Business intelligence or BI refers to skills, processes, technologies, applications and practices used to support business decision-making. The use of real-time data plays an important role in effective Business Intelligence, which can be derived from all aspects of business activities, such as production levels, sales and customer feedback. There was a time when crucial business decisions were taken solely based on experience and intuition.
Business intelligence acts as a strategic factor for a business to build competitive advantage, by providing privileged information to respond to business problems: entering new markets, product promotions or offers, eliminating islands of information, control finances, cost optimization, production planning, customer profiling analysis, profitability of a particular product.
Company sales prosper, when there is a combination of a quality product offered, which is marketed to the right target audiences, with an aggressive sales strategy. The data can be presented to business analysts via a dashboard, a visual interface which draws data from different information-gathering applications, in real time.
The collection of raw information may develop piece meal, therefore, the element of analysis is essential in understanding how the information may benefit one’s business or organization. According to Forbes, 53% of companies are using data analytics today, up from 17% in 2015.
Being a disruptive technology Big Data Analytics has inspired and directed many enterprises to not only take informed decision but also help them with decoding information, identifying and understanding patterns, analytics, calculation, statistics and logistics.