Why Business Intelligence is Important for Technology Industry

In general, the role of business intelligence is to improve the business operations of an organization through the use of relevant data. Companies that effectively use BI tools and techniques can translate their collected data into valuable insight into their business strategies and processes. This information can be used to make better business decisions that increase productivity and revenue, leading to accelerated how would the technology industry use business intelligence?.

Instead, managers and workers must base their important business decisions on other factors, such as accumulated knowledge, past experiences, intuition, and gut feelings. While these methods can lead to good decisions, they are also marred by errors and potential missteps due to a lack of data to back them up.

Benefits of business intelligence

A successful BI program produces a variety of business benefits in an organization. For example, BI enables senior executives and department heads to continuously monitor business performance so they can act quickly when problems or opportunities arise. Supply chain, manufacturing and distribution bottlenecks can be detected before they cause economic damage. HR managers can better monitor employee productivity, labor costs, and other workforce data.

In general, the main benefits that businesses can gain from BI applications include the ability to:

• accelerate and improve decision-making;
• optimize internal business processes;
• increase operational efficiency and productivity;
• detect business issues that need to be resolved;
• identify emerging markets and business trends;
• develop stronger business strategies;
• generate higher sales and new income; and gain a competitive advantage over competing companies.

BI initiatives also offer more limited business benefits, including making it easier for project managers to track the status of business projects and for organizations to gather competitive insights on their competitors.

Types of business intelligence tools and applications

Business Intelligence combines a wide range of data analysis applications designed to meet different information needs. Most are compatible with self-service BI software and traditional BI platforms.

BI Technology List:

Ad hoc analysis

Also known as an ad hoc query, it is a fundamental building block of modern BI applications and a key feature of self-service BI tools. It is the process of writing and executing queries to analyze specific business problems. Although ad hoc queries are usually created on the fly, they often end up running regularly, with the results of the analysis being fed into dashboards and reports.

Online analytical processing (OLAP)

One of the first BI technologies, OLAP tools allow users to analyze data in multiple dimensions, which is particularly suited to complex queries and calculations. Previously, data had to be pulled from a data warehouse and stored in multidimensional OLAP cubes, but it is increasingly possible to run OLAP analyzes directly on columnar databases.

Mobile BI

Mobile Business Intelligence makes dashboards and BI applications available on smartphones and tablets. Often use more for visualizing data than analyzing it, mobile BI tools are often designe with an emphasis on ease of use. For example, mobile dashboards can only display two or three KPI data and visualizations so that they can be easily viewed on a device screen.

business intelligence (BI)

For Craig Stedman, Editor-in-Chief of LargeEd Burns, Editor-in-Chief

Business Intelligence (BI) is a technology-driven process for analyzing data and delivering actionable insights that help executives, managers, and employees make informed business decisions. As part of the BI process, organizations collect data from internal IT systems and external sources, prepare it for analysis, run queries on the data, and create data visualizations, BI dashboards and reports. reports so that the analysis results are available to the business. users for operational decision making. strategic development and planning.

The ultimate goal of BI initiatives is to make better business decisions that enable organizations to increase revenue, improve operational efficiency, and gain a competitive advantage over their business competitors.

Operational intelligence (OI)

Also known as operational BI, it is a form of real-time analysis that provides information to managers and frontline workers in business operations. RO applications are designe to facilitate operational decision making and enable faster action on issues. For example by helping call center agents resolve customer issues and logistics managers alleviate bottlenecks. ‘distribution throttling.

BI software as a service

SaaS BI tools use cloud computing systems hosted by vendors to provide data analysis capabilities to users as a service that is typically billed on a subscription basis. Also known as cloud BI, the SaaS option increasingly offers multi-cloud support. Allowing organizations to deploy BI applications on different cloud platforms to meet user needs and avoid the supplier lockout.

Open Source BI (OBSI). There are generally two versions of open source business intelligence software: a community edition that can be use free of charge, and a commercial subscription version with vendor support. BI teams can also access the source code for development purposes. Additionally, some vendors of proprietary BI tools offer free editions, primarily for individual users.

Integrated BI

Integrated business intelligence tools put BI and data visualization functionality directly into business applications. This allows business users to analyze data in the applications they use to do their jobs. Application software vendors often have built-in analytics features built in. But enterprise software developers can include them in their own applications as well.

Collaborative BI

It is more of a process than a specific technology. It is about combining BI applications and collaboration tools to allow different users to work together on data analysis and share information with each other. For example, users can annotate BI data and analysis results with comments, questions, and highlights using chat and chat tools.

Location intelligence (LI)

It is a specialized form of BI that allows users to analyze location and geospatial data. With built-in map-based data visualization functionality. Location intelligence provides insight into geographic elements in business operations and data. Potential uses include site selection for retail stores and corporate facilities, location-based marketing, and logistics management.

How the business intelligence process works

A Business Intelligence architecture includes more than just BI software. Business Intelligence data is typically store in a data warehouse designe for an entire organization. In smaller data markets that contain subsets of business information for individual business units and departments. Often with links to an enterprise data warehouse. In addition, data lakes based on Hadoop clusters or other big data systems are increasingly use as repositories or landing strips for BI and analytics data. Especially for log files, data from sensors, text and other types of unstructured or semi-structured data.

BI data can include historical information and real-time data collected from source systems as it is generate. Enabling BI tools to support strategic and tactical decision-making processes. Before being use in BI applications, raw data from different source systems typically needs to be integrate. Consolidated and cleansed using data integration and data quality management tools to ensure that data BI teams and business users analyze accurate and consistent information.

From there, the steps in the BI process are as follows:

• data preparation, in which data sets are organize and modeled for analysis;
• analytical consultation of the prepared data;
• distribution of key performance indicators (KPIs) and other results to business users; and
• using information to help influence and guide business decisions.

However, more and more business analysts, executives and workers are using their own business intelligence platforms. Thanks to the development of self-service BI and data discovery tools. Self-service business intelligence environments allow business users to query BI data, create data visualizations, and design dashboards on their own.

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