What is business intelligence?

What is business intelligence?

Any fool can make things bigger, more complex, and more violent. It takes a touch of genius-and a lot of courage-to move in the opposite direction.  -Albert Einstein

BI is about providing the right data at the right time to the right people so that they can take the right decisions.

Business Intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, bench-marking, text mining, predictive analytics and prescriptive analytics.

BI technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.

Experience Finacle IT Business Analytics and cloud services, an interactive way for virtually anyone to find, explore, and share data-driven insights in a governed environment. Find precise and timely answers from your data or from content built by others. Create compelling reports and dashboards which you can easily distribute throughout your company. Use automated alerts to monitor changes to key findings. Confidently and quickly take actions to improve your business.

First of all, BI isn’t just a pile of information, it’s actually a whole set of theories and processes that help professionals sort through and analyze the information they collect. A lot of information passes through a company’s internal network, but this information must be organised and presented in a relevant, contextualised way before it is useful in the decision-making processes of an organisation.

A good BI is instrumental in making businesses successful. The information gathered and sorted by BI analysts helps companies better understand their history, where they stand and how they might grow in the future. As we had a discussion about Business Intelligence, but do we know the actual meaning of intelligence in terms of business insights. According to Robert J. Shiller, Irrational Exuberance
The ability to focus attention on important things is a defining characteristic of intelligence.

How Business Intelligence works?

Business intelligence (BI) simplifies information discovery and analysis regarding any business data, making it possible for decision-makers at all levels of an organization to more easily access, understand, analyze, collaborate, and act on information, anytime and anywhere. This definition for BI demonstrates that traditional analyst-driven BI applications have evolved to include multiple initiatives to measure, manage, and improve on the performance of individuals, processes, teams, and business units.

Although business intelligence does not tell business users what to do or what will happen if they take a certain course, neither is BI only about generating reports. Rather, BI offers a way for people to examine data to understand trends and derive insights.

All know that Strategy of working and the execution of that strategy can be referred as the base of success of any business. So Business Intelligence provides that strategies to your business to grown up and achieve their desired goals with appropriate decisions which can take by business intelligence analysis.

Why you should need business intelligence?

If I am getting you right then you are a part of a business organization. I want to tell you an amazing fact about business intelligence that it is not industry or business specific, it means that any business organization can take advantage of our business intelligence services.

But, you will be amazed when you know that, what businesses think about Business Intelligence. They think that, that they don’t need it. They had bulks of spreadsheets which is complicating and intimidating and also requires lots of IT experts and resources. But even then they are happy with their spreadsheets. I don’t think you are one of those businesses who think similar about BI services.

Business Intelligence is an infographic which provide organisations with a framework to evaluate and select the right business intelligence solutions for their requirements now and in the future.

Let me tell you something about us:

We are a fastest growing Software Consulting Company, offering services to businesses all over the world through onsite, offsite, and offshore model since inception.

Finacle IT is world leading providers of Business Intelligence, Analytics & Cloud Services & Solutions. We have served various clients from our inception in year 2007. Our vision is to achieve global IT services leadership in providing value-added high Business Intelligence & Cloud services to our clients in selected horizontal and vertical segments, by combining technology skills, domain expertise, process focus and a commitment to long-term client relationships.

The benefit which you get from us:-

Finacle IT is a world leading company with business services like business intelligence, cloud services and more. Following is the benefits with us using business intelligence:

The potential benefits of business intelligence tools include accelerating and improving decision-making, optimizing internal business processes, increasing operational efficiency, driving new revenues and gaining competitive advantage over business rivals. BI systems can also help companies identify market trends and spot business problems that need to be addressed. Want to know more about how we work on your business data contact us.

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