Business Intelligence: Know Bi for your business
Research by Reuters in 2017 said that the global business intelligence market is expected to grow from $15.64 Billion in 2016 to $29 Billion by 2022, with a CAGR of 11.1%.
Business Intelligence means innovations, technologies, applications, and practices for assembling, unifying and representing business information and data reports.
The motive behind BI is to help and improve business decision making. BI is a set of processes that converts primary data into meaningful information.
BI framework can be utilized by ventures as well as Small and Medium Enterprises. It helps with upgrading the quality of information and with that the quality of decision making also improves.
Types of BI Users
The IT Team: IT users are the key player in the BI process, they play a very important role in maintaining the organization and providing departments with the tools they require to complete their data requests.
The Executive: The executives, CEO is the steer of the business who drives the company’s success by upgrading work efficiency. Meanwhile, Gartner once described analytics as to the “combustion engine of business” So, it is said that Business Intelligence and the CEO seems like a match made in heaven.
The Data Analyst: The data analysts, the operating system of a business. They create fresh insights that are used to underscore business strategy. The role of them is to create and oversee all the business data, creates reports and dashboards that will assist the decision-making process.
The Business User: If talking about business users they are divided into 2 categories which are The Power Users and the other one is Casual Users.
The power users are aware of the BI and are capable of working with perplexed data sets whereas the casual users use dashboards to scrutinize data sets.
Praiseworthy aspects and Shortcomings of BI
Why BI is imperative for business:
Boost productivity: With using BI program it becomes easy for an organization to prepare reports with a quick and single snap, by which you can save time and resources. It also improves employee’s productivity in completing a task.
Easier in tracking KPIs: Business Intelligence gives access to companies to track their Key Performance Indicators and how they are fulfilled. The BI tools manage big data and later helps with developing useful metrics, which helps an organization become more powerful and effective.
24*7 Customer base: There are several helpful communities which are intensively involved in BI. With this, there is no need of hiring a personal BI adroit for getting the best out of your big data game.
Improves visibility: BI improves visibility by utilizing well-known and accessible tools. It improves the visibility of these procedures and makes it conceivable to identify any area which needs attention.
Easy Analytics: It helps to manage the data more simply, allowing even non-technical users to gather and process data quickly.
Cost: This can be a major snag for newly started business or small-scaled businesses as it requires high maintenance cost daily transactions. Every industry can’t follow or use the same BI system, as a business have several vendors who are different and may vary in their work which requires different methods to perform.
Data are not Secured: If someone is using mobile BI applications, then it can be little risky, as the chances of hacking will increase with your sensitive and personal information. Data hack at target, Home Depot and other retailers proved that other systems are also not 100% safe either. Until you are connected to an online portal the chances of a security breach are high and something which cannot be neglected.
Requires multiple BI applications: Using one tool or option from plenty of options will not give you the whole data of the business. Every department requires different techniques to perform and to get the best result you need to invest in the entire suite to ensure your Business Intelligence is fully integrated.
Complexity: Talking about another disadvantage of BI is its intricacy in the execution of data. It is so complex that it makes the techniques of business rigid that it becomes hard to deal with.
Muddling of Commercial Settings: Business Intelligence can make commercial settings ends up being substantially much more complex.
Best BI Tools that will give your business faster growth:
As data analytics becomes decisive to organizations BI tools have become more persistent. These tools also help in measuring marketing strategies effectively.
Here are a few tools that might help you with your business analytics.
Funnel.io: With this tool, you can easily analyze where your ad money is being spent and how much return it is giving. Under this all your data is safe and if in case you are accessing your business from the different area you can use your data easily.
Dundas BI: It is a power-based business intelligence solution that offers clients the ability to produce intuitive dashboards, modify their representation, build reports and drill down.
Birst: Through this tool, you can connect the whole organization with an interior system of virtualized BI instances. They guarantee to deliver speed, agility, and self-service that business workers need to work productively. It additionally has options for security, scaling, and control to satisfy corporate needs.
YellowfinBI: This is an asset if you want to discover and share insights based on your data. With YellowfinBI you’ll be notified with alerts as changes happen.
In addition to this with YellowfinBI you can:
. Build AI-powered dashboards,
. Analyze your data and discover new insights
. Author data stories
. Prepare your data for analysis
Best of BI: From migrating data to measuring performance and BI reporting, this tool has solution for everything. Best of BI will also help in simplifying your business data.
The future of BI is likely to be more automated and with coming time BI tools will become more collaborative, facilitating teamwork. Technology infrastructure will expand to store large amounts of data and better support BI systems. Business Intelligence software will become more integrated with other essential platforms.
Using Business Intelligence for your organization will give your business a big edge.