Business intelligence (BI) is a powerful tool that can help organizations become data-driven, improve performance, and gain a competitive edge. It is the strategies and technologies used to analyze business data and information. In simpler terms, it allows companies to understand any process or trend that affects performance, why things are happening, and what is likely to happen in the future. BI provides an accurate picture of the business at a specific time, enabling the organization to design a business strategy based on factual data.
Using business analytics, data extraction and visualization, and other BI tools, companies can make more effective decisions based on data collection. With traditional reports, obtaining actionable information isn't as easy or practical as it is with business intelligence. Having access to real-time data allows the company to stay informed about the state of the company at all times. A business intelligence platform like Grow eliminates the need to manually collect, record and organize data. Business intelligence can help manage data, understand market trends and identify areas of concern within a company.
BI collects data from daily operations and helps companies to optimize their practices, save money and adapt to changes in the market or supply chain. For example, business owners can view customer data by state or city in the general report by selecting the set of parameters. Management can use business performance management (BPM) to assess the function and execution of their business, as well as the individual performance of employees. With BPM, you can monitor progress, recognize achievements and leverage artificial intelligence, big data and analytics to gain a competitive edge. To take full advantage of BI and see its benefits for your company, you need the necessary tools to properly access that data and act accordingly. Request a demo now to learn more about how you can start using BI right away.