Business Intelligence: Definition, Working & Its Features

What Is Business Intelligence

Business Intelligence (BI) is the term used to indicate a series of procedures used to collect and analyze data and strategic information of the company business.

Preparing your data for analysis can take a long time.

Thanks to the BI solution, analyzes become simpler and more intuitive.

How does Business Intelligence support a Business today?

BI makes it possible to convert the vast amount of data of an organization into useful and targeted information, making it available to the relevant figures in an all-round vision that is always integrated and updated.

The BI solution is used by enterprises, for example, for:

  • Create and monitor performance and take corrective action if necessary;
  • Identify the best-selling products and check if this applies equally to all distribution channels;
  • Determine the stock level of a product;
  • Compare current year sales with previous year sales and forecast future sales results.

Business Intelligence features

  • Easy navigation within the various reports thanks to the analysis dimensions and filters.
  • Customizable to the needs of the client company.
  • Editable by the user himself.
  • It can be exported to PDF, Excel and PPT files.
  • Real-time data as the various departments enter it.
  • Usable via a web platform.
  • Secure through the ability to manage the permissions of individual users.

Managing information assets through Business Intelligence software can increase the growth potential of companies, not only large companies but also SMEs. More and more companies are using Business Intelligence tools to grow in different ways, noting improvements in their financial situation, competitors, the birth of new business opportunities, or even having information by responding effectively and quickly to customer needs.

Managing, analyzing and transforming data into valuable and usable information in real-time can make a difference, now more than ever.

TechSmashers
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