Business intelligence is an essential tool for running a successful enterprise in today’s world. Remarkably though, many people are unfamiliar with them. As one of the driving forces of corporate progress today, individuals and organizations should have a guide to BI technologies and why they matter.
Why Is Business Intelligence Important?
There is data everywhere. While not all of it is going to be useful to an enterprise right away, collecting, storing, cleaning, and analyzing data is a crucial framework for making better business decisions. At its core, BI is all about using data to run a smarter business.
Just think about it. When an organization uses quantifiable information to make choices, it’s going to have much better results over the long term than one that doesn’t do this. Business intelligence is the overarching software, services, applications, and storage that allow for insights to happen. Let’s look at some of the most important features of BI, and how it can be used by organizations to foster better outcomes.
How Can Enterprises Leverage Business Intelligence?
Now that it’s clear enterprises have an inherent need for business intelligence technologies, it’s time to look at some of the ways to leverage this to optimize results. Here’s how organizations can be more effective when implementing and using business intelligence technologies:
- Foster data democracy – Over the past several years, data democratization has been an increasingly relevant term when referring to the business intelligence world. This is because greater data democracy lays the framework for vastly improved operations. In the past, all business intelligence had to pass through a specialized team of data analysts and scientists. This system creates bottlenecks, as there’s an inherently greater need for data insights than there are experts within an organization. BI tools that democratize data analytics allow for people to extract insights alongside their workflows. By bringing business intelligence to the point of need, it closes the gap between necessity and results.
- Improved visualizations and embedding capabilities – When it comes to business intelligence tools, you’re only going to extract value when you’re able to reach relevant stakeholders. In essence, BI is only going to be effective when visualizations and apps can be, well, easily applied. BI should automatically recommend best-fit graphics based on the data. This will increase comprehension—making analytics far more useful for business leaders when making decisions.
- Real-time analytics capabilities – There’s something to be said about being able to make decisions based on real-time data. Some situations can only be addressed when using real-time data to solve problems. While there’s certainly more that can be accomplished when you have the time to retroactively look at data, that’s simply not always an option. For instance, you only get one chance to nail a marketing campaign. By using real-time analytic BI tools, organizations can identify issues on-the-spot and pivot, which can save resources that would otherwise be lost.
- Faster decision-making – One of the biggest uses for BI tools is being able to make better decisions faster. Of course, you don’t want to sacrifice quality for speed; but with the right BI tools, that doesn’t have to be the case. Look for BI technologies that leverage artificial intelligence to make actionable insights more readily available. ThoughtSpot is one example of a BI platform that leverages AI to allow decisions to be made more efficiently. When organizations can expedite their data-driven decisions, it gives them a distinct advantage over slower-moving competitors.
There’s much to know and learn about business intelligence technologies. While this is a constantly evolving field, understanding the important elements of BI and why it matters can help organizations improve their operations.