BI (Business Intelligence) is an approach to data management that involves the collection, integration, analysis and presentation of business information. The goal of BI is to provide end users with a clear and complete view of company data to help them make informed decisions. BI generally involves collecting data from multiple sources, such as databases, spreadsheets, text files, and others, and integrating that data into a single location.
Then, the data is analyzed using data analysis techniques such as data mining, machine learning, and statistical modeling to obtain useful and meaningful insights.
These insights are then presented in reports, dashboards, or other visualizations so that end users can access them and make more informed decisions. BI is widely used in companies of all sizes and industries to help management and teams better understand company performance, identify problem areas, and take action to improve efficiency and profitability.
The placement of a Business Intelligence (BI) system in a company is extremely important for several reasons:
Data-driven decision making: BI provides accurate and up-to-date information for decision making. It collects, integrates, analyzes and presents data from multiple sources to provide a complete view of the enterprise. This allows decision makers to have a solid foundation for evaluating options and making informed decisions.
Identifying market opportunities: BI can help identify market trends and opportunities to expand your business. This allows companies to quickly respond to changes in the market and take proactive steps to seize new opportunities.
Reducing costs and increasing efficiency: BI can help companies identify inefficient or unnecessary processes and take steps to reduce costs. It can also help identify areas where automation or process improvement can increase operational efficiency.
Improved business visibility: BI can provide detailed reports on the company`s financial health, sales performance, production metrics, among other aspects. This helps management and staff better understand the company`s overall performance, identify problem areas and take steps to improve.
Strategic planning: BI can help the company plan and prioritize projects, set goals and track progress. It provides accurate, up-to-date data to inform strategic planning and allows the company to adapt its strategy as the external environment changes.
In summary, putting in place a BI system is important because it helps a company make more informed decisions, identify opportunities and problems, reduce costs, improve efficiency, and plan strategically.
