Business Intelligence (BI) is the Blueprint of your business. It allows you to analyze data, make better decisions and improve your bottom line. If you are new to the world of BI, this guide will help you navigate through some common questions about BI solutions and how they can benefit your business.
What is Business Intelligence?
Business Intelligence (BI) uses information technology to analyze and
share data withemployees, partners, and
customers. BI solutions allow you to collect, organize and analyzelarge volumes of data. They provide a
comprehensive overview of your company's performance so that you can make better decisions based
on facts instead of guesswork.
Business Intelligence
solutions can be deployed in various ways depending on your organization's needs.
Why do businesses need Business Intelligence
(BI)?
BI is important because it helps businesses
make better decisions. Businesses use BI to makefaster, more informed decisions. By using BI,
companies can reduce the cost of makingdecisions and improve their productivity.
BI makes a
difference in your business by helping you take control of your data and
makebetter-informed decisions about
what actions to take with that information based on the facts athand (or not). It does this by providing a
360 view of your company from marketing campaignsall the way down to operational detail allowing
you to see how everything works together as one
cohesive whole rather than piecemeal efforts by different departments or
teams inside an organization.
How do you implement a BI solution?
Implementing a BI solution is not as complicated as it sounds. It’s important to have the right plan, from the beginning to the end of your project. You will need to make sure that you have all the right people involved in this process.
●
Your Data Scientist or Business Intelligence Analyst
should be responsible for creating
reports and dashboards based on data sources that they select. They need
access to appropriate tools (such as Tableau or Microsoft Power BI ) in order
to do this effectively.
●
The BI Architect needs access to all of these tools so
they can create Dashboards using them,
but also ensure they are not just reporting on existing information instead
of looking at trends and changes over
time - something called “ Trend Analysis
”!
Your Data Engineer
needs access to all of the tools so they can create and maintain your
data, but also ensure it is being stored
in a reliable way. This means using an ETL tool such as
Informatica or IBM DataStage to move data from source systems into your
Data Warehouse (if you have one) or
directly into your Data Lake if it’s not being used for other purposes.
How do you assess the value of a BI solution?
The first step in determining if a BI solution
is worth it is to understand what your business
needs. What are its key requirements? For example, if your company has
an online store thatsells products to
customers across the globe, then you will want to make sure that your datawarehouse can handle transactions from
multiple countries and languages. If there are anyrestrictions on this type of data
integration. For example, certain countries may not offer taxreporting services. Then it's important for
you to know about them before moving forward with any kind of implementation plan.
Once these issues
have been addressed (and they should already be addressed before considering a solution), there are two
other key questions: how will you measure whether ornot this new tool has provided value for your
business? And how do we determine whether ornot something like this would actually be worth our time/money/effort
invested into purchasingsaid technology
package(s)? Each company has unique needs when looking at implementingsolutions such as these; however, there are
some general categories that tend not only to provide helpful insights but also help inform decisions about whether or
not something like this would work best
within our organization's overall goals
Conclusion
Business Intelligence (BI) is the practice of
collecting data in order to make more informed decisions and improve the performance of your business. The BI space is
constantly evolving, with new
technologies being developed and new standards being set. To be successful
with your BI initiative, you need to
understand what makes up a good solution, how it works, and how much investment it will require from your
company. This article has outlined some key questions that should help guide your decision-making process as well as
some best practices for choosing an
appropriate solution for your organization's needs.