What is Business Intelligence?
Business Intelligence is the name given to the processes and methods that enable us to process raw data and make it more meaningful and useful. Business Intelligence helps identify and develop new projects by processing large amounts of data. Business Intelligence has a direct impact on the strategic, operational and tactical decisions of organizations. Business Intelligence helps you make decisions based on facts rather than hypothetical predictions by using data from the past. Business Intelligence tools provide detailed information about your business by presenting graphs, statistics, reports and making the necessary analysis.
Why do we need Business Intelligence?
One of the reasons for the emergence of Business Intelligence is the increase in the rate of globalized competition. Economic development in an institution at one end of the world can turn the economy of another country upside down. When all institutions work in such a competitive environment, the risk factor arises. Companies have to make faster and more accurate decisions to keep up with developments. As a result, the need for Business Intelligence has increased with the increase in the number of decisions to be made per unit time. The most basic feature of Business Intelligence solutions is that they provide businesses with great efficiency in reporting and analysis. When using Business Intelligence solutions, reports are prepared instantly with real-time data. Thus, much healthier results emerge in the analyzes. Business Intelligence applications mostly emerge when the reporting tools of the institutions are insufficient. Reporting tools are added while developing the application, as time progresses, data increases and data from different sources are started to be received. In this case, reports are insufficient and business intelligence solutions are needed.
Who uses business intelligence?
1. Professional Data Analyst: A data analyst is a statistician who continuously conducts in-depth research and analysis on data. Business intelligence systems enable them to acquire new information to develop business strategies.
2. IT (IT - Information Technologies) users: IT Users play an important role in the protection and maintenance of the Business Intelligence infrastructure.
3. Company CEO: CEO or CXO can increase the profit of their business by increasing operational efficiency.
4. Business Users: There may be different users using business intelligence systems within the business. There are basically two types of business users: Temporary BI user and Authorized user. The main difference between them is that the Authorized User has the ability to work with complex data sets. Temporary users can work on predetermined data sets and tables.
Advantages of Business Intelligence Systems
Some of the advantages of using Business Intelligence Systems are:
1. Increases productivity: With Business Intelligence systems, complex reports can be created with a single click, which saves time and resources. It enables employees to be more effective and productive in their duties.
2. Increases visibility: Business Intelligence increases the visibility of processes and thus enables the areas that need attention to be identified more easily.
3. Increases Accountability: By the help of Business Intelligence, accountability and responsibility in the business increases. The responsibility and accountability required to achieve the determined goals are regulated.
4. Facilitates business processes: Business Intelligence removes the complexity of business processes. It automates subject analysis through predictive analysis, computer modeling, benchmarking and other methods.
5. Offers easy analytical solutions: Business Intelligence allows even analysts or non-technical users to quickly collect and process data and perform analysis. In this way, many addictions and obligations are eliminated.