BI. Or Business Intelligence. That is the term we're going to be discussing today.
What does it really mean? Should you have business intelligence? Is that how it works?
What is Business Intelligence (BI)?
There are many variations of the definition for BI. But in simple words - Business Intelligence is about providing Relevant as well as Reliable Information. To the right people at the right time.
With the goal of achieving better decisions faster.
Remember:
- Relevant Information
- Reliable Information
- Right people at the right time
- Make Better decisions
- Faster decisions
And to be able to pull this off we use the following approach.
How does BI work?
BI requires various processes to collect and structure the data. Which then gets converted into Information.
When is then presented to improve business decisions.
BI takes the huge amount of data - that is generated by the businesses. Whether it's in the form of manual collection using Spreadsheets and other tools.
Or it could be the automated collection of analytical data such as website traffic insights. Such as the ones provided by Veonr Analytics.
BI then takes that data and presents it in a human understandable & actionable format.
There's more to it though.
Major Aspects of BI
These are some of the major aspects in terms of Business Intelligence.
- Analytics
- Performance Management
- Predictive Modeling
- Data Mining
- etc.
BI Explained with Example
For a moment imagine BI (Business Intelligence) referred to as a library.
When you enter a library. And say you have this great book in mind. "Atomic Habits by James Clear" - Psst. Great read btw. (not affiliated)
You need not find the librarian and ask them where you could find it. Instead most libraries are organized in a way that makes it really easy to find any book you are looking for.
It's almost like books are split into categories and sorted by names as well. Which makes it really easy to walk through and simply grab what you want.
The same concept applies to BI as well. Instead of books - we have the analytical data. Thus BI helps you find and skim through your data on your own. Without having to rely on others.
No manual data merging. No merging spreadsheets and complex functions.
Pros of BI
- Easy access to information
- Easy to make strategic decisions
- Ability to see trends and discover opportunities
- 24x7 access to data
- Perfectly organized and structured data
- Easy to discover loopholes and hidden patterns
- Easy to identify strength and weakness
Closing Notes
The term Business Intelligence also referred to as BI - is simply a bunch of processes/tools that helps you collect and organize all your data into one single place.
Which can then be used to visualize in a human way.
Thanks for reading all the way till here... please consider sharing this article with your colleagues - and help them understand the concept a bit better.
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Cheers!