Business Intelligence (BI) is a set of processes, architectures and technologies that convert raw data into meaningful information which drives profitable business actions. BI can be defined as the ability to extract insights from different types or sources of your company’s data for more effective decision-making – it uses automated routines in order to find patterns among unstructured records so you will know what’s happening with customers at any given time without relying on human intuition alone.
Why is business intelligence important?
Business intelligence is a powerful tool that can help businesses improve decision-making through the lens of data. BI analysts use this information to provide benchmarks and analysis, allowing for smoother performance in an organization as well as increased revenue or sales potential based on market trends spotted by analytics.
Business intelligence can help companies make smarter, data-driven decisions by identifying ways to increase profit. For example: analyzing customer behavior and comparing it with competitors helps you identify what customers like or dislike about your products so that they will continue purchasing from you in the future; tracking performance allows business owners/managers monitor their success rates over time which may suggest areas for improvement such as improving marketing strategies based off of findings from previous years’ results. Spotting market trends using these types of analytical tools could also prove invaluable when conducting sales campaigns because we know how important timing really is. And lastly, there’s potential to predict success if used correctly.
Self-Service Business Intelligence (SSBI)
Self-service business intelligence (SSBI) is a way for end users in organizations to gain access to data without the need of direct IT involvement. This allows them be able analyze it, make decisions based on what they see and plan accordingly with forecast tools that give managers more information than ever before about how their company operates at any given time . Companies such as PARIS Technologies have developed SSBIs so these solutions can work seamlessly together while also being easy enough to use by almost anyone within an organization.
Business Intelligence is the process of using data to make better decisions. It’s a way for companies to gain insight into their operations and use that information to improve performance, increase revenue, and reduce costs. BI can be used in all types of businesses – from large corporations with thousands of employees down to one-person shops. No matter how big or small your company is, BI can help you achieve success by giving you access to the right information at the right time.
To read more about businesses and where to start, visit us.
- Along with leading the team, Millard also works alongside different Fortune500 companies as their management Consultant/Financial Analyst, which shows his passion in helping other businesses grow.
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