Business Intelligence, or Business Intelligence, focuses on the process of collecting, analyzing, and monitoring information to optimize business management with SharePoint Consulting.
With the advancement of technology and the consequences of digital transformation, the business ecosystem has become much more competitive. This has created a need for a smarter, more productive way to make business decisions that work in a scalable way. Discover in this article how this tool can make your company smarter.
What is Business Intelligence?
Transforming raw data into meaningful and useful information, with the aim of managing a company efficiently, with the help of a set of techniques and tools, is the basis of the concept of Business Intelligence.
The objective is to allow a better and easier interpretation of a large volume of data. The combination of internal and external data provides a more complete picture of the business.
The vast amount of data helps create and develop business strategies, identifying new opportunities and increasing efficiency. But Business Intelligence goes much further:
Data Collect
All operations and aspects of the company are analyzed to determine the key points that allow driving the business, such as productivity or market opportunities.
Processing and analysis
All data collected is organized and analyzed to facilitate decision-making.
Monitoring
Once the decision is made, based on the analyzed data, the results are monitored.
Main Business Intelligence tools
The tools offered by Business Intelligence are software solutions that collect and process a large amount of unstructured data. This data can come from both internal and external sources, including documents, books, magazines, reports, medical records, images, emails, videos or other sources of information.
In this way, Business Intelligence offers us a way of obtaining data that facilitates the search for information through queries. This technology allows companies to obtain a complete view of operations and predict future developments.
The essential functions of Business Intelligence include:
- Reports
- Online analysis processes
- data exploration
- Complex event processing
- Business performance management
- Benchmarking
- predictive analyticsThese programs provide reports designed to help companies make strategic decisions. This analysis of real data can help us from optimizing stock management to boosting sales.
Why use Business Intelligence to manage your business?
Business Intelligence tools offer you the power to accelerate and improve decision-making. At the same time, with the use of these technologies, it is possible to increase operational efficiency and identify new profit opportunities and market trends.
For example, thanks to Business Intelligence it is possible to identify:
- Which customers bought more
- when they made the purchase
- Which clients generated the highest profitabilityWith this type of data, it is possible to make increasingly intelligent business decisions, always with the aim of increasing the efficiency and profitability of the business.
Efficient information management
With the help of Business Intelligence tools, all relevant data for the company is collected in reports that facilitate decision-making.
Process optimization and simplification
Due to the availability of data, companies manage to carry out a great optimization of processes, more quickly and directly.
Opportunities identification
With the knowledge that Business Intelligence offers to companies, it is easier to find failures or errors and, at the same time, opportunities in the market.
Risks prevention
In the same way that data analytics can be used to make smart decisions and identify market opportunities, this data can help catch mistakes.
In addition to these advantages, Business Intelligence provides other obvious benefits:
- Help to know the business;
- Facilitates access and exchange of information;
- Allows analysis in real-time;
- It offers concrete and precise results;
- Provide quick responses to errors, failures, or opportunities;
- It allows obtaining valuable information about customer behavior, purchases, or sales.
Bet on Business Intelligence and make the right decisions
Managing a company efficiently means making the best decisions. Business intelligence depends not only on the ability and knowledge of the entrepreneur but also on technological support, such as management solutions.
Jasmin is a cloud management software that uses Artificial Intelligence and Machine Learning mechanisms to offer you all the information you need to know about the situation of your company.
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