Technology

Business Intelligence: how to apply it and what are its benefits

Business Intelligence

Throughout history, human beings have produced and used new knowledge to remodel old concepts, improve the functioning of tools and obtain better results. This was seen in politics, in war, in studies, in society, in the market. Today we see the growth of Business Intelligence (BI), an indispensable tool for agencies and other companies. 

In this post, you will discover the real benefits and how to apply it in your business. A successful company is not afraid to invest in cutting edge technology and automated systems to optimize its activities. And among all the possibilities that the new digital age offers to the business world, we influence Business Intelligence, which allows you to explore detailed information about your business and establish more assertive actions for your income. In essence, Business Intelligence has this old concept: information as a differential to achieve a certain objective.

 Do you want to know how this resource is essential to your company’s strategies? Then, check this article.

What is business intelligence?

Business Intelligence is the term used to refer to all the technology that allows collecting information, analysis and data about the company. The purpose of the tool is to facilitate decision making, so that the company follows a safe direction, supported by solid data from reality. For these reasons, BI is often integrated with other reporting tools and analysis systems, as well as business information books. The set of analytical resources allows to perform predictive analyzes to obtain historical projections of the business. 

These applications also involve working with sales, finance and production itself because the overall goal is to improve the management of business performance as a whole. It is also possible to use information from other companies in the same sector for the benefit of the business, through benchmarking strategies. 

Besides, we can say that Business Intelligence is a cluster of actions capable of collecting detailed data and information about all the activities of your business.

In general, BI has become a trend and is increasingly used due to some immediate and evident benefits. Let’s see some of them:

Increased productivity

The increase in productivity is due to the acceleration of decision-making, which in turn reduces human errors and errors. Tasks become more automated, and reports are created with just a few clicks. In this way, employees dedicate themselves to other important tasks.

Facilitates management

The information generated creates an overview of the business. You can quickly identify the parts of the processes that need to be improved. The failures of each department are easily noticed, and the strengths and weaknesses appear quickly.

Improved operational functions

There is one responsible for the organization’s performance, and many others responsible for working towards the goal. Each element of a company is important for the organization to do what it needs, but it is not always easy to divide tasks appropriately. BI makes clear what these roles are and who needs to do what, facilitating team leadership and organization.

Generates practicality 

To have all the features and benefits described here, it was necessary to deal with complex analyzes, large volumes of data, spreadsheets, documents, etc. Business Intelligence allows all of this to be done easily and in a practical way. Employee training is fast, and you don’t have to be an advanced user to get better data. With this, you intensify the analysis of the business, not restricting this role to just one department. Each part of the business contributes to the strategy.

Cost reduction

 Perhaps one of the most desirable benefits since it facilitates processes, reduces errors, improves management, and increases productivity. In short, with so many benefits emerging, the result can only be a lower cost. With cloud systems, it is also possible to reduce IT and staff expenses, in addition to ongoing support.

How BI is applied?

Business Intelligence is applied by several professionals, with the data analyst, the IT professional, and the head of BI (who may be the manager or owner) the most active. This team is responsible for integrating all the demands that the company has and generating actionable data, that is, that offer paths for the strategic application of the analysis, with quick responses that reality calls for. 

The profession most closely linked to BI is that of the data analyst, who uses resources to obtain new approaches and ideas and to develop specific strategies. He is a statistical professional, who is always using numbers to achieve more and more in-depth results. For the maintenance of the Business Intelligence infrastructure, it is also necessary to have IT, professionals. Its role is important since the data generation is continuous, and BI becomes one of the pillars of management.

Conclusion

There is no doubt that Business Intelligence has become a pillar of strategic management because it provides a safe path for decision making. The most appropriate measure is to implement BI in your agency as soon as possible! This tool adds value not only to the internal issues of your enterprise but also to the external relationship with your customer and your suppliers, generating great opportunities to do new business.

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