Business Intelligence, what is it? What comes to your mind when you think of Business Intelligence?
If you are thinking about very complex mathematical or statistical formulae, then let me tell you that you are one of those people who are confused with the word Business Intelligence. The problem here is people are not thoroughly aware of BI because of various myths / misconceptions. Here we will address some of these misconceptions and try to correct them.
BI is imagined to be a very complicated process, involving structuring, implementation, data analysis that results in the responsibility of very highly qualified specialists. But nowadays there are many BI solutions that can help businesses to present data in very easy-to-understand formats. Also, these tools help non-technical people to work independently and to create impactful interactive reports and dashboards.
BI is not just a product, it is a way to formulate information with the help of BI tools to analyze and interpret data clearly for future predictions. BI is a solution for delivering the right information to the right people at the right time.
BI is not just sharing reports or fancy dashboards with senior management, it is a tool to get the right information when needed. It will help business users to understand information to make a crucial decisions, to reduce costs, increase productivity and carry out inventory management.
“Even though reports and dashboards are standard tools of a classical BI, they do not define the value by themselves,” says Sergii Shelpuk, Data Science Group Director, SoftServe
Everything evolves, so do businesses; business users have to stay alert in this competitive world and need to take proper decisions at the right time. Therefore, BI is a continuous process to be followed throughout the business cycle and has to evolve with it. BI is not just for big giant corporates, every organization can use BI effectively to achieve its targets regardless of its size or budget.
In today’s world, BI is essential for every organization that collects data and uses it to make effective decisions for their business.
Source - Fabricio QuintanillaJoe, Stangarone, Ben Rossi, Lateeka Sabharwal
Vilas More heads the Microsoft Power BI team at Direction Software LLP. He has been with Direction Software for over fifteen years and has led numerous international projects in this time.