In today’s era, every company possesses terabytes of data (or even more), data is everywhere – every data centers, every application, every device has exhaust of data available. Every internet site, the social network have enormous amount of data. Now, the question is what do we do with this data? Could we refine these exhausts and convert to leading success of the company? Yes, that’s exactly BI helps us to achieve.
Business intelligence is a set of techniques and tools which allow businesses to handle large amounts of unstructured data, transform it on an operational, day-to-day basis into meaningful information, analyze it and take appropriate decision at the right time.
With the growing competitive market, taking right actions swiftly holds the key to companies’ growth and success and to do that, the companies rely on data. So BI helps them to extract current and history data and gives them the opportunity to slice and dice data giving them a full 360 degree view of the business and generate the reports in charts and graphs so as to help the decision makers be better informed and embrace strategic planning for business growth, by identifying key trends and patterns that have the potential to unlock new growth opportunities, streamline processes or even reduce the costs.
Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics.
BI tools help businesses to improve the visibility to understand the customer needs better, be more efficient and get insight of what they are looking so as to make successful strategic plans. No doubt, BI is one of the key spine for companies’ growth and success.