HomeBusinessHow Business Intelligence Is Revolutionizing The Corporate Landscape

How Business Intelligence Is Revolutionizing The Corporate Landscape

Medium Business Stock Image The use of data has been a part of the business landscape for many decades now. With the amount of information being generated increasingly growing, becoming data-driven and extracting all of the hidden potentials from the information available has become less of a choice and more of an obligation for companies that want to succeed over competitors.

That being said, the use of data has been confined to professionals with technical knowledge to manage it for decades, leaving a large number of organizations and employees out of the analytical process entirely. With these issues in mind, a set of tools and technologies have been implemented to make the use of data more accessible and efficient for organizations. Enter business intelligence (BI).

Essentially, business intelligence is a data analysis branch that leverages powerful software and services to assist businesses in collecting, analyzing, and monitoring all of their available data sources and transforming them into actionable insights that will improve their decision-making process on an operational, tactical, and strategic level.

With the help of technologies such as data visualization, artificial intelligence, predictive analytics, and machine learning, among others, decision-makers can spot trends and opportunities to drive continuous improvement and set the company apart from the competition.

Why Is BI Integration So Valuable?

Mid-Sized Business Stock Image Although BI is an industry that has been developing since the early 1960s, it saw huge growth in the past few years. Studies show that a great majority of businesses adopted BI during 2020, due to the fact that COVID19 forced many of them to turn into online working and selling.

Considering those facts, it is no surprise that the BI industry is expected to reach USD 35380 million by 2028, from USD 24000 million in 2021. So you might be wondering, what makes business intelligence so special? Below we tell you a few reasons why you need to adopt BI in your business.

Accessibility: In order for the analytical process to be fully successful it needs to be integrated into the entire organization. This is not possible with traditional means of analysis due to the need for technical knowledge. BI software and services have user-friendliness as a basis.

Most of these solutions are self-service and rely on interactive dashboards and data visualizations to make the use of data a more accessible task. With the right business intelligence system in place, employees from all levels of skills can successfully use data for their decision-making process.

The self-service nature of these tools also eliminates the need for any manual work. Employees don’t need to manually update the data or deal with massive amounts of information. Everything they need is automatically done by the software with just a few clicks, they just need to analyze and make strategic moves with it. business-technology Agility:  A cloud environment is another one of the greatest benefits coming out of adopting business intelligence. Essentially, cloud BI tools such as SaaS offer the possibility to access all the features and capabilities of business intelligence from anywhere with an internet connection.

This allows companies to get real-time access to any new developments in their data and make decisions as soon as something occurs. Something that is especially useful today, considering that employees are no longer full-time in the office and might need to access their reports and dashboards from different locations.

Data-driven culture: Arguably one of the most valuable benefits coming from business intelligence is enhanced collaboration and communication. As mentioned earlier, BI tools enable users to generate reports from their data in the shape of interactive dashboards.

These dashboards are full of data visualizations that make the information on them clear and easy to understand. Paired with this, the online nature of these dashboards makes them easy to access and share, making them the perfect collaboration tools to support meetings and discussions between departments.

In summary, business intelligence has opened the analytical doors to a large number of users that never thought it possible to integrate the use of data into their daily tasks. Companies are generating massive amounts of information coming from HR, finances, sales, logistics, and much more, and not leveraging the potential behind it can make or break them.