I have seen people confusing over Business intelligence analyst with a Data Analyst and many of BI roles with that of a data analyst or a data scientist. The basics of Business intelligence is still unclear to many of the learners. For the same purpose, this article has been articulated to give you an in-depth understanding of:
What Business intelligence actually is?
Why do we need Business intelligence in businesses?
And what are Some Business intelligence Tools?
The scope of the article will revolve around these 3 bigger questions. So let's explore.
What Business intelligence actually is?
Business intelligence includes the strategies or the technologies that any business uses to find relevant insights out of the business data. With the help of Business intelligence businesses takes those important decisions that are required by it to grow.
The technologies that Business uses to find these relevant insights include anything from reporting, data mining or analytics to the advance like predictive analytics.
If you will try to think over the term 'Intelligence' than Intelligence is anything that makes a person take good decisions in life to make his living better every day. Similarly, Businesses use Business intelligence to increase their growth only. A wide range of decisions is taken by businesses using Intelligence which helps a business reach its target it has set for itself.
The Business intelligence technologies that are used in Business intelligence deals with a large number of datasets (both structured and unstructured) to find that meaningful information that has relevance for businesses.
Why do we need Business intelligence in businesses?
Decisions play a very important part of any business. Every decision in business counts. One decision can take a business to the heights and the vice versa. So it is very important for organizations to take only those decisions which can be very effective for the business in the long run. A good decision takes time and a constant focus on the different aspects of the business. In this data-driven world where businesses have a lot of data to deal with it becomes hard to analyze the large datasets using the conventional method and come out with effective decisions. Using a Business intelligence technology a business analyses a large number of datasets which gets flooded into the business from various domains. This analysis using these BI technologies helps a business takes improved decisions which are required for its growth.
A lot of time is also saved using these Business intelligence technologies where the relevant information is provided to businesses with these technologies and businesses focus their time to make decisions.
Predictive Analytics helps a business takes those decisions which are necessary for its future growth. With the help of Predictive Analytics future events are forecasted regarding the ups and down.
What are Some Business intelligence Tools?
Some of the most common BI tools that are used by Businesses today are:
SAP
This Business intelligence tool provides analytics solutions to the businesses helping the business analyze the information. Also, it offers BI predictive analytics, machine learning, and planning solutions to businesses which helps in finding insights from a relatively large amount of data. SAP is a software which is used by the majority of the companies today including manufacturing, retail and IT.
Microsoft Power BI
This is a web-based business analytics tool which is perfect for data visualization. Making reports and dashboards is pretty much easier using Microsoft Power BI tool. Also, due to its web-based feature, it is accessible from anywhere.
Clear Analytics
Analyzing and visualization of data is very easy with this BI tool. The tool is easy to use and very effective for visualization of your key company's data or in presenting data and information in effective visuals. A tool is an Excel-based software so any employee having some background in excel can easily use this tool to the maximum benefits.
Oracle BI
This is an end-to-end Enterprise Performance Management System which includes several of the advanced features like reporting, analysis, alerting, mobile analytics, data integration, and management, as well as financial performance management applications. It is used by the majority of the leading technology industries to help them manage their data.
I hope the above article gave you a basic idea of Business Intelligence. We will explore Business Intelligence in further more articles to be more familiar with the latest trends and technology.