This has revolutionised the way companies carry out all their tasks, facilitating decision-making based on real information received and processed live and in real time, while also improving work efficiency. By integrating denmark business email list data sources, BI tools offer a 360º view of the business, allowing companies to anticipate possible trends and, thus, optimise their strategies.
What is Business Intelligence (BI)?
Talking about Business Intelligence means talking about the use of technological strategies and tools to convert raw data into valuable information that can make a difference. We are talking about data collection, processing and analysis tasks that, until relatively recently, were beyond the reach of the vast majority of companies.
Choosing Business Intelligence tools thus allows you to create interactive reports, visualizations, and dashboards that facilitate a better understanding and use of data. Since its origin in decision support systems (DSS) more than 5 decades ago, BI has evolved a lot, integrating advanced technologies such as Artificial Intelligence (AI) and machine learning (ML).
business intelligence
Why is it important?
Business Intelligence is becoming essential for more and more companies because it provides a much greater understanding of their activities , but also of the environment in which they operate. By analysing large volumes of data, companies can identify patterns and trends that would not be evident otherwise, allowing them to expand their margins for improvement and, consequently, for profits.
All of this translates into an impressive improvement in decision-making processes, but it also allows for optimizing processes, reducing costs and increasing work efficiency, regardless of the type of activity the company is engaged in! In addition, BI helps companies adapt much more quickly to market changes, improving their ability to compete and grow.
The best part about all this is that if you know how to choose the right BI tools, you can access and analyse data even without any prior experience in this field. Today, this resource is within reach of anyone with a little curiosity, and understanding what a dashboard is and how to use it will make it even easier!
Key components of BI
For Business Intelligence processes to work well and become a solution to multiple problems, they must be supported by several very important components that allow data to be transformed into truly valuable information for companies.
The cornerstone of BI is data , whether structured or unstructured. It is the raw material on which everything revolves, and obtaining it is as important as knowing how to manage it.
Data extraction and consolidation tools , whether from transactional systems, social networks or sensors, among many other sources.
Hardware devices and data storage software are also important , since the rest of the BI processes depend on their capacity and functionality.
Another key concept is data modeling and construction, as it is what allows us to define a logical structure and the relationships between data.
Of course, applying the most appropriate analytical techniques is essential to explore, discover patterns and obtain good conclusions.
Working with data would be useless without drawing conclusions, which is why reporting results is one of the most important components of the entire Business Intelligence chain.
Benefits of implementing BI in small businesses
Although at first it may seem like an overly sophisticated resource, the truth is that implementing Business Intelligence in small companies can bring many advantages that will improve both their competitiveness and their efficiency.
Make better decisions that allow us to continue growing sustainably.
Identify inefficiencies and transform them into opportunities for improvement.
Use resources efficiently and minimize errors.
Greater customer satisfaction.
Anticipate market trends to improve positioning.
What is the role of a Business Intelligence Analyst?
