BI or Business Intelligence takes advantage of software and services that help to transform big data or any other relevant information into actionable insights that can help to inform an organization’s decision making processes and can be used to present these analytical findings into a report or a chart, graph and more.
This type of detailed intelligence is highly beneficial to a company or business as it brings all the moving parts together under one “umbrella” and shows you what the current state of the business is. Under this term “business Intelligence” there are a few aspects built into them that can be harnessed to provide user-friendly data that are simplified and easy to digest. We look at 2 of the many examples of capabilities you would typically find in these tools, below.
A hosted software application that pulls together information and provides simplified graphs or charts that give vital information regarding the company or organization, is usually referred to as a dashboard.
As a business intelligence tool, it does not tell you how to handle the data being given to you, however, it does help you to be able to analyze the information (or big data) that has been merged for your benefit. Websites such as fsifm.com can show you how it is done in real-world examples and software’s like CAFM (Facilities Management Software) has dashboards of all types depending on the specific information you need.
Other examples of software with dashboards include Tableau and common CRM systems.
As mentioned above one of the most powerful capabilities of having a BI tool is that it provides data analytics right at your fingertips. Having the ability to pull information into it, any BI tool can analyze, sort, filter and spit out as much data as you need depending on your organization.
Many famous brands companies have used this solution as an ideal way to improve their company’s performance. Some examples include food company HelloFresh which used it to increase conversions via its reporting capabilities, REI increases their membership rates through the metrics the data analytics capability provided by the tool, even Coca-Cola has maximized their operational efficiency via analysis and reporting, to name a few.
All sorts of organizations can use a business intelligence tool, mainly because it can be customized to fit the needs of the sector. From the educational industries to the tech sectors and retail facilities. You can leverage the concept to identify problems and provide solutions for them easily and effectively, as opposed to doing everything manually which can take up a lot of time and is not as cost-efficient as a BI solution.
Helping you to provide an in-depth insight into the current state of your company should be a priority for the majority of leaders. It can help predict losses and avoid them, as well as provide a “prescriptive” solution to any inconsistencies you may face in the future. It may sound complicated, but these are built for non-technical users as well.