In today’s data-driven world, businesses are inundated with data from various sources, such as sales, marketing, social media, and customer interactions. The sheer volume of data can be overwhelming, making it difficult for companies to make informed decisions that impact their bottom line.
This is where Business Intelligence (BI) technology comes into play, providing companies with a comprehensive view of their data, enabling them to make strategic decisions based on actionable insights. In this article, we will explore how BI technology can transform data into valuable insights, how it benefits companies, and how to implement it effectively.
What is business intelligence
BI or Business Intelligence is a profession whose job is to process and analyze -related data so that it can help companies make the right decisions. The final results of the process include industry needs, profit figures, appropriate marketing strategies and other decision makers.
Processing and data collection is carried out by BI with the help of a special programming language. Generally, the languages used in business intelligence are SQL and R. Then, the format used for the final results of the application process is in the form of dashboards, tables, reports, and graphs.
Business Intelligence technology refers to a set of tools, methodologies, and processes used to collect, analyze, and present data in a way that facilitates decision-making. BI technology enables companies to aggregate data from multiple sources and transform it into meaningful insights that can inform business decisions. The process of transforming raw data into insights involves several steps, including data integration, data warehousing, data mining, and data visualization.
Benefits of Business Intelligence Technology
There are several benefits to implementing BI technology for companies, including:
1. Improved Decision-Making
BI technology provides companies with real-time insights into their data, enabling them to make informed decisions quickly. The ability to make data-driven decisions can lead to a competitive advantage, as companies can quickly respond to changes in the market.
2. Increased Efficiency
BI technology automates data collection and analysis, reducing the time and resources required to manage data manually. This can lead to increased efficiency and productivity, allowing companies to focus on other strategic initiatives.
3. Enhanced Data Visualization
BI technology enables companies to visualize data in a meaningful way, making it easier to identify trends, patterns, and outliers. This can lead to a deeper understanding of the data and more informed decision-making.
4. Improved Customer Satisfaction
BI technology can help companies better understand their customers’ behavior and preferences, enabling them to tailor their products and services to meet their needs. This can lead to increased customer satisfaction and loyalty.
Implementing Business Intelligence Technology
Implementing BI technology can be a complex process that requires careful planning and execution. Here are some key considerations when implementing BI technology:
1. Define Business Objectives
Before implementing BI technology, it’s important to define clear business objectives that the technology will support. This can help ensure that the technology is aligned with the company’s overall strategy and goals.
2. Identify Data Sources
BI technology relies on data from various sources, so it’s important to identify all relevant data sources and ensure that they can be integrated into the BI system.
3. Choose the Right Tools
There are numerous BI tools available in the market, each with its own strengths and weaknesses. It’s important to choose the right tool based on the company’s specific needs and objectives.
4. Ensure Data Quality
The accuracy and quality of the data used in BI technology are critical to its success. It’s important to establish data quality standards and processes to ensure that the data is accurate, complete, and consistent.
5. Train Users
To maximize the benefits of BI technology, it’s essential to provide training and support to users. This can help ensure that users can effectively use the technology to make informed decisions.
Application Of Business Intelligence Within The Company
In companies, business intelligence is a process carried out by special divisions to determine company policies to effective business techniques. An example of the application of in a company is the trend of snacks during the month of Ramadan.
BI will collect information on market conditions and process it into data needed by companies from a business perspective. For example, at the moment of Ramadan, there are times when people start looking for suitable food to eat when breaking the fast or at dawn.
Then the BI team will provide advice as to what kind of communication and marketing strategy is right for the company.
Apart from, a company certainly cannot be separated from the term Supply Chain Management. Also read the SCM guide for companies complete with strategies.
The Role Of BI In The Company
Keep in mind that the role of BI in each company will be adjusted to the needs of the industry itself. Role adjustment will be influenced by several factors,
- industrial size
- industrial type
- market nice
You need a BI but can’t find the right one, you can look to an independent market research firm such as Populix. Apart from providing accurate data, Populix for business can also provide useful market insights in making decisions for your business.
The research method is considered appropriate to be used as an example of implementing business intelligence in companies to collect data. So, the company can develop appropriate plans and projections.
There are many business components that can be obtained by companies in research on this BI process, namely consumer behavior, marketing targets and ways to increase company profits.
Business Intelligence Applications
Pure data obtained by the BI team still needs to be processed using business intelligence applications into a format that is more easily understood by other divisions. On the Internet itself there are many available software options that can be used. The following four software applications are the most popular choices.
Google data studio is a free service that can be used to display data processing results. This business intelligence application can integrate with other Google products, so that it will facilitate the work process. The BI system on Google data studio is fairly complete and easy to use even for BI beginners.
One of the well-known software for applications is Domo. This application has been chosen because of its features and the ease of access it has. This software can facilitate data processing into an attractive dashboard that is easier to understand.
Tableau business intelligence software is an application that excels in interactive dashboard displays. The data that you process will be displayed in various types of views. Generally, this software is used for data that requires implementation and user interests as the first priority.
The PowerBI application is software owned by Microsoft which is specifically made to make it easier for users to process and display data in graphical form. This software has three types of concepts that are used to optimize work, namely dashboards, reports.