Business Intelegence

Business Intelegence – There is often confusion about what business intelligence (BI) is and what differentiates it from data science or direct data analysis.

You often get different answers depending on who you talk to. Database administrators would say that BI is more about data, while analysts would say it is more about analysis and dashboards.

Business Intelegence

I have worked in Business Intelligence for over 10 years, working on projects for some of the largest companies in the world.

Business Intelligence: Why Do I Need It?

Let’s put this question to rest once and for all and I will tell you what Business Intelligence is.

First I will explain in one simple sentence what Business Intelligence is and then I will go into more depth about what it actually involves. So, in its simplest form…

Now I intentionally wrote that sentence in a way that made it as easy as possible to distinguish BI from other disciplines like data science or general data analysis. The key is in the name, Business Intelligence.

While Data Science is the practice of testing theories and making discoveries with data which can be of any type (this can certainly include business data), the whole purpose of Business Intelligence is to make business smarter through data. have to make.

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So, let’s elaborate on the first simple sentence and add more information about what Business Intelligence is…

Business Intelligence is the process or practice of using the data that a company generates in all its various activities. Then collect, analyze, and visualize this data in dashboards and reports to better understand and gain valuable insight into how the business is performing. These insights can be used to make better and better-informed data-driven decisions to help a business develop and grow.

Rinse and repeat. I am saying this because Business Intelligence is an ongoing process. You don’t analyze data once and make a set of decisions based on the insights gained.

Once the first decision – or set of decisions – has been made and implemented, their impact on company performance will need to be measured.

What Is Business Intelligence Vs. Business Analytics?

Or the results of data analysis may reveal entirely new questions that you hadn’t thought about before. Or new KPIs to track, with access to more/different data sources.

The best business intelligence is flexible and constantly evolving to fit the ever-changing situation of the company that uses it.

Now that we’ve defined in general terms what Business Intelligence is, let’s look a little deeper into each of the 3 parts of the BI process above.

This will help us understand some of the reasons for the emergence of BI over the last few decades and its objectives.

What Is Business Intelligence? Working, Tools, And Importance

In today’s modern business world, most businesses generate lots of data. Gone are the days when it was all contained in spreadsheets and on-premises databases.

The online age has brought with it things like social media and cloud-based business services. And they all generate lots of valuable data.

All this data is separated into what are called ‘silos’, which means it is difficult to get a global 360° view of how your company is performing across all its activities without looking at multiple reports in different locations.

We really need to bring together these different data sources and analyze them together to get a clear picture.

Business Intelligence 101: From Data To Insights

Because, “What impact have my recent social media campaigns had on sales?” To answer questions like, we need to be able to combine data from multiple sources, i.e. your sales data and your social media data.

A data silo is a standalone source of data that is not connected to others or to a centralized data repository.

Basically, most businesses generate a lot of data in different places through their various activities. From simple Excel files and on-premises databases to social media profiles and web-based SaaS (Software-as-a-Service) services.

You may also have different data silos in different departments of the same company. Sales, marketing, finance, etc. may all use separate internal systems that collect data and store it separately from the rest.

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One of the basic principles of business intelligence is to access data from these different data silos and use tools to query the data where it is or move that data from there to a centralized repository where it can be stored in one place. But can be analyzed jointly.

The end product of the data analysis part of the process usually takes the form of a dashboard (or report) containing a visual representation of your collected data.

It often, but not always, includes elements of interactivity that allow viewers of the dashboard to ask questions about the data presented by doing things like applying filters, or changing metrics or dimensions in the visualization.

While a car dashboard displays things such as what speed you’re traveling, how much fuel is left in the tank or even the outside temperature, a BI dashboard displays your company’s metrics or key performance indicators ( KPIs), such as your revenue, stock levels or how much engagement you get on social media.

Benefits Of Business Intelligence Tools

Tracking and benchmarking your KPIs in the dashboard lets you measure your company’s performance. Visualizing your data makes it much easier to read, digest, and understand.

A dashboard gives you a quick snapshot of performance and helps you identify areas where you are doing well and those that may need more attention or investigation.

Data visualization is a discipline in itself – which I’ll go into more detail in this article – and effective visualization is key to ensuring that your data is as easy to understand as possible.

So, once we’ve collected, analyzed, and visualized our data in one place, we get to the insight stage, where it’s time to read the results of the analysis and see what, if anything, stands out. Has been learned.

Best Business Intelligence Tools (bi Tools) Of 2023

Effectively visualized data can help you find trends, see how different metrics correlate, detect outliers or unexpected anomalies in the data, and compare different time periods. That’s how things are developing.

It is the comparison of time periods, capable of showing a simple percentage increase or decrease, that is most useful in tracking and benchmarking performance.

Now, of course, every company is different with different KPIs, but, to give an example of the type of insight we’re looking for, let’s look at a dashboard I created with some real data.

Below is a dashboard with some Instagram media data for the tourist office of the city where I live in France.

What Are Business Intelligence Tools And The Types Of Business Intelligence Software In 2024

This is a very small data set, but you can see that we’ve broken down our main KPIs, number of posts and average number of interactions, by different things like month, day, hour, filter and type. And color data coding is used to show 2 KPIs together.

If we look at this first graph by month, we can see that he posted the most frequently in August. But we can also tell by the yellow color that those messages had the lowest average interactions.

So… this can tell us that perhaps they have posted too much and should think about reducing the number of posts in a month.

Or… it’s just a month when a lot of people are on vacation in France, so there aren’t as many on Instagram.

Introduction To Business Intelligence

One way to test this would be to compare to the same month last year and see if the average conversation was also lower.

We can tell that posts on Tuesdays and Wednesdays get the highest average interactions, so this can tell us that we should post more on those days.

And finally, we can see above that the Amaro filter seems to be the most effective in getting engagement, so we can try applying it to more posts to see if interactions increase.

The data visualized in this dashboard gives us food for thought and ideas about things we can try to change about how and when we, in this case, post on Instagram.

Business Intelligence: A Complete Overview For 2024

We couldn’t come up with ideas without analyzing our data. And that’s exactly what we mean by insights.

So there you have it. Hopefully you now have a better understanding of what Business Intelligence is, its challenges and its benefits.

BI is a process. And it’s not about the data, but it’s about data visualization or any other part of that process. Is it the same with you? Let’s see why this is not so.

There is some contradiction between the definitions of business intelligence and analytics, which is why industry insiders regularly debate the difference. However, to help businesses, executives need to know the difference between Business Intelligence and Analytics.

Why Do You Need Big Data Business Intelligence

According to traditional definitions, the purpose of Business Intelligence (BI) is to help companies better manage their daily operations through the analysis of data. Leaders use Business Intelligence to collect and store data related to ongoing operations, optimize workflows, provide useful reports, and meet their current business goals.

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