The broad overview
Collection of all data in one common platform
The primary reason why companies often start talking about Business Intelligence (BI) is that the data is spread over several different systems, while it is not possible to use this data in their current form. There is thus a great need for overview and coherence - two things that BI can help with.
Thus, Business Intelligence is basically a computer-based technique used to spot, generate, consolidate and compile organizational data into one analytics platform, also called a data warehouse. However, a large part of the work here also consists in converting the data into knowledge that can be shared.
Easy access to important business knowledge
When the data has been collected, they must, therefore, be enriched and translated into valuable analyzes from which knowledge can be obtained, which is done via the Business Intelligence (BI) solution. But, what does enriched data help, if no one sees the result?
One of the most important tasks for a BI solution is to act as a common platform from which everyone can easily and quickly obtain the knowledge they need. By creating a common platform for everyone, it is also ensured that the validity of the figures is no longer a point of contention since there is only one version of the truth.
Spot trends and determine strategies
Business Intelligence (BI) is not just about using data intelligently to measure, control and understand your business.
BI is also about establishing a better basis for tomorrow's decisions.
Once the basic understanding of the past and present is in place, a BI solution should also incorporate budgeting and simulation tools such as "what if" analytics that can help you anticipate future developments for the business.
Furthermore, if the activity plans are combined with the BI solution, this will also help guide all employees in the same direction by visualizing how the overall goals are achieved through specific activities.
Safe navigation through a world of data
Ultimately, Business Intelligence (BI) is about navigating safely through a chaotic world of data and establishing a platform for linking the past, present, and future. This link will enable intelligent strategic decisions about the company and its future course.
Now that you know what BI stands for, get in touch with us and let us have a talk about how Business Intelligence can help your business.