THE PROCESS OF BI IS TECHNOLOGY-DRIVEN
The process of Business Intelligence (BI) is technology-driven, whereby data is analysed and actionable information is extracted to help businesses make better informed decisions. BI encompasses a wide variety of tools, applications and methodologies. These tools enable organizations to:
- Collect data from internal systems and external sources;
- Prepare the data for analysis;
- Develop and run queries against that data; and
- Create reports, dashboards and data visualizations
The analytical results are made available to all the necessary corporate decision-makers to make the important decisions.
Furthermore the term Business Intelligence is sometimes used interchangeably with business analytics. In other cases, business analytics is used either more narrowly to refer to advanced data analytics or to include both BI and advanced analytics.
IMPORTANCE OF BUSINESS INTELLIGENCE
The benefits of business intelligence tools include:
- accelerating and improving decision-making;
- optimizing internal business processes;
- increasing operational efficiency;
- driving new revenues; and gaining competitive advantage over business rivals.
Concurrently, BI systems also aid companies identify market trends and to spot PR problems that need to be addressed.
NBS Digital Technologies has the knowledge, skills and BI tools to assist your business to make better informed decisions.