What I'll Learn
Business Intelligence Definition:
Business Intelligence is an application that transforms data into meaningful information that helps businesses to make better and effective decisions. In these better decisions, there are a number of business intelligence tools and techniques included like data mining, visualization, business analytics, Bi software, etc.
History of BI:
The word “Business Intelligence” or “BI” in 1865 Richard Muller presented the phrase in the Cyclopædia of Commercial and Business Anecdotes. Later in the 1950s by IBM computer scientist Hans Peter described the ongoing potential of BI in its article describing the potential of technology to analyze data as BI is a way of technology to make quick and effective decisions.
Example of BI:
The Business Intelligence system has grown more powerfully due to:
- Large data collection
- Greater storage capacity
There are many factors that are included in Bi to work more efficiently.
Data Mining: Data mining is used to extract data whether it is unstructured, structured, or raw data it analyzes the data and summarizes reports it increases the revenue and reduces costs, it also helps to find duplicates in huge amounts of data in databases.
Dashboard or Reporting: Reporting is the process of collecting data from different Bi tools and software’s to get meaningful data. It gives suggestions and predicts the results according to your business requirements and goals.
Data visualization: It is the graphical representation of data by using charts and graphs through data visualization tools to know the ongoing and upcoming trends in business activities to grow and implement those strategies.
Business analytics: It is the statistical method where experts and researchers use the results of big data to determine decisions.
The overall Business intelligence market value is expected to grow from $17.09 Billion in 2016 to $26.88 Billion by 2021, 2016 to 2021. BI helps business users access business big data and perform queries to generate insights. It helps business users with data exploration, data preparation, data mining, analytics, and data visualization tools & techniques.
Companies have started deploying BI tools to get hold of huge data sets with higher volumes & varieties and to get deeper and useful insights from the data.
Why is Business Intelligence Important?
We are living in a completely revolutionized world where everything is now being digital and based on statistics and results.
Few example illustrations BI helps are:
- Executive leadership
- Human Resources
The question is why you need to invest in Business Intelligence system and tools:
- Customer Insights: It’s really important to notice and understand the customers and consumer behavior to buy online, now usually people more trust buying from a BRAND rather than buying from a local shop. Once you understand the customer behavior you can add more products and how you can improve it to help to meet the needs of customers expectations
- Visibility: The visibility of your company, organization, or either Brand is important to be visible in search engines like GOOGLE, BING, etc. The social and digital presence is necessary to increase the reach of your company.
- Sales: At the end of the day sales is all that matters to generate and increase revenue to grow. Sales and marketing companies are required to monitor annual sales and how they can improve it.
- Real-Time Data: When executives and business analysts have to wait for reports to be compiled by various departments, the data is at risk of human error and is also of being outdated before going for a review. BI systems provide users with access to data in real-time through means including spreadsheets, dashboards, and scheduled emails.
The future of Bi is much more automated in the near future as now we progress more into Big Data Technology. There would be much more data and Businesses will be more agile and independent towards their goal.
What do you think of the Business Intelligence future? Comment below!