligence improves overall efficiency, increasing the organization’s revenue. It does it by providing accessible and meaningful data. This data is accessible across the team, which increases productivity in every group and not just in a select few.

5. Understandable Real-Time Data

Obtaining large quantities of real-time data is no longer difficult; however, this data without any processing is hardly understandable. Business intelligence makes real-time data understandable. Business intelligence solutions also eliminate the risk of human error during this process. Companies can always focus on their health through data-driven decision-making.

6. Improved Marketing Efforts

Business intelligence enables marketers to create better marketing campaigns. This is possible because it refines the raw data and makes it accessible for a higher ROI. It also improves other vital aspects of marketing campaigns, such as:

• Click-through rates
• Customer acquisition cost
• Cost per lead

Learn More About Analytics And Business Intelligence With deltAlyz

Business intelligence has had a significant impact across all industries, and as the trends predict, it will continue to have that impact. When it comes to using business intelligence solutions in an organization, deltAlyz can help! They are a B2B systems and solutions provider and have combined business intelligence with state-of-the-art resources for even better-refined operations.

Contact them for their help in cross-platform mobile development, cyber security services, data analytics, data mining and warehousing, and much more!

About the Author

The author is a business intelligence analyst who has worked in the industry for over a decade. They specialize in product development and sale improvement through business intelligence solutions. They always have an eye out for the latest technological trends and love writing blogs about them so everyday people can understand the importance of these advancements for the future.