What is Business Intelligence Software Solutions and Tools?

What is Business Intelligence?

What  is Business Intelligence is and why we use it? In this blog  I'll be answering those questions and tell you why you should be implementing BI for your business. 

Hey everyone, here in this section, you learn business intelligence for beginners. 

Business Intelligence Solution

You don't need to be a data scientist or have a huge budget to get started with basic BI. 

You will learn at all things business intelligence (BI) like data analysis and visualization, as well as BI platforms and how to choose the right one. 

What is BI? 

BI is all about harnessing the data that your business generates in all of its different activities. Then we analyze and visualize this data in order to clearly understand it and gain valuable insights into how your business is performing. 

Now these insights, in turn, allow you to make better informed smarter business decisions to help your business evolve and grow. 

Stages of Business Intelligence (BI)

And that's basically it, the three stages of BI, which in theory sounds quite straightforward but in practice it has many challenges.

Let's dig a little deeper and take a closer look at each one of these three areas in turn.

In today's Internet world, data is basic need to grow the business, companies generate a lot of data  on regular basis. Gone are the days when it was all contained store in spreadsheets and on-premise small databases. 

With the Internet online age we now have things like social media and cloud based business solution and they all generate tons of data.

There in lies the biggest challenge for BI. All this data is different from what we call ‘silo’, which means that it is difficult to easily get a global 360 view of how your business is performing in all its activities across different sectors, without looking at the many types of reports stored in different places and linking them together.

What we really need to do is to bring these disparate data sources together and analyze them together to get a clearer picture. 

you will dedicate more time to the specifics of where and how to access your data in other reports. All of you please note, all your need fulfill through a well define and structured BI reports

Importance of Business Intelligence Software Solutions.

What about the analysis part? The end product of the analysis usually takes the form of a reports or dashboard containing visual representations of your aggregated data.

Example: Whereas a car dashboard displays things like your speed, how much is left in the tank or even the outside temperature.

Why You Need BI Software Solution?

You probably have plenty of data customer information accounting records performance data inventory logs transportation schedules training schedules the list goes on and on your organization makes decisions every day based on the intelligence and insight gained from this data. 

it's important to know how your business is doing now but more importantly how you will perform in the future.For example in your company want to track hundreds of thousands of transactions a day.

There are some very important things that management  looks at on a day to day basis, how many transactions have, how many we have  processed today,  how many transactions were disputed, what is my profit per transaction on  average daily basis.

Key person has to know these things in order to know how well the business is doing however to really start planning for future success.

Business Intelligence-BI's Tools

Now has two tools business intelligence and business analytics.

Business Intelligence and Analytics.

Business intelligence gives you the current business reports analyse the reports and help to screw the check point for better result. 

While business analytics arms you with the information necessary to take a proactive stance in managing the future of your business  and  assists people.

A organization  able to affect a 100 percent return on investment  with just using these tools.

Its give you most meaningful reporting and analysis possible in fact on average. 

you need these BI tools so you can get back to doing what you do best running a successful enterprise  business.

Business Intelligence(BI) Dashboard

A dashboard gives you an at-a-glance snapshot of performance and helps you identify areas where you're doing well and those that might need some more attention or investigation. 

Business Intelligence(BI) Dashboard- Its have all  contains your business' metrics or KPI's like your revenues, stock levels, supplier or how much engagement you're getting on social marketing etc . 

When you track and benchmark your KPIs you can measure your business's performance. Visualizing your data makes it easy to read, understand and digest. 

Data visualization is a discipline all unto itself and effective visualization is the key to making sure that your data is as easy to understand as possible. 

Finally, once you have got all the data together, analyzed and visualized it, it's time for the insight stage where you read the results of the analysis and see what you can learn. 

Your dashboard can help you spot trends, see how metrics correlate with each other and also compare periods of time to see how things are evolving. 

Obviously every business is different with different data but you can create and customize the reports and graph according your company's requirement. You are free to configure BI dashboard according your business need. 

You can built and customize  the  KPI's; 

As example- number of posts and average number of interactions - which is likes and comments combined - by various things like month, day of the week, hour, type and so many filter applied. 

You have also used color data encoding to be able to look at these two KPIs together. 

The data visualized in dashboard gives us ideas for thought of things that we could try in changing.

Ideas that you may not have had without having analyzed our data. And that's exactly what we mean by insights. 

Conclusion

Hopefully now you have a better understanding of what business intelligence is, its challenges and its benefits. And if this has peaked your interested and you'd like to learn more about things like data analysis and visualization, don't forget to write your comment in below comment section.

In your BI's designing phase, You can also incorporate some additional questions such as what types of transactions are likely to be fraudulent, which areas  are most likely to process fraudulent transactions etc. Aimed with this information,  management can begin to be proactive instead of reactive