We live in a time and age where we are exposed to an abundance of information and data. Thanks to the growth of the internet, economic conditions and globalization, the amount of data that is exchanged between different mediums is increasing with each passing minute. The upsurge of this data and information can be extremely overwhelming if one can’t manage and use the available information in the right manner. The process of converting the raw data into useful information, that adds value to the business can be very challenging. But, undoubtedly, it is crucial and can’t be overlooked or avoided. The data when converted to valuable information can help in resolving and addressing various problems, threats and react to new opportunities,which in turn helps in the growth of the business. But what if you can’t access the right information that you are looking for inspite of having all the data you need right at your fingertips?
This is where Business Intelligence comes to your rescue. Business Intelligence, commonly known as BI, refers to a set of tools, systems, methodologies, theories and technologies that transform raw data into meaningful and useful information for business purposes. It plays an important role with the strategic planning and develop innovative products. BI is all about giving the right information, to the right person at the right time so that he can use the acquired information to the benefit of the organization. The raw data doesn’t have any significance if no value can be created of it. It won’t be wrong to say that ‘If data is the brain of your organization, then Business Intelligence is the heart’. Both work symbiotically with each other, and the absence of one can be disastrous. BI extracts the important data from the raw one and provides useful insights. Some of the main services provided by business intelligence technologies are reporting, collating data, data mining, text mining, predictive and prescriptive analytics, analytical processing and benchmarking. These services analyse the data that are key to the different areas of an organization, provides increased visibility between all the spheres, improves the efficiency and increases productivity. It identifies trends that are relevant to your industry, and the study if these patterns can help you indentify new growth opportunities, modify existing processes to more efficient ones and also minimise cost and time. A lot of time is also saved because of Business Intelligence as the need to rely solely on the analysts is minimized. As a result, the margin of error diminishes. Sharing information between various departments in the same organization becomes easy with the use of BI. The information that is generated is not just useful of the organization members, but also for their customers, making it an advantage for everyone associated with the organization.
Because of all these Business Intelligence services, more and more companies are adopting this to enjoy the benefits that come with BI. The Business Intelligent companies are on a rise and the Business Intelligent Services are being milked to the maximum. This coin has a challenging side to it too. Consistent analysis of the raw data needs to be done and processed to continually extract information that is useful and valuable. Since the raw data is different for different departments within the organization, a lot of BI processes are implemented within the same organization. Having multiple systems creates confusion and duplication of data can be an issue. It also comes with a risk to the security. This can addressed by having a unified BI system for the whole organization. The pros outweigh the cons, which gives a more reason for any organization for making BI an integral part of their system.
Business Intelligence has so much to offer to your organization, that questioning its importance seems wrong. So, don’t be the last to join the bandwagon of the companies using the Business Intelligence.