It is the era of development and advancement, with companies trying to create a competitive advantage by implementing robust technologies set to revolutionize the world. The business intelligence process has taken over the globe with a technology-driven approach that automates every business operation, from analyzing data to making better decisions. Technology has never been this crucial for the development of businesses as in the 21st century, where companies are trying to achieve economies of scale by increasing efficiency, effectiveness, and transparency with new-age technologies like artificial intelligence.
Every company or industry is busy researching advanced technologies and experimenting on their business model to gain maximum benefits. It has given rise to the business intelligence solution that incorporates futuristic technologies. In a rapidly advancing world, it becomes essential for enterprises to complete the process or tasks quickly with the minimum resources while providing quality products and services to customers. Furthermore, it helps managers and senior-level management optimize their productivity and performance by making better strategic and operations decisions that equally benefit the company, employees, and users.
What is a business intelligence process?
Before diving into the business intelligence process, you should be well aware of business intelligence. BI, as it often gets called, is the method of using data to turn it into actionable insights that allow businesses to take proactive action and improve the overall business process. Moreover, it is a technology-driven process that analyzes data and delivers information. In comparison, business intelligence processes deal with gathering data, developing models, analyzing data, making data visualization, and generating reports to make better decisions. It often leads to the efficiency and profitability of businesses, creating a competitive edge. The BI process also facilitates industries with previous, current, and future predictions that help mitigate risks by taking instant action against potential threats. It uses techniques and advanced tools that transform the unstructured data and compile them into reports or dashboards.
The BI Process
When talking about the BI process, different companies follow different ways of making an informed decision depending on their goals. The standard process is as follows:
- Data gets collected from multiple sources like the external market or internal company data. It is then integrated and stored since the companies use big data installed in the data warehouse, developed by a data engineer.
- The next step involves the creation of data sets and getting prepared for conducting data analysis with the help of data analysis models.
- Queries run against the models as a part of the business intelligence solution.
- The query results help create a visualization in the form of histograms, graphs, pi-charts, and various other representations with BI dashboards and reports.
- Lastly, the senior management uses the data visualization reports to make a decision. Often they even use BI dashboards to find more relevant information from the data.
7 Business Intelligence Use Cases
Companies implement BI to automate the reporting system and other enterprise operational systems that are hard to manage manually. The self-service BI integration boosts collaboration between customers and the IT, maximizing the stakeholder expertise. Therefore, such businesses use a macro strategy such as enterprise data governance instead of manual reporting.
Industries are always facing some or other financial-related issues. Hence to get a deeper insight into the organization process BI is implemented at various levels to analyze the team productivity, top products, revenue from specific divisions, etc. Thus, if there is a sudden decrease in finance, enterprises can immediately recognize it to fix the issue in real-time before it results in more significant losses.
The BI tools are one of the most technologically forward tools that help corporations measure or represent diversified data sets, automating the ‘health check’ that leverages enterprises to record every aspect of the project management matrix into a single score. It often includes tech effectiveness, manual performance, customer value management, and the ratio of technology effectiveness when compared with manual performance.
Various business intelligence process platforms offer a personalized suite for operational, marketing, and sales departments, each having its own data sets and KPIs. The BI tools align with the processes of a business.
The best business intelligence solution use case analyzes the energy consumption patterns of various integrated automated services. These services are usually get powered by the internet of things or IoT. Many tools have the custom-reporting ability to provide constant information from multiple frameworks, visualizations, maps, and dashboards. Hence, the data empowers the organization to identify unique patterns and guide them through the process of decreasing energy usage.
BI platforms are well popular worldwide. Microsoft BI is one of the common platforms that assist investor relation teams in accessing crucial information related to real-time research, investor ownership, data estimation, and meeting analytics. Furthermore, businesses can take advantage of the business intelligence to research more about the data and manipulate it for research and reporting matrices. Lastly, they make sure the company and its stakeholders comply with the high-security standards.
The business intelligence solution is also there for the marketing team, saving them from the tedious schedule by automating the reporting processes. Further, it enables the marketing teams to conduct the digital marketing campaigns according to the regions. Here companies can create individual marketing campaigns based on the customer behavior analysis that guides them efficiently through the marketing strategies. The team can track real-time data to instantly take action to specific customer behavior and optimize the marketing campaigns, leading to conversion rates and better customer retention.
Industries or businesses are establishing advanced technological strategies to automate significant business processes. It helps them optimize productivity and performance, multiplying their ROI in the long run. Different industries, including manufacturing, logistics, construction, and retail, are implementing a business intelligence process to derive the maximum benefits. It is yet in the implementation stage and will take another few years to get across various industries that do not deal with crucial development stages. Hence, this leads to companies hiring business developers, analysts, or agencies to integrate the advanced method into the model while streamlining its goals and requirements.