In fact, business intelligence, also known as decision support, is the set of methods and tools that aim to provide relevant information to business managers. It allows companies to collect data from internal systems as well as from external sources. However, the questions that arise are: what exactly is Business Intelligence? What is the importance of business intelligence for the company? And how does business intelligence work?
What exactly is Business Intelligence ?
Business Intelligence is a technological method for analysing data and presenting information in order to help executives, managers and other business end-users make informed business decisions. Therefore, the data sources used to build business intelligence include customer relationship management systems and supply chain information. They also include sales performance dashboards and marketing analysis, as well as contact centre call data. Business Intelligence encompasses many data analysis and reporting tools as well as online analytical processing and mobile BI. To find out more, visit an Integrated Analysis Platform.
How important is business intelligence to the company ?
In general, the use of business intelligence is important to a company because it can provide many benefits. Firstly, it can speed up and improve decision-making, optimise internal processes and increase operating efficiency, but also generate new revenues and gain a competitive edge. Secondly, the use of this technological process allows companies to identify market trends and problems that need to be solved. And finally, the use of business intelligence can increase productivity and help companies achieve their goals.
How does Business Intelligence work ?
In fact, the functioning of Business Intelligence is based on the collection of data and their compliance as well as the control of their quality and their storage on what is called a repository, but also on their distribution to the actors concerned. And to do that, it uses various historical data as well as a lot of real-time data to optimise decision making now and to be able to look at what works and what doesn’t, and decide the best way to proceed from there.