Business Intelligence (BI) is a tool that is quite crucial for the continuity of your Business Intelligence in the Company. Therefore, you need to know the meaning and application of first. Business intelligence describes a concept and method to improve the quality of business decision making based on data-based systems.
This raw data is then processed into information data through an analysis process based on the relationship between one data and another to find out which data is useful. Then, how is the application of business intelligence in the company?
Then What is Business Intelligence (BI)?
So Business Intelligence is a process that uses technological capabilities to perform data analysis and provide important information to decision makers such as top executives, managers and people who need business decisions. As part of this BI process, an organization will collect data from internal IT and from external, then analyze the data, then visualize the data in the form of a dashboard.
Read More: Business Intelligence Definition, Benefits and Examples
Application of Business Intelligence in the Company
Business Intelligence (BI) is a tool that is quite crucial for the continuity of your business. Therefore, you need to know the meaning and application of business intelligence first. Business intelligence describes a concept and method to improve the quality of business decision making based on data-based systems.
This raw data is then processed into information data through an analysis process based on the relationship between one data and another to find out which data is useful. Then, how is the application of business intelligence in the company?
Measurements
Measure and account for the course of the business
First, there is the implementation of measurement which creates a hierarchy of performance metrics and benchmarking to inform business owners about the direction of business or company goals. This can make it easier for management to understand market needs and take into account from a business perspective.
With this, business owners or management can also choose a method that suits the company’s business in its application.
Analytics
Analyze and determine decisions in business
This second application builds a quantitative process of a business to arrive at optimal decisions in conducting knowledge discovery business. This includes data mining, statistical analysis, predictive analysis, predictive modeling, and business process modeling.
Analytics itself is useful for analyzing obstacles, benefits, solutions, and assisting companies in determining cost planning.
Enterprise Reporting
Collect and report the results of company performance analysis
Enterprise reporting builds strategic business reporting infrastructure in fulfilling business strategic management and not operational reporting. This application involves data visualization, information systems, and Online Analytical Processing (OLAP).
In addition, enterprise reporting is also useful in reading and interpreting data to help determine company business decisions. This BI application collects information on market conditions and processes it into useful data for the company.
Collaboration Platforms
Use and obtain data from anywhere
Next, there is what is called a collaboration platform. This application makes different scopes, both inside and outside the business, in cooperation through Electronic Data Interchange (EDI).
Collaboration platforms can improve cost efficiency because it speeds up business policy makers in doing work and makes it easier to use. The time needed to find data from inside and outside the company is getting shorter and the way to get it doesn’t require special knowledge.
Knowledge Management
Know what data is coming Knowledge management drives enterprise data through strategies and practices to identify, create, display, distribute, and enable the adoption of insights and experiences using business knowledge.
Through the application of this one business intelligence, companies will get more planned data projections for long-term decision making.
The existence of business intelligence is very important in a company. A business intelligence officer is tasked with planning, managing data, and providing the final result in the form of information for all stakeholders in a business or business.
Business intelligence can help companies make better management decisions based on current or past data in their business context. An analyst can leverage business intelligence to provide performance and benchmark competitors to make a company run smoother and more efficiently. Analysts can also see market trends more easily to increase company sales or revenue.
The following are some of the roles of business intelligence for companies:
- Identify ways to increase profits
- Analyze consumer behavior
- Comparing data with competitors
- Track performance or track performance
- Optimizing the company’s operational processes
- Predicting company success
- View market trends
- Find issues or problems
Based on this, you can imagine how big the benefits of business intelligence are for companies and businesses. The success and success of a business is mainly influenced by consumer behavior, market trends, competitors and issues or problems that are currently happening in society.
So, if a company or a business person can use and process existing data so that it becomes very useful information, then the company or business person will find it easier to find opportunities and maintain their success and success.