Different Stages of Business Intelligence and It’s Benefits

None want to invest their hard-earned money into a non-profitable deal. No organization either big or small will accept guesswork or opinion without metrics, logic, or facts. And that is why a business decision entirely depends on Business Intelligence. Business Intelligence is a tool that offers you self-serve access for business users. Furthermore, you can cascade, share, report, analyze through the data to the root cause of problems.

Also, you can utilize the tool to establish and track key performance indicators (KPIs) and will find that your planning is more accurate and the team is more productive. So, let’s begin the blog with the basic definition.

What is Business Intelligence?

Business Intelligence is the process of converting raw data into information, information into knowledge, and information into Intelligence.

With the support of Business Intelligence, one can understand its business and become more productive and efficient. Business Intelligence uses a blend of software development and business analytics and caters you with reporting, monitoring, and analysis.

Basically, Business Intelligence is a way of collecting and processing data about your business and letting you make the right decisions.

Data: It is basically raw data that shows facts and reality.

Information: Information is processed form of raw data.

Knowledge: Knowledge is the processed form of information that has more sensible meanings and understanding.

Business Intelligence is not a product or system. It is a collection of operations, decision-support apps, and a database that offers easy access to data to businesses. So to understand the uniqueness of Business Intelligence, kindly have a look at the stages of Business Intelligence.

Stages of Business Intelligence

1. Collecting Raw Data

Preparing data for business intelligence can be a very tedious and time-consuming process - the raw data needs lots of processing and handling before you can even approach the results. And it is also essential to make sure data is collected and shared across the whole organization. Raw data can be anything like text, images, videos, tables, web pages, etc. And these can be fetched from multiple sources like scanners, web searches.

2. Analysis

Data analysis is the process of synthesizing important data from the collection of raw data/information. Data analysis is done to estimate the current trend and assume missing information or future trends.

3. Reporting

Once the data is analyzed, reporting is done. Reporting is a process of taking analyzed data and displaying it in a manner so that it can be used to gain some profit.

Reports can be presented in the form of tables of data, or paper. And it can also be presented in pivot tables, graphs, etc.

4. Tracking

Now comes the 4th stage of Business Intelligence i.e. Tracking/Monitoring. Tracking allows the user to track data in real-time and it offers snapshots when making decisions. Also, tracking has three important types:

 

•      Dashboard

A dashboard is a place where all the useful and important data are stored. And they are shown in a graph so that users can easily read.

 

•      Key Performance Indicators

KPIs are used to measure the performance of selected keys of the organization.

 

•      Business Management

It is a system that is designed to ensure that the performance goals or targets have been achieved and results are being delivered.

5. Decision Making

This is the last and final stage of Business Intelligence.BI is about utilizing the data or information in a much efficient manner. As it offers you warning or notification about the takeovers, market changes, and yes about poor staff performance. So that you can take the right step to analyze the business and make better business decisions.

Benefits of Business Intelligence     

Business Intelligence offers you varied benefits. By doing proper analysis of data or information businesses can know their unproductive areas easily. And by making the right decision they can boost their business and generate more leads. Some benefits of using Business Intelligence:

Improved efficiency

With Business Intelligence, leaders can get the data or information. And through that, they can easily know their strong side and loopholes too. And once they know it they can make strategies to improve the efficiency to achieve the goals.

Customer Satisfaction                    

Customer is the soul of the business Industry. And with the help of Business Intelligence services, you can understand customer behavior and pattern. Businesses can have real-time feedback from their customers so that they improve their services and retain the customers. Making new customers is way hard as compared to retaining the older ones.

Analyze market trends

Through Business tools, you can analyze the inefficiencies. It helps you figure out the needs of your customers and empower sales teams to make better plans about where money should be invested.

More Revenue

Revenue depends on the customers’ needs and requirements. With BI tools you can understand your customers’ requirements and your sales weakness. So, once you start listening to your customer and fulfilling their needs, your revenue will be skyrocketed.

Bottom line

Business Intelligence is a crucial and much-needed tool for the growth of any organization. The tools cater to you with effective and useful information that can be utilized to boost productivity, efficiency, revenue, and not but least to figure out the new market trends. So, to boost your business, contact an IT outsourcing company that can create powerful BI solutions for your business.