In today’s competitive world, businesses need to go the extra mile to stay ahead of their competition. Business Intelligence or BI is a tool that helps them do exactly that and much more.
Let us first understand what Business Intelligence exactly means.
Business Intelligence is a platform that helps transform apparently meaningless heap of unsurmountable data into critical business insights. It helps businesses make technology-driven decisions and presents right data to the right person in the form of graphs, reports, dashboards, etc. With the help of BI management can make fact-based decisions using concrete data instead of relying on their gut feeling or hunch. From processing raw data to creating graphical reports, various BI tools are used to get the desired information. In this blog, by businesses to ensure increased profits and efficiencies.
Importance of BI
Here are a few ways in which data-driven decisions based on BI can help enterprises:
- Create Key Performance Indicators and measure progress.
- Identify innovative ways to increase profit.
- Track customer satisfaction and find ways to improve customer loyalty.
- Compare the performance of the enterprise with that of the competitors.
- Find ways to optimize daily operations.
- Identify hot spots in the market.
- Predict the growth or success rate of the business.
- Identify new problem areas and work on solving them.
BI Processes and Tools
BI processes have evolved over time to ensure that enterprises can effectively use the data to improve business performance. Business Intelligence or BI can be of leverage in various forms:
- Data Mining- It is the process of using statistics, databases, and Machine Learning to identify trends and patterns
- Performance Benchmarking- It is the process in which the current performance of a business is compared to its previous performance and appropriate standards are set for the next term.
- Descriptive Analysis- It is the first stage of analyzing data to understand what had happened.
- Statistical Analysis- The data from the descriptive analysis is further analyzed to track the trends and patterns
- Data Visualization- BI tool is used to turn the analysis into visual representations that can be easily understood through graphs, charts, dashboards, reports etc.
- Data Preparation- Data from multiple sources is compiled and prepared for a comprehensive and holistic data analysis.
ebizframe BI – Make your business future-ready
ebizframe BI is the technology that gets the right data to the right people, at the right time so that they can make more effective business decisions.
ebizframe BI has the ability to extract data from various data sources into one consolidated repository or data warehouse. This collated data is compressed 400 times as compared to ERP data. High data compression method allows user to handle more than 60 million ERP records in just a second. ebizframe makes sure that our clients get the best of technology available in the market today and that is why we use Microsoft’s Power BI framework for ebizframeBI. Gartner has recognized Microsoft as a leader in the Magic Quadrant for Business Intelligence and Analytics Platforms for thirteen consecutive years.
We help customers transform their company’s data into actionable insights and help take faster, smarter decisions. Our team of highly qualified BI experts can help you leverage an organization’s data and help you take technology-driven business decisions.
To know more, contact us at firstname.lastname@example.org