A look at the importance of business intelligence
Business intelligence may seem like an unfamiliar and abstract concept at first glance. But the fact is that business intelligence or BI is one of the most important tools for business success these days. Business intelligence is a practical tool that plays an essential role in the important decisions of business managers.
If you have recently joined the world of new internet businesses, I suggest you follow this article until the end. We will review this category here. What exactly is BI? Where did it come from? What are its uses and benefits? What are its possible disadvantages and such issues that it will be useful to know? So stay with us.
What is business intelligence, and where does it come from?
Business Intelligence is a new knowledge for analyzing business data and converting them into practical and decision-making information. BI provides visual and tangible analyzes of performance, the number of sales and purchases, and the factors affecting business prosperity or decline. This information is presented in a completely functional and consistent manner.
With the help of this technology, you will always make the best decisions for your business because this useful technology will tell you what factors cause more profit and what causes your losses. Like a great economic consultant, he receives the real numbers and offers you a practical solution based on them.
The solutions that bring you the most profit. BI is also efficient in times of crisis. He can provide excellent solutions to change the existing situation and return the investment. It is better to add this knowledgeable and efficient consultant to your portfolio as soon as possible.
Who first said BI?
Business intelligence has a long history in the world of technology. The first computers analyzed data with the same basic shape and limited features. But BI, in today’s sense, was proposed for the first time in 1989. In those years, “Howard Dresner” introduced this technology to the world as a tool to monitor information and help businesses prosper. Since then, many efforts have been made to improve this useful tool.
Today, BI receives numbers and provides useful information through charts, dashboards, reports, graphs, and maps. This information provides you with an accurate view of your business. The information you will know by checking it, where you stand and what you need to do to reach the top. Does your route need to be revised, or do you need to move faster? In a word, Business intelligence is a tool to achieve business success.
Why is it important to have this technology?
Business intelligence is important because it is important to monitor business and have accurate and practical statistics. Calculating the amount of profit and loss and closely monitoring how businesses operate, especially large businesses and organizations, is a serious and time-consuming matter. Many human resources, time, and high costs are necessary to obtain accurate statistical information on the functioning of organizations and commercial companies. In addition, in most cases, the obtained information is incomplete and ineffective.
While business intelligence can receive the most detailed data about your business and provide you with the most accurate information based on the same data in the shortest possible time, the most important thing is that with the help of this tool, you will know how to prevent losses and achieve the highest profit. Business intelligence provides you with practical and accurate information.
In addition to numbers and figures, it even considers the hours of purchase and sale and informs you which products have more fans in which geographical region. Which product in which region has not received much attention? Which service or product in which season And where should it be presented that will be most beneficial? This detailed information gives you a true view of how you are performing. It makes you make the best decisions down the road.
Where should this intelligence be used?
Business intelligence is used in most businesses without any restrictions. Wherever there are comparable data and figures, or you need detailed information about your capital and performance, you can use this useful tool. Of course, note that collecting the data required by this system is very important.
Because the final information and solutions are provided based on the input data, in this system, you should consider a database for accurate and real-time data storage. All parts of your business should interact with this database and have their updated and accurate data available.
What are the most important advantages of business intelligence?
Business intelligence has many advantages. One of the most interesting points about this useful tool is that you can enter all types of data and determine how the final information will be classified and in what format it will be presented to you. Business intelligence is an extremely useful tool.
With its help, you can have the most important and useful information and make the best decisions by spending the least time and money. Accurate, immediate, and up-to-date reports provided by BI create coherent management. With the help of this tool, you will have information and a detailed view of your performance and that of other competitors. Despite the business intelligence, there is no need for unhealthy competition for more profit. Because you are fully aware of what you want and what you have now, you know exactly what needs to be done to progress.
Last word
Business intelligence is very efficient. But note that some issues can cause problems with this useful tool. Issues such as providing incorrect data, the unplanned and purposeless, incorrect and unprincipled implementation of business intelligence, and insufficient information of the collection’s employees can hurt Put business intelligence performance and fail BI-based projects. So, before taking any action regarding business intelligence, try to increase your awareness and benefit from the experiences of experts in this field.
