The concept of Business Intelligence appeared for the first time in the 1960s. This was defined as ‘the ability to understand the relationship between the facts presented, in a way that informs actions taken in pursuit of a desired goal’. What they did not imagine is to what extent the creation of this concept would open the world up years later.
Nowadays, the new raw material is data and there is no doubt that including this asset in our business optimizes and speeds up day-to-day decision making.
Not only is the best way to exploit information guaranteed, providing great value to the data stored in our company, but thanks to Business Intelligence Solutions, we can get it at the right time, analyse it and even foresee future actions to be taken.
These tools may not be profitable on their own, but they can be used to develop business strategies that increase tangible benefits such as cost savings, time, new visions for the business etc., as well as intangible benefits such as customer satisfaction or better business management of our company.
With the implementation of Business Intelligence, you will have a way to consolidate your company’s information within your reach, providing a set of tools that will help you to exploit, analyse and share it with great visual and analytical quality, thus increasing your productivity.
Thanks to the development of dashboards it is possible to have a very clear vision of the results of our company, development trends, objectives and forecasts to fulfil and an endless number of strategic KPIs that those at the head of the company to make the best decision, guided by the power of the stored and processed data.
What benefits will Business Intelligence bring to your business?
Simplification and organization of structured information
Enterprises typically hold a large amount of information, and dispersed and heterogeneous data across multiple data sources. Many of them engraved on spreadsheets. With all this information well structured, you can easily proceed to decision making and planning the growth of your business.
Exploitation of unstructured data
An important part of the analytical analysis lies in data generated by office files, mails, social networks or market data. This is why it is very important to integrate this data in order to generate more value in the business processes.
Integration of unstructured data
Ability to use real-time data sources of unstructured data, giving you greater agility and a broader business perspective.
Reduction of costs and time
With the implementation of business intelligence solutions, time-consuming tasks such as manual consolidation of data will be eliminated. It is also possible to reduce costs by assessing unnecessary expenses that have a negative impact on the company’s profit.
Improved visibility and accessibility of information
Visibility between different departments is improved, which in many cases seems like a pipe-dream. Obviously, thanks to the development of the authorization technique, each user will have access to the information they need.
Improved client knowledge
With the mixture of data analysis and the study of future trends, it is possible to understand the demand and consumer behaviour, which will improve our company’s income and profits.
High decision making capacity
Thanks to analytical tools, data managers are allowed to able to possess real-time information in order to make a more fixed final decision.
Improved business efficiency
Given that the data can be consulted in a more aggregated way, greater visibility and operability will be given to the analysis, which will direct efforts towards goals that help the company grow.
The data allows you to detect changes in the market (or environment) more quickly and give more agile and flexible responses. This ability to react faster will make us more competitive. Having a quick response to decision making will make us leaders in the sector.
It allows us, among other things, to carry out ‘What if’ simulations, so we can predict the needs of the market and effectively anticipate our competitors.
Mobility and supervision
The way of working has changed. Nowadays, in order to make the best decisions, personnel need to have access to well-structured information at any time and in any place. BI is adapted to the modern day and has the technological capacity to rise to this challenge.
Natural Language Processing and Artificial Intelligence
The empowerment and streamlining of the decision-making process will be made possible, thanks to NLP and AI techniques, among others.
In conclusion, business intelligence is vital to increase a company’s performance. In many cases, decision making cannot be guided by intuition and gut feeling, and one has to have the right information to make such a decision. Thanks to business analytics techniques, we can build the success we want.