Business Intelligence is nothing but a method to achieve profitability for a firm by intelligently using relevant and accurate data to make critical business decisions. By collecting data of the business processes, companies translate the data into business reports and insights. Utilizing these insights for making critical and strategic decisions would lead to enhanced efficiency, improved productivity, accelerated growth, organic cost management methods and most importantly, significant profitability.
The key aspect in embracing business intelligence is the decision-making process. Understanding the decisions that are typically taken on a regular basis, and at what levels, would determine the level of business intelligence that you would require.
Some benefits of utilizing business intelligence tools are:
Both strategic and tactical decision-making is enabled by business intelligence data. The legacy data, as well as new data sources, can be stored in data warehouses, which may be utilized for obtaining the required data tables for making business decisions
During the initial evolution of business intelligence, the tools were largely utilized by IT professionals who ran queries on large data sets and obtained reports for each business user. As time went by, the business users are utilizing data directly themselves, thanks to the dashboards that are present at the click of a button.
In the future, business intelligence is only expected to advance further with the adoption of artificial intelligence (AI) and machine learning (ML). Both of these technologies use predictive modeling and analytical methods to obtain critical data for decision making, including forecasting and impact analysis.