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Business Intelligence: what is it and why is it important

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Business Intelligence is the term used to describe a series of processes for the purpose of gather and analyze strategic data and information for a business.

In recent years, the use of Business Intelligence tools (BI) has increased considerably. This is also due, in part, to the growth ofbig data” and the development of technologies in the field of business analysis. An explicit example is the amount of data generated in social networks.

Curious? Follow our post and understand at once what is BI and how important it is for today’s business!

Definition and importance of Business Intelligence

The relative question of how to make a business analysis is resolved directly by Business Intelligencethat is, a set of business processes that help to collect and analyze strategic information.

Companies and organizations produce a huge amount of Dice which were often useless. However, with the advancement of BI toolslike the Business Analyticscompanies can use the collected data to make strategic decisions.

To cite an example, imagine that you manage a hotel. You can have access to information about your customers, including registration data, history of their previous visits, all the services and products they have purchased, their arrival and departure dates. In addition, you also have all the details of your hotel, including expenses, inventory and staff management. If before, nothing was done with this data, now you are able to use it to anticipate needs in terms of staff and costs.

Simple BI implementation in your business

Business Intelligence seems complicated? Forget that idea! Many of the BI platforms are specifically designed for use by people without much technical knowledge.

The use of easy-to-understand dashboards and performance indicatorsthrough diagrams and graphs, allows you to have a snapshot of each type of activity in seconds. The “reporting” feature is a key feature of many platforms and is designed to be understood by users. Decision makers.

Tip: How do you know if your digital marketing strategy is effective?

Using data from multiple sources

Many platforms Business Intelligence have the ability to integrate different types of data from any format and source. Some do not even need to be encrypted, simply being “dragged” into the platform.

And they don’t need to be saved or sourced from other platforms. They can also come from sensors, many of which are connected to the Internet, being collected and interpreted with a BI platform.

Obviously, some platforms are more capable than others, so you need to make sure that the one you choose will have the ability to read all types of data you want to integrate.

Forecasting with BI Platforms

Some systems of Business Intelligence can provide capabilities predictive analytics. For example, the trend in the number of customers or the demand for certain specific products; you can even predict the effectiveness of your marketing campaigns.

It’s easy to understand the importance of Business Intelligence when you realize that we live in a fully connected world. The new generations are born with access to the internet, communicating and consuming multiple sources of information dynamically, generating data about that. The era of Big Data is reality, and having the power to control this data it means to be one step ahead.

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