Business Intelligence is crucial nowadays to run a smart successful business. Though it is a new solution we start to hear about it almost everywhere. BI is slowly being implemented in every industry – if there is a field that is not familiar with Business Intelligence solutions it only means that data scientists and machine learning engineers are still working on it.
It is only a matter of time. But what exactly is Business Intelligence and how it has managed to become such an important factor in the world of business so quickly?
What is business intelligence?
Business Intelligence is an algorithm (for example in a form of an application) that is driven by artificial intelligence capable of becoming better at its duties over time (professionals describe this process as “machine learning”). Its main goal is to convert raw data that it is provided with into information that is clear and accessible to the user. The extracted data is not only simplified and structured but the BI algorithm is also capable of focusing only on the most meaningful aspects. Through multiple BI tools, the user can display data in various approachable forms. The most popular ones are reports, graphs, charts, and dashboards. Visualizing data is invaluable when it comes to smart business decision making.
How gaining better insight can impact our business?
The company’s new strategy that is based on valid information (instead of on a gut feeling) is going to ensure the safety of our investments and other business tactical moves. We can be convinced that by using BI our money will be well spent and transform directly into profit. Even more, we can be confident about discovering any problem regarding our company quicker – sometimes even quickly enough to prevent losing the money. It is possible since some BI solutions can present important changes happening in real-time on the dashboard. Implementing a couple of small changes at the exact right time can often be a game-changer. The knowledge that BI provides us with is a powerful tool that makes us be always one step ahead of our competition.
Who can benefit from business intelligence?
Unfortunately, Business Intelligence solutions seem to be too costly from the perspective of a small (and even medium) business owner. What is more, the implementation of BI into the company’s system takes a lot of time. When it is completed we still need someone competent to manage the new system. The best option is to hire a data scientist, data analyst or other professional in artificial intelligence and/or data management.
In conclusion, Business Intelligence is an invaluable tool that is helping to become more successful but, ironically enough, only businesses that are already thriving can afford it. Though every enterprise – small or big – in almost every field of business could use a Business Intelligence, it stays out of reach for most of them. But with its high price come high benefits. If you consider making your company more AI-driven, contact the professionals that will take into consideration all aspects of your situation and make you the best offer to suit your needs (Addepto Business Intelligence Consulting).