Business Intelligence (BI) is revolutionizing the way businesses process information. The practice area of BI has grown tremendously in the last few years due to the vast amount of data businesses are now able to obtain, and are processing daily. So, how do companies incorporate BI into their corporate strategy?
What is BI?
BI utilizes strategies and tools to turn data into usable information. BI tools can search data from reports, articles, charts, summaries and graphs, and analyze and synthesize data points to build models and identify trends. This information then can be used to make informed business decisions.
What is the difference between BI and BA?
While somewhat related, there is a difference between BI and BA (Business Analytics). BI and BA both try to harness information to improve business functions. Yet with BA, it is a process that analyzes data to determine what will happen, or what could happen.
BI tools include data analysis applications, such as querying, enterprise reporting, software-as-a-service BI, and location intelligence. The BI toolset can also include data visualization software and graphics tools. Data warehousing is also an essential component of the BI world. Our partner, MicroStrategy is an example of a business intelligence application software.
How is BI being used in businesses today?
In business, today, the sheer quantity of data can be overwhelming. Within large sets of data, much information can get lost in the noise. However, it is precisely this data can drive cost savings and improve quality and efficiency.
For example, using BI, a company could take an in-depth look at their shipping process. In this scenario, BI could take massive data sets and turn them into actionable information that otherwise would have been lost. With this actionable information in hand, improvements could be made to an organization’s shipping process to streamline procedures and increase efficiency.
BI is changing the way businesses consume and view information. For organizations looking to get all the benefits that BI has to offer, it’s best to have talent that knows BI and are Certified Business Intelligence Professionals (CBIP). When the time comes to add BI to your corporate profile, consult ASB Resources. At ASB Resources, we have access and connections to top industry BI talent who can help turn your data into results. Connect with a project specialist today.