What Is Business Intelligence? What Are Its Benefits?
The Business Intelligence (BI) is a set of processes and procedures that collects, stores and analyzes the data produced by the activities of a company. If we want to specify more, we are referring to a process that makes use of strategies and tools that help transform information into knowledge , with the aim of improving the decision-making process in business.
- This process helps companies to differentiate themselves since well-informed decisions are one of the factors that helps them make a difference.
- For this reason, this term refers to the use that the company makes of the data and the information they have, therefore we are talking about it making so much use of internal and external information from various sources.
- One of this platform that can be implemented in companies is Pentaho , which offers you many functions.
- For this reason, Business Intelligence brings us many benefits that can help us both in the present and in the future . Below we will talk about each of them in greater depth.
- If we do this process in the traditional way, that is, having the users gather and analyze the information obtained in order to later prepare the reports, this would take a great amount of time. On the other hand, if we have a Business Intelligence platform, this process will be completed in a shorter time.
- Also, a platform like this allows you to reduce the review of tasks and performances , which can take a long time, since your employees will be able to access it and know what their tasks are.
Improves Control Over The Functional Areas Of The Company
- From production, to digital marketing or any other area, due to the fact that thanks to this platform you will have it centralized to join it, analyze it and decide the decisions to be made, in addition this will reduce costs .
Increased Ability To React
- Thanks to this platform you will be able to get to know your company much better as well as your environment , since it helps you to know your limits and what makes you strong, allowing you to improve and anticipate complicated or beneficial situations.
Administrative Process Optimization
- Since you know how your company works, thanks to the benefit that we have mentioned above, now you can make decisions that positively increase your company, in terms of administrative processes in any area. This will make your business more effective.
Efficiency In Finance
- This platform offers graphs that allow us to know what is happening with the company’s money , when you spend in each area, how much you contribute to each investment, losses .This will allow you to know how to manage this resource knowing how it will affect in any field.
Higher Number Of Sales
- What is the objective that every company has? Get sales , because thanks to this business intelligence , since it can be a great tool for this.
Setting Realistic Goals
- Thanks to this intelligence , since we have current data and we can compare it with historical data of stores of the same category, including also the current ones of this category, you can establish projects and goals that are possible for your company to achieve.
Reduced Analysis Time
- This tool also includes automated software that analyzes this data and knows how to interpret it, this will increase the speed of this process.
Knowledge Of Customer Patterns
- Thus it is thanks to this platform you will be able to obtain the possibility of knowing these aspects, knowing what they are looking for, when they do it, where they do it, where they are looking for it. This will allow making changes in the strategies that are being carried out for it.
Efficiency For The Marketing Department
- As we have named in the introduction, Business Intelligence uses both internal and external data, with this you can get to know better the environment for which you offer your service or product , generating a better service for the customer.
- As you can see, Business Intelligence is one of the best tools that you can obtain many benefits, achieving great results both in the present and in the future of your company.