(BI) Business Intelligence
(BI) Business Intelligence
The term Business Intelligence (BI) refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information.
Banks
Business Intelligence tools for banks are being used to track customer, product, and branch profitability.
Insurance
business Intelligence tools can provide insurers with better data visualization and predictive models to improve their accuracy even more. For instance, insurers can use better information and data analytics to set premiums high enough to earn a profit but not so high that they overcharge customers.
Telecom
Telecommunication companies collect a huge amount of data on their customers. From demographic information to customer preferences, with the right BI solution this data can be captured, organized, and analyzed to uncover valuable insights.
The problems is solved by BI
Poor Performance Management
With Business Intelligence, you gain insight into understanding and analyzing your business’ performance and opportunities on a deeper level. You can track and analyze KPIs against key business goals to gain a better understanding of how your business is performing today – rather than at a time when it’s too late to impact performance.
Furthermore, it will be easier to take proactive measures to improve performance and meet profit expectations.
Losing Customers
With Business Intelligence, you can gain valuable insight into your customer behavior by certain metrics and analyses. You can create detailed guest profiles that include interests, preferences, history, and more. Armed with this information, you can anticipate clients’ needs and offer more personalized services or create a more memorable customer experience and build long-term relationships.
Limited Access to Data
With a BI solution, everyone in the organization, including managers, senior executives, and functional teams, can access and analyze up-to-date information when they need it, wherever they are, on a range of different devices.
You can share information efficiently and effectively with people across your organization and make better decisions.
Wasting Time on Compiling Multiple Systems Instead of Analyzing Data
With a BI system in place, all of the data required comes from one source and can be accessed from one dashboard and converted into a report. This saves both time and energy while making the process much more efficient.
BI Features
Executive Dashboards
Executive dashboards give your organization’s leaders a real-time overview of your business in the form of graphs, charts, summaries and other information reports. They allow your company’s executives to make smarter, faster and better decisions.
Interactive Reports
Interactive reports allow users to condense the massive amounts of collected data into a wide variety of possible views. Users can take advantage of features like statistical analysis and regression to identify trends and outliers in the data.
Ranking Reports
This feature allows you to create reports that order specific categories of information, from across multiple dimensions, by selecting specific criteria. Ranking reports let you view the best and worst performing aspects of your business. For example, you could create a report that ranks your 10 best selling products, regions or sales people.
Location Intelligence
Location Intelligence is the ability to map and visualize data in geographical formats. Exploring and visualizing data sets based on spatial elements enables organizations to understand their business operations from new perspectives, such as sales per region.
User-Specific Security
If you need to restrict certain users’ access to particular data sets, your BI tool should allow you to personalize your BI features and applications to individuals or groups of users. Some solutions provide user-specific data sources, where a single application pulls from different sources of data depending on who’s using the application.
Open Integration
Smart BI platforms will be able to access not only your organization’s own data, but information from email, social media, websites and more. For example, instead of only providing your internal sales data, your BI platform could accompany that information with reviews and comments about your products.
BI platform is able to integrate as many different types of data as possible under a single roof, seamlessly combining disparate forms of information into an actionable report.