What is Business Intelligence? Uses, advantages, and examples
What is Business Intelligence or BI?
Business Intelligence ( BI), in Spanish Business intellect or Business Intelligence, is the set of processes required to offer a computer solution that allows us to investigate how our company is operational. This information will make us optimize said operation by making appropriate decisions.
Within the world of BI, there are various potential solutions. As each company has its casuistry, a completely reasonable explanation for some companies may not be for others.
What is Business Intelligence for?
Within the BI solutions, there are different options. So those included first will give way to others that will appear over time. This solution covers new aspects and improves others by relying on rapidly developing technologies.
In any case, the most ordinary solutions (all together or just some of them) are those based on the creation of both predefined and customized reports, along with their automated distribution ( reporting or corporate reporting ).
BI solutions are in the process of alteration. They range from corporate data measurement and related reporting systems to support analytics, prediction, and data discovery capabilities. In this method, we can see that Business cleverness relies heavily on Big Data with data examination and data development.
Improve Processes with Business Intelligence
Let’s take an instance to see how these techniques use; This example is that of a large company where all these functionalities are required, so it will help us understand where they are hysterics in our companies. Imagine a business with unique software programs in use: an ERP, a program specially developed to control its production systems, a CRM, etc.
Although it is not always necessary to annotate data from one scheme with others, it some extent. It implies that it has to outwardly. For example, advanced users gather data from different approaches in spreadsheets and cross-reference it.
It is a very error-prone system, separately from organism expensive (it always needs available staff) and slow (this staff must prepare the type of information required in each case). BI solutions allow you to design it in advance. There are different types of keys (for example, those based on metadata), but the best known are special data warehouses.
These allow these data to be obtainable, having before processed them to correct and rule out errors (errors as shocking as dates from other centuries, misspelled geographical areas, etc., are shared). In addition to storing them with the preceding groupings required (temporary, geographical, by type of business, others), any report, dashboard, etc., that needs them will be much more efficient.
Use of Data Depending on the Section
Once we have these data ready and crossed, users will only need to develop part of them.
In addition to data for the accurate monitoring of budgets and sales forecasts. For instance, predefined reports with a certain cadence will be helpful for sales visits every week. Others, such as sales managers, will require aggregate data on product sales by the vendor and geographic area.
Managers or persons responsible for objectives will need dashboards to follow the evolution of the company’s key indicators. In the sanatorium sector, they will gauge the use of beds or visits per patient. Others will need to cross-reference data to provide insights and discover patterns that change or create new ways of working. The instance of beers and diapers is famous. Since having small children means you can’t go out as much, you tend to consume more at home, which is why they place close to each other.
The Advantages of Applying Business Intelligence
But. Why are BI solutions required? What do they supply, and how do they help us? Years ago, the focus was on having organization programs that improve day to day of the company. These programs are called ERP ( Enterprise reserve Planning ).
Keep in mind that there are very diverse and few functionalities. They allow us to control delivery notes, orders, invoices, customers, products, manufacturing, accounting, sales, even payroll.
ERPs or CRMs regularly have a series of predefined information to provide us with information about part of them (sales reports, for example). Other programs such as CRM ( Customer affiliation Management ) are also used to control sales activities. With all these computing solutions, much data store wasted but can use. The good news is that they increasingly offer more options than those contemplated in the BI world.
They are not usually very complete and also assemble according to their data. Using different computer programs in our company will only be valid for your data, so it will not be possible to have a joint vision. In addition, the structure in which they exist is not optimal for their utilization. That is where Business Intelligence solutions come in to solve all these shortcomings and limitations.
Examples of Business Aptitude in Company
Now that we know its manifold uses and what industry Intelligence consists of, let’s see some examples of companies that have applied it internally:
Toyota Motor Corporation
Toyota motor corporation is not the first time it has been at the forefront of modernism in the global business sector. We emphasize it because the automaker incorporated information management software to reduce production costs, obtaining a more significant number of regulars.
Another example of an engine corporation that uses BI is Bridgestone Firestone, which uses information management software to distribute its products and the logistics of reception and purchase of raw materials exported from different parts of the world.
Supermarket chains such as Wal-Mart or restaurant chains such as Wendy’s and Ruby Tuesday and Friday’s also use Business Intelligence to make decisions based on the data provided by customers, being able to maintain loyalty and maximize sales.
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