Business Intelligence An Aid To Create New Business Opportunities
Business Intelligence is an important tool to make good decisions and shape the future of the company. There are other benefits too connected with business intelligence. Like it removes bottlenecks, prioritizes work, reduces grunt work etc. Business intelligence does not require the user to be good at coding. Business Intelligence has become the need of the hour. It uses data to analyze the situation and make good business decisions. Let’s dive deep into business intelligence and understand it’s importance.
Introduction To Business Intelligence
The strategies and technologies used by a company or an enterprise for analyzing data which comprises business information is referred to as Business Intelligence. It does the following functions such as analytical processing, data mining, process mining, predictive analysis, text mining, benchmarking. Thus, this subject is actually studied by students of statistics and business administration. Due to the mathematical nature of the subject, students always require support. Hence, academic writing solutions like BookMyEssay are always there to give Business Intelligence Assignment Help to the students 24 by 7.
BI technologies are involved in handling large amounts of data, that may be structured or unstructured, to form or create new business opportunities. BI aims at analyzing and interpreting data for business use. Firstly, find new opportunities and then implementing strategies can give your business an edge in the competitive market thus giving them a long term stability. Actually it’s all about working on the data.
Tools used in BI
The technology used in business intelligence has changed a lot in the past two decades, so are the examples related to it. Back in the olden days, the tools were more technical which required an expert team to handle them. But now, they have become more user friendly and cloud based. Consequently, these BI tools are accessible to many users, causing a rapid increase in data analysis results. And only thing that’s taken care while making these tools is keeping business user in mind. Hence, through these tools any one can can analyse or act on the data whether they have knowledge of coding or not. But for students, it is always better to buy assignment online related to business intelligence as this is a statistical subject.
Benefits of BI
Business Intelligence uses data to predict next business moves. BI tools provide business with insight into the market, process of demand and supply. Furthermore, they help removing bottlenecks in the business, provide long term stability and finally giving the much needed stability to the business. BI system is more streamlined and automated in the present times.
Defining Business Intelligence
Business Intelligence consists of four processes that is data gathering, data storage, knowledge management and analysis.
- Gathering of data from every source related to your business. One of the examples of the technology that powers data gathering is Segment
- The data gathered is stored safely in data warehouses. Example of data storage is Amazon Redshift
- Knowledge management is all about distribution of the data across the organization
- Finally, the data is analysed to help in making major business decisions
The analytics obtained from business intelligence are more effective when the analysis is made on the basis of internal and external data. What it means is, BI is more effective when it works on the data from the market in which the company operates (external data) with the data from internal company sources like financial and operational data (internal data). This combination of data and it’s analysis gives a complete picture of intelligence, that cannot be obtained by any single data. These concepts of business intelligence are very well known by experts at BookMyEssay. Thus, they can easily provide Business Intelligence Assignment Help.
Real World Application of Business Intelligence
BI adds value to the business processes by empowering teams to analyze their own data and make better day to day decisions. Digital transformation is the latest business intelligence move to help companies make the most of data investment. Let’s look into some big name companies that have used the business intelligence practice to their advantage.
- Company name: HelloFresh (a meal kit company)
Problem: Reporting of Digital Marketing was manual and inefficient
Solution: Automating the reporting process. The business intelligence team came up this strategy and saved the work hours of marketing analysis team by 10-20 working hours. The result was increased conversation rate and improved customer retention.
- Company name: Coca-Cola bottling company (CCBC), Coca Cola’s largest independent bottling partner
Problem: Restricted access to real time sales and operation data due to manual reporting processes
Solution: The BI team of CocaCols introduced automated reporting processes. They started handling all the sales and operation processes of the company. This step saved 260 hours per year and put back customer relationship (CRM) in the hands of sales team. The information obtained by sales team was timely acted upon leading to a competitive edge in the market.
Above mentioned examples of real time application of Business Intelligence propose that when this technology is used wisely, brings your business back in the competition. The students involved in the study of business intelligence can use the assignments obtained, from experts at BookMyEssay, on this topic as notes to enrich their knowledge. Since the experts at BookMyEssay are well versed with ins and outs of business intelligence.