Business Intelligence helps organizations improve business operations technology through the use of data tools and business analytics. Proper applications of business intelligence result in higher productivity and increased revenue by making informed and data-driven decisions. These strategic decisions promote the growth and prosperity of the entire organization.
Before Business Intelligence, organizations had to make critical decisions based on historical factors and intuition, which still left room for errors and problematic mistakes in judgment because of the lack of pertinent data.
Business Intelligence is a systematic method of analysis and evaluation of data (which includes data visualization, data-gathering, and data tools technology) for the purpose of making informed business decisions in order to strategically align the organization's actions with its goals.
Business Intelligence starts with either a problem, decision, or question. From there, an organization gathers all relevant raw data and information that could influence the decision. After the data is collected, it needs to be processed, which could include visualizing the data to see patterns, abnormalities, or operational efficiencies more easily.
With all this information readily available and easily readable, business leaders can then make an informed decision to propel the organization closer to its goals.
The process of business intelligence continues even after the decision is made, as the data is then stored in a database so that it can be referenced in the future. Continued use of these data tools can be used to predict future patterns and create protocols for future use, as well as for business automation.
Within manufacturing, business intelligence solutions are pivotal for Industry 4.0, bridging the gap between IT and OT.
Data warehousing starts with building a data warehouse by integrating and consolidating data from different sources. Data warehousing can be used to clean, update, transform, and extract information that is key to the organization’s goals.
An enterprise application is a software platform created to operate in an intended way such as supporting industrial processes. Enterprise Applications are sophisticated and able to acclimate to different levels of production. EA software comprises a group of programs with shared business applications made for specific functions.
A business-level application includes applications for purposes such as marketing, accounting, and other functions of operation that support the roles in which they perform.
Business Intelligence provides the clear data visualization and insights needed to provide strategic consultation based on fact and logic, which adds security and confidence to recommendations provided by a consultant.
Business Intelligence helps in the development of long-term strategy by storing data and maintaining consistent benchmarks and analysis so that critical insights can be observed and considered for the overall vision and strategy of the organization.
Business Intelligence helps develop the strategy by monitoring Key Performance Indicators (KPIs) and always be informed of what is working well and what needs to be modified. By staying on top of this, an organization can set itself up for success.