A Business Intelligence (BI) solution, is a set of tools that combine Big Data with business analysis and data mining.
Its objective is to optimise the use of data to help you make better decisions for your company.
Business intelligence drives, eliminates inefficiencies and allows organisations to quickly adapt to any change.
- What is Business Intelligence?
- Fields of application of Business Intelligence solutions in companies
- The advantages of Business Intelligence solutions
- Examples and applications of Business Intelligence solutions
- Yeeply provides BI software solutions for businesses
What is Business Intelligence?
Business intelligence uses software to transform large amounts of data into useful and easy-to-understand knowledge. Then its purpose is that you can effectively monitor your company.
This data optimization allows you to quickly improve any type of process. This is the reason why business intelligence solutions are closely linked to technological innovation and digital transformation.
Any company that uses these types of solutions is capable of achieving higher levels of performance. Moreover you will detect improvement points and you will be able to find the solutions for the areas of interest as well.
Business Intelligence software solutions combine both internal (processes, employees…) and external (competitors, customers…) information to make well-informed decisions.
Types of Business Intelligence tools
Although it is a very broad category, we can divide these tools into three categories:
1. Data tools
Also called data management tools. They use data from different sources in your company to purge it, extract it, transform it and transfer it to the system where it is useful.
2. Applications to discover new data
They are known as data discovery applications. For example they collect and evaluate new information to which predictive analysis techniques are applied.
3. Reporting tools
Once all the information has been collected and processed, these tools help to visualise it graphically and intuitively. Furthermore they are used to integrate information into dashboards that measure whether or not certain KPIs are being met in your company and to generate all kinds of reports.
Fields of application of Business Intelligence solutions in companies
Incorporating Business Intelligence software solutions allows you to achieve objectives effectively in a wide range of sectors.
You can use Business Intelligence and big data solutions to forecast demand and analyse its fluctuations over time. It allows you to optimise inventory to meet customer demand and avoid over-stocking.
Business Intelligence solutions optimise your production chains, human resources and finances by providing effective decision-making tools.
Constitutes an advantage over your competitors. Business intelligence also helps you respond quickly to unexpected changes in the market and in addition informs you of new business opportunities.
Helps to understand the client’s behaviour pattern. It drives research and development and will enhance communication with suppliers as well.
Optimise the management of your staff, which is very important in the service sector, since employees are an essential part of your company’s success.
Business Intelligence technologies and solutions
Although there are many more, these are the main tools that companies can use to incorporate BI into their organisation:
Qlik Sense is a “new generation” data analysis solution. It uses an associative analytics engine and combines it with sophisticated AI. All in a high-performance cloud platform that empowers any business to make better decisions.
It is based on a BI server designed to be highly scalable. It provides access to centralised data and calculations hence creating a great channel through which all users can access all the company’s information.
The platform supports various plugins and all within a fully integrated web environment.
- SAP Business
The third example is an embedded Business Intelligence solution for analytical planning and forecasting. Endeed it allows forecasting what is going to happen in certain areas, based on the history of the company with the help of machine learning.
The SAP Business solution can be supported by plug-ins to enhance its analysis, reporting, and visualisation functions.
- Power BI
It is a suite of analytics apps that let you analyse data and share insights. Power BI is the perfect solution for Business Intelligence, allowing you to see different data sources in a single report for the most critical KPIs for your business.
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The benefits of Business Intelligence solutions
Business Intelligence makes it possible to have all the company’s data centralised and well structured. It increases agility when making decisions and broadens the vision of the business, avoiding making decisions based on intuition.
Reports can be adapted to the needs of each of our departments. Those responsible for the different areas have updated information in real time on the data they are really interested in.
BI allows you to create your own dashboards, indicators and information filters. As a result, dashboards are more intuitive, visual, and easy to interpret.
Customised reports make it easy to communicate with the rest of the company; as a consequence, each department has the data it needs and at the same time the management team can have access to all of it.
Business Intelligence solves many problems of inefficiency. In fact whenever a company lacks these types of solutions, users can spend a lot of time searching for information that may also be out of date.
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Examples and applications of Business Intelligence
Business Intelligence solutions allowed to optimise the company’s commercial management and customer user experience. In addition Renfe uses technologies and tools such as PowerCenter and SAP BO to analyse, for example, traffic flow, objects on the tracks, acts of vandalism or fraud in accessing its services.
The mobile phone company is an example of the incorporation of BI as well. In a word they use this type of tools to carry out the complete management of the company, from definition of calculations to reports, BSC, incident management, etc. They use for example Business Objects, Sybase or Unix.
The technology company connects its electric vehicles, along with all components, to Tesla headquarters through the Internet of Things (IoT). So this allows the company to implement software updates for its cars free of charge and also allows collecting data on drivers’ preferences.
This platform’s strong use of business intelligence is reflected by the analytical capabilities of its algorithm. Over time, users can train the app’s algorithms to their liking by reacting to videos.
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Yeeply provides Business Intelligence software solutions
By having a modern BI implemented in your organisation you will be able to see the results from the first day, and as a result you will immediately see your time become stress free.
Thus you will have the possibility to focus on the data through interactive visuals, to program automated reports that will save you hours of work and to use modern embedded Business Intelligence solutions in predictive analysis.
Truly this will not only empower your company’s technical team, but each and every average business user who needs to create their own stories with the help of modern software and technologies.
Save yourself the manual work and start your analysis, build your dashboards in minutes and interact with your data story immediately.