This article is about what is business intelligence(BI), the successor of smart business, why is business intelligence is important, why should I follow business intelligence.
WHAT IS BUSINESS INTELLIGENCE(BI)?
The term Business intelligence is a step by step process of technologies, applications, and practices for the collection, integration, analysis and presentation of information to help corporate organizations, business executives, and all other end users to make more informed business decisions.Business intelligence includes a wide variety of application, tools, and methodologies that help the organization to collect raw data from internal systems and external source to create business operations report.Business intelligence is made up of several related activities including data mining, online analytical, processing, querying and reporting.
SUCCESSOR OF SMART BUSINESS!
Organization around the globe are beginning to realize the power of BI(business intelligence) for smart business, because of the key potential features like systems provide historical, current and predictive views of business data,that can produce faster and improved decision-making process, optimized business processes, increased operation efficiency and high revenue to the organization.
Why is business intelligence(BI) important?
As companies use BI to deliver integration of business information and to monitor the business flow. It is important for startup companies to follow this system, to increase the rate of business and revenue growth.Here are few key features of business intelligence.
CONSUMER CHAIN:
BI has an ability to analyze the current trends in business and it provides useful information to develop the products that match the current trends.By this feature, growth and business chain of the organization will be profitably improved. Eg: seasonal business.
VISIBILITY
BI takes a complete control and monitor the sectors available in the organization, from this we can identify the areas that need to be improved and it will surf through the periodic report to assess the performance of the process of organization, by this, you can save time and improve long-term productivity.
INSIGHT
It is important to make strategic plans for a smart business in your organization.With BI you can identify key trends, the pattern of data flow and important connection between different areas of the business, that seems to be unrelated, thus enable you to plan a smart business.
EFFICIENCY
One of the important reasons to follow up an effective BI is, it improves efficiency to share information across different departments in the organization.You can share valid information, also saves time and increase productivity.
WHY SHOULD I GO WITH BUSINESS INTELLIGENCE?
In today’s technology market, it is important to know, what customers want and BI helps to understand the need of the customer.So, companies follow BI system to keep track of their project, organization, and key trends to achieve the smart business.
Few benefits of business intelligence
High productivity
In BI system pull data and create reports by the click of a button, thus freeing up time, resources and allows employees to increase productivity whereas in traditional user needs to compile and analyze to create the report.
Sales and market growth
BI helps you to create business cycle from winning customers, servicing and existing customers to track the growth and drawback of the organization.By this, you can increase positive sales service and market growth.
Return on investment(ROI)
BI helps you to optimize business operations, by measuring the area of improvement, generating faster reporting, operation cost and access to better quality of data and information.
Mind Spark Technologies is the leading Ecommerce website Development company in Coimbatore.We provide business intelligence service to our clients for a smart business.