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Published July 04th, 2022 by

An Overview of Business Intelligence

The term Business Intelligence broadly corresponds to the tools and systems used to gather/ collect, store and analyze data to aid business organizations in making “intelligent” decisions. It plays a key role in any organization’s strategic planning processes that are backed by facts and comprehensive data. Business Intelligence facilitates organizations to sift through relatively large amounts of both structured as well as unstructured data to identify, develop and create new business opportunities. Businesses can get a competitive edge in understanding market trends and customer behavior and further achieve long-term stability with insights provided by BI.

Business Intelligence systems also play a key role in areas like market research, customer support, customer profiling, understanding product stability and statistical analysis.

Some Statistical Data:

  • The Business Intelligence market is expected to be worth around $20.81 Billion by the year 2018, an increase from $13.9 billion in 2013, at the rate of 8.3%.
  • About 53% of IT industries have an enterprise-wide BI strategy in place with coordinated architecture and dedicated resources.
  • About 35% of the enterprises stated that they have implemented tactical solutions at the unit level on an ad-hoc basis.
  • Around 60% industries follow top-down methodologies to generate business-driven analytics.
  • About 50% data warehousing organizations have baseline budgets for managing data quality or for managing master data.

Business intelligence principles :

Business Intelligence usually involves 6 stages of processing to achieve the desired results:

  • Collection of data
  • Storage
  • Analysis
  • Access
  • Refinement
  • Extraction and transformation of data

Benefits of Using Business Intelligence

An enterprise can benefit to a great extent with the use of Business Intelligence tools. A few benefits are listed as under:

  • BI data analytics can enable enterprises to maintain a consistent view of the organization.
  • It helps in containing costs.
  • Businesses can identify potential risks involved with the system.
  • The collected data can be analyzed to help businesses determine possible investment sectors.
  • Last but not the least; BI tools can be used to predict future market scenarios.

Business Intelligence Software

Business Intelligence software is designed and developed with the primary goal of extracting useful information from the raw data of an organization to enable businesses to make quick and accurate decisions. This software provides objective data and eliminates the need for any form of guesswork that might influence critical business decisions of an organization. The BI tools also offer an important perspective on the buying behavior of customers, so that your product and services inventory could be accordingly aligned. Business enterprises can also utilize the information extracted from these tools to optimize their cost overheads.

Some of most popular BI software and tools:

  • Sisense
  • Pentaho
  • Birst
  • BOARD Management Intelligence Toolkit
  • GoodData
  • TARGIT Decision Suite
  • IBM Cognos Business Intelligence
  • TIBCO Spotfire
  • Tableau
  • OASIS

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