Business Intelligence – Why You Need It

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WHAT

Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions.

Business Intelligence systems provide historical, current, and predictive views of business operations, most often using data that has been gathered into a data warehouse or a data mart and occasionally working from operational data. Software elements support reporting, interactive “slice-and-dicepivot-table analyses, visualization, and statistical data mining. Applications tackle sales, production, financial, and many other sources of business data for purposes that include business performance management. Information is often gathered about other companies in the same industry which is known as benchmarking.

WHY

With the amount of data stored by companies growing exponentially, it is no surprise that finding the right data management solution continues to show up on the priority list of Chief Information Officers (CIO). Data has to be secure and distributed efficiently for important up-to-date business decisions.

Companies need to translate data into information to plan for future business strategies. For most companies, valuable data is stored in massive spreadsheets or servers. Ideally, this data should provide you with information on sales trends, consumer behavior and resources allocation. Company data can indicate the viability of your product and help in the planning of your future growth. Hence data can help maximize revenues and reduce costs.

Business Intelligence (BI)  solution helps in producing accurate reports by extracting data directly from your data source. With Business Intelligence solutions today eliminate the time consuming task of consolidating data manually. Since BI tools can produce recent data, it allows managers to monitor businesses in real-time. A BI solution provides real-time reports directly to managers on-demand from any location. This helps to reduce the scope of error by providing managers with accurate data to make better decisions on what is happening now and to forecast for the future. BI solutions also focus on providing data security by using existing established security infrastructures to keep data private.

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