We are living in a world that is data-driven and we are in a phase where knowledge of handling data is a skill that everyone must possess. Business Intelligence is one such concept, it is often referred to as a process that includes detailed analysis of data and obtaining appropriate insights to make an informed decision that would benefit the company.
Now coming to the part why one must invest his time and money into Business Intelligence? One of the important benefits is the fact that it will help anyone to get valuable insights and assess the market condition which in turn will help the decision-makers to make the right decision. Yes, you heard it right “Right Decision”, I said it because the decision will be taken on the basis of facts and as we all know facts don’t lie. Business Intelligence will provide much-needed transparency in a work environment. A true performer will be recognized by merit, not by politics. Business Intelligence tools don’t shy away from telling in which department you are struggling and where you have to put fewer efforts. If the user wants the edge which can provide him more control and transparency in his work atmosphere, then BI is the only way as of now.
If business intelligence is considered to be a process, then it must perform certain actions. Initially, the user must be confident that tracking and analyzing a particular feature or group of features together will help him/her in improving their decision-making ability. Once you know what is important to your organization collect the information accordingly. The source for the information can be coming from inside as well as outside the organization. To track the rival companies, you need to have information outside your organization such as the internet, newspapers. Now you have collected the required information, jump into the analysis process. This is the part where we strike gold as the user must come to conclusions from the raw information which was provided. In the final step, its nothing but the execution of the knowledge which we obtained in the previous step. In order to simplify the process of data collection and analysis, there are various tools available in the market.
Ok, we got to know what business intelligence is? How does it work? What are the processes involved? So, can we predict the future using business intelligence tools? No! Business intelligence tools will help you make decisions based on your past results while data analytics is another cutting-edge technology that can make certain predictions that will help you in the future. We are witnessing huge amount of data being shared continuously and these data must be secured in some way. Data Analytics has a major role to be played here as it can help to detect the intruders in the system. Major companies are opting for advanced analytics tools as it can manage privacy and provide security to the users.
If you are still trying hard to understand the concept of business intelligence and analytics, hope this quote will make it crystal clear to you,
“Business Intelligence is required to operate the business while Business Analytics is required to transform the business.” -Pat Roche
This quote makes it obvious that Business Intelligence and Business Analytics are two wheels of a bicycle which are required for the right balance, just like the balance a struggling organization is looking out for!
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