What is Business Intelligence?
BI, or Business Intelligence, systems are most commonly understood as business intelligence tools. BI is a broad term that refers to the process of collecting, analyzing and presenting data in a way that helps companies make informed and reasoned decisions. The BI approach involves using expertise and systems to collect and analyze data. Among other examples of such software are databases, spreadsheets or dedicated applications.
BI systems thus transform data into useful business information, on the basis of which companies have a complete view of how the company is functioning. BI tools typically include features such as data visualization in the form of dashboards, reports, ad hoc queries, which in effect allows users to explore and analyze data more easily. The goal of BI is to provide business users with insights into operations, performance and trends in the organization that they can use to make data-driven decisions.
BI is used in a variety of industries and functions, including finance, marketing, sales and operations. Some common uses of BI include measuring key performance indicators (KPIs), identifying trends and patterns, predicting future performance, and optimizing business processes.
What kind of companies are business intelligence systems for?
In today’s rapidly changing business environment, managing and making sense of large amounts of data can be a challenge for many companies. Business intelligence tools come to the rescue. Using BI tools, companies can gain valuable insights from their data, make informed decisions and improve operational efficiency.
- For example, healthcare facilities can use BI to analyze patient data, track clinical outcomes and improve patient care.
- Financial institutions can use BI to monitor market trends, assess risks and identify new growth opportunities.
- Manufacturing companies can use BI to monitor production processes, optimize supply chain management and ensure product quality.
- E-commerce companies can use BI to analyze customer behavior, track website traffic and provide personalized product recommendations.
In short, BI tools can be useful for any company that collects and manages large amounts of data. Regardless of a company’s size or industry, BI tools can help make data-driven decisions and stay competitive in today’s dynamic business environment.
What are the Business Intelligence tools?
There are many Business Intelligence tools available on the market, each with its own advantages and disadvantages. Here are some of the most popular BI tools:
- Tableau: Tableau is a data visualization and business intelligence tool that allows users to create interactive dashboards and visualizations. This tool offers a wide range of features, including real-time collaboration and the ability to connect to various data sources.
- Power BI: Power BI is a cloud-based BI solution that allows users to create interactive dashboards and reports. It offers a range of features, including data modeling, data analysis and data visualization.
- QlikView: QlikView is a data discovery and visualization tool that allows users to create interactive dashboards and reports. It offers features such as in-memory data processing, real-time data connectivity and drag-and-drop visualization.
There are also end-to-end solutions such as NAVIGATOR, which combine ERP functionality, business application development platforms and business intelligence functionality. Such platforms allow integration with various data sources, comprehensive budgeting and dashboard creation.
Did you know…
…that data analysis and Business Intelligence are amongst top 5 most prioritized digital investitions for companies all over the world? (Source: International Data Corporation, 2021)
Choosing a business intelligence platform
Choosing the right BI platform can seem challenging with so many options available on the market. One important factor to consider is ease of use, platform functionality, integrations with other systems and, of course, cost.
The BI platform should be user-friendly and intuitive, allowing easy creation of reports and dashboards without extensive and time-consuming training.
Another important consideration is the ability to integrate data. A BI tool should be able to connect to all necessary data sources and allow users to access the data they need in real time.
Scalability is also important, as the tool should be able to handle large amounts of data and support the organization’s growth.
Finally, cost is a key factor to consider. A BI platform should provide good value for money and fit within an organization’s budget.
By considering these factors and choosing the right BI platform, organizations can unleash the full potential of their data and make data-driven decisions.
When is it a good idea to implement a Business Intelligence system in a company?
Introducing a business intelligence (BI) system into a company can bring many benefits and accelerate business development. There are various situations that are a clear signal to consider implementing such a system. For example, if your organization is struggling to make sense of data or is unable to access it easily, a BI system can be extremely useful.
It can also be particularly beneficial if your company is experiencing growth and needs quick decisions. In this case, a BI system can provide real-time insights to support decision-making.
Another reason to consider implementing a BI system is if you want to improve operational efficiency or identify new growth opportunities. A BI system can provide valuable insights into customer trends, patterns and behaviors that can help develop business strategy.
Finally, if your organization is facing increasing competition, a BI system can help you stay ahead of rivals and gain a competitive advantage. Implementing a BI system at the right time can help your company make accurate, data-driven decisions that will contribute to business success.
Methods for implementing a business intelligence system
Implementing a business intelligence (BI) system can be a complex process, and there are various methods that organizations can use to ensure a successful implementation.
If a company chooses to implement on its own, one popular approach is the Agile methodology, which involves iterative and incremental development with frequent collaboration between stakeholders.
Another approach is the Waterfall methodology, which involves a sequential development process with a defined set of requirements and deliverables.
Regardless of the methodology, it is important that organizations have a good understanding of their data needs and goals and that key stakeholders are involved throughout the process. It is also important to choose the right BI tool and ensure that integration to all necessary data sources is possible.
However, if a company chooses to have the tool provider implement a business intelligence system, the process can be more integrated and focused on the company’s needs. A BI tool provider can offer the right methodology to follow when implementing a BI system to make the project a success. The provider can also offer access to experts who can help understand and customize the tool to meet the company’s individual needs.
When a BI vendor implements a BI tool, it is important for the company to outline its data needs and goals so that the BI tool is configured in the most effective way for the company. The BI provider should also help integrate the tool with other relevant data sources.
Ultimately, whether a company chooses to implement BI on its own or through a tool provider, it is important to ensure that the BI system is continually developed and adapted to the company’s changing business needs, as well as training and support for end users.
By following a proven methodology and involving all stakeholders in the process, organizations can ensure a successful BI system implementation.
How long does it take to implement a business intelligence system?
The time it takes to implement a business intelligence system can vary depending on factors such as the size and complexity of the organization, the scope of the project and the BI tool chosen. A simple BI system can take several weeks to implement, while a more complex project can take several months or even years.
The implementation process usually involves several steps, such as data integration, data modeling, report development and user training. The organization’s data infrastructure and existing IT systems also play a key role in determining the implementation schedule. It is important for an organization to have realistic expectations for the implementation process and to work closely with the chosen BI tool vendor or implementation partner to ensure a smooth and successful implementation.
By taking the time to plan and execute the implementation process, organizations can realize the full potential of a BI system and gain valuable insights from their data.
Is it worth investing in a business intelligence system?
Investing in a business intelligence system can be a wise decision for organizations that want to gain insight into their data and make informed decisions. BI systems provide real-time analytics, data visualization and reporting capabilities that can help organizations identify trends, monitor KPIs and gain a competitive advantage. BI systems also enable organizations to improve operational efficiency, reduce costs and increase revenue by identifying new growth opportunities.
With the help of a BI system, organizations can make data-driven decisions based on accurate and timely information. Implementing a BI system may require an initial investment, but the long-term benefits can outweigh the costs. Organizations that invest in a BI system can realize a return on investment (ROI) in the form of improved efficiency, increased productivity and better decision-making. By considering the potential benefits and working with a reputable BI system provider or implementation partner, organizations can make an informed decision about whether investing in a BI system is the right choice for their company.
Get to know more about Electronic Workflow, AI, Business Intelligence and No-code applications in NAVIGATOR system
Benefits of a business intelligence system in a company
Implementing a business intelligence system can bring a number of benefits to an organization. First, BI systems provide real-time analytics and data visualization, which can help an organization gain insight into data, identify trends and monitor key performance indicators (KPIs). This can lead to better decision-making, improved operational efficiency and increased revenue.
Second, BI systems can help organizations identify new growth opportunities by analyzing customer behavior, market trends and business performance. This can lead to improved competitiveness and increased market share.
Third, BI systems can improve collaboration and communication within an organization by providing a centralized source of information that is easily accessible to all stakeholders. This can lead to better teamwork, better customer service and increased employee satisfaction.
Finally, BI systems can help organizations meet regulatory requirements and reduce risk by providing accurate and timely information for decision-making. By considering these benefits and investing in a BI system, organizations can unlock the full potential of their data and gain a competitive advantage in their industry.
Tourism and Leisure Management graduate at IMC Fachhochschule Krems. After finishing university, she decided that digital marketing was her calling. At Archman she acts as a marketing specialist, where every day she broadens her knowledge about SEO and SEM. Mariia is keen on storytelling, and in her free time most frequently she reaches for Stephen’s King novels.
