Data storage is an important aspect of business operations as it is used to make business decisions. Data provides insights on consumer behavior, resource allocation and sales trends which will assist in making decisions for the growth of the business. Business Intelligence technologies assist in creating reports that are extracted from your business’ data sources. They save time and allow real-time reports that make data more accurate.
What is Business Intelligence?
Business Intelligence uses software and services in order to turn your data into insights that will be used to plan and implement strategic management and business decisions. Once Business Intelligence has gained the available data it is then analyzed in order to create reports, summaries, dashboards, graphs, charts and maps to users regarding the current state of their business based on the data presented.
Types of Business Intelligence Technologies
Using Business Intelligence assists businesses in making better decisions. These are the types of intelligence tools that every business needs.
1. Dashboards
A dashboard is a data visualization and analysis tool that presents easy to read information regarding this data. This information can be in the form of graphs and charts, and it is able to save time for business owners as they won’t have to spend hours creating spreadsheets. This data allows users to identify key trends, comparisons and exceptions through summaries of detailed data whether current or historical. It also becomes easier to analyze the key performance indicators (KPIs) of the different departments, teams and processes. This information can then be used to make strategic planning and decision making.
Not only are dashboards interactive but they contain a customizable interface allowing the use of tools such as widgets, images and icons to be added to dashboards. Using these tools allows you to automate functions, improve usability and visual appeal.
2. Reporting
Business Intelligence reporting refers to an automated process where data is gathered using software and tools in order to gain insights. It is able to provide suggestions and observations, regarding business trends and influences a better and a more strategic decision-making process. These insights can be about sales, revenue and inventory count which can be used when making purchase orders or customer information analysis.
Business Intelligence reporting consists of two categories which are managed reporting and ad-hoc reporting. Managed reporting is when technical users such as data analysts prepare for non-technical users. Ad-hoc reporting refers to when non-technical users are able to create or edit reports without any assistance from IT.
3. Cloud Data Services
Cloud data services allow business intelligence applications to be hosted on virtual networks like the internet and is able to offer businesses access to other BI data like business analytics, KPIs and dashboards. When you use data services you have easy access to data storage, IT related resources, enterprise resource planning and customer relationship management from anywhere.
Cloud data services are accessible on more than one device and web browser which allows you to access information from anywhere at any given time at a greater speed. These cloud data services are easy for end-users to set up and operate as they don’t need additional hardware or software installations.
4. Predictive Analytics
Predictive analytics offers tools to assist businesses in anticipating any potential shifts that might occur in the market and how to make proactive moves before they occur. These tools are gained through historical and current data, machine learning and artificial intelligence. This then assists leadership teams in testing theories and predict the results before they implement them in real life.
Predictive analytics is able to help reduce business risks, increase revenue and improve business operations allowing them to gain a greater competitive advantage. Examples of predictive analytics scenarios include identifying customers that might abandon your services or products, and how businesses can improve their customer service through better planning.
5. Data Discovery
Data discovery or knowledge discovery is a process of finding patterns, outliers, associations and correlations through the usage of data or advanced analytics. Data discovery uses raw data that is then converted in order to find trends. With Business Intelligence you can search data based on different categories such as the region or product and within seconds you will be able to access actionable insights that can be used to make decisions.
Data discovery uses visual tools to make the process of unearthing data pleasant, swift and easier to use. These visualizations include geographical maps, heat maps and pivot-tables – making the creation of presentations based on discoveries a lot simpler.
Conclusion
Businesses are constantly seeking ways to grow and Business Intelligence is able to improve operations through its capabilities. Business Intelligence uses artificial intelligence and analytics to provide information regarding real-time sales, discovery of insights regarding customer behavior and forecasting profits.