- Access data,
- Transform data and
- Present data in smart ways.
Business Intelligence (BI) includes the strategies, processes, applications, data, products, technologies, and technical architectures used to support the collection, analysis, presentation, and dissemination of business information.
We could use any tool to do these functions. (ie. Listening, Exp. divide ratio, Big Data, Shared Experience, etc) But the ultimate aim of Business Intelligence is to empower the business to make good decisions by transforming raw(unstructured) data into useful information, for all to flourish.
To make all this happen, we need several types of relevant and important information such as
- knowledge on our customer’s preferences, types, and profiles,
- knowledge of the industry we are currently in,
- knowledge of our market size, potential, competition, and future,
- knowledge of local and foreign markets,
- knowledge of our own business structure and strategic advantage and our company’s ability to take on the market challenges and competition,
- knowledge of the types of products and services we will want to offer to all our customer types in order to grow and expand our business.
Few benefits related to users in BI:
- Obtain important business metrics reports whenever and wherever you require them
- Valuable insight into customer’s behavior
- Pin-Points on Up-Selling and Cross-Selling Opportunities
- Removes Guesswork and Enhance Business Opportunities