Business Intelligence (BI) combines data mining, business analytics, data visualisation, best practices and data management infrastructure and tools to help organisations make decisions based on the data at hand. In practice, business intelligence is when you have a holistic view of your company’s data and use this technical data to gain efficiency, drive change and adapt to market developments.
Business Intelligence: actionable data
In the age of big data, the flow of companies will generate large quantities of data representative of their activities. Managers, decision-makers and business leaders from all walks of life need to be able to rely on a clear and complete representation of this strategic data to be able to make decisions more quickly. This is where Business Intelligence comes in. A real business management tool, business intelligence is currently receiving more and more attention in VSEs and SMEs, as it allows these technical data to be constructed efficiently while preserving great accessibility: these tools do not require advanced computers. Skills can use them for the embedded analysis offer.
What are the different advantages and benefits of a Business Intelligence tool?
The daily use of business intelligence tools gives you the possibility to follow the data at the heart of your company. Not limited to one of your software programs or to your structure, the data monitored can also be external to your structures with the objective of analysing the competition or, namely, the trends related to your sector of activity. They can also be extracted and compiled from your various Excel spreadsheets, accounting and ERP software to define comparison indicators for building highly relevant dashboards.
The benefits of Business Intelligence
The advantages are many and can represent a real gain in performance and time. A Business Intelligence tool allows you to: develop appropriate analysis reports, without having to have advanced computer skills. The various data are extracted from your usual management tools and injected into Business Intelligence. User-friendly and intuitive, the Business Intelligence universe progresses in a mainly Excel environment. The Business Intelligence tool also allows you to secure your data and to select how and to whom it is distributed. These various reports can be easily transmitted to share strategic information, in parallel, the modification and access rights of the people concerned. These tools also ensure that you get quality data. A Business Intelligence tool gives you the possibility to realise, faster, and even in real time, how inaccurate your data is with what is happening on the spot. This makes it easier for you to take preventive, corrective and timely action.