Derive insights from data that change the way business is done
BI Systems Have 4 Main Parts
Data Warehouse: Centralized storage for your company’s data. We aggregate data from various sources in multiple formats.
Data Modeling: Our data management tools extract and analyze data from the warehouse, enhancing decision-making.
Performance Management: Utilize business performance tools to assess progress toward your goals, aiding strategic decisions.
Visualization: We employ data visualization tools to present complex data in user-friendly graphs and charts.
Where Is Business Intelligence Used
Data scientists and analysts use business intelligence tools to analyze company data with help of powerful analytics tools to identify opportunities for improvement and make recommendations to the company leadership on different areas.
Data from sales and marketing, campaigns, and operations are combined to formulate a business strategy, understand the impact of various decisions on the P&L sheet and identify opportunities to optimize the use of funds.
Data from various campaigns can be studied in real-time to identify what the consumers are liking more; this can help marketers formulate the marketing strategy based on products and the target audience.
This function makes use of BI to understand more about discounts, customer profitability, and which channels resonate more with the consumers.
The BI tools help leaders understand the resource utilization within their team and across the organization, this helps them assess if the resources are being effectively used and SLAs are being met.
BI can help in tracking the issues and bugs which are being reported by the business. It can help measure the time taken in the resolution of tickets and identify patterns in the problems reported which can be mitigated to prevent future issues.
BENEFITS OF BUSINESS INTELLIGENCE
Visualization: User-friendly dashboards offer clear data representation and allow you to extract meaningful insights. These visually engaging tools help you make informed decisions by transforming complex data into easy-to-understand charts and graphs.
Aggregation: Our data aggregation capabilities enable us to collect and shape data from various sources, providing you with a comprehensive, end-to-end view of your business. This consolidated data aids in generating valuable insights and driving effective decision-making.
Collaboration: Our Business Intelligence (BI) tools facilitate collaboration across different functions within your organization, including HR, Sales, Marketing, and Operations. This fosters informed decision-making and ensures that key stakeholders can access and analyze the data they need for their specific roles.
Multi-Platform: Our BI tools provide accessibility on various platforms, including mobile devices. This ensures that crucial information can be distributed rapidly to the right individuals, enhancing the availability of data for making well-informed decisions.
Scalability: Our BI reports aren’t limited to business analysts. They are available to users across different departments, encouraging a wider range of perspectives and constructive feedback. This collaborative approach often leads to the addition of more relevant metrics in data analysis, enhancing the decision-making process.
Accuracy: Our BI reports are highly customizable, allowing you to monitor Key Performance Indicators (KPIs) based on data from multiple sources. This comprehensive approach validates your business strategy and empowers you to make informed decisions. It also aids in the formation of new strategies based on the insights gained from diverse data sources.
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For more information, please write to us at BD@Audviklabs.com or give us a call +91 80-43779824
Frequently Asked Questions
Business intelligence refers to the methods and technologies that are used to evaluate business data, transform it into actionable insights, and assist everyone in an organization in making better choices. A business intelligence system analyses current and historical data and provides insights in simple reports, dashboards, graphs, charts, and maps that can be shared throughout the organization. BI is often known as “descriptive analytics” since it depicts how a firm performs currently and has performed in the past.
BI and Business Analytics both work on data as a tool. While analytics is a subset of BI, both are data management tools that analyze business data to provide actionable insights. Although both of them aren’t mutually exclusive, the major difference between the two resides in the time factor each of them deals with. While BI effectively manages all data from past through present and thereby allows clients to identify the procedure/business model which has yielded the best results, Business analytics is more inclined towards predictive analysis, using data mining, data modelling and machine learning.
BI and analytics give useful information for company operations, and while either methodology may be required, most firms will benefit from both. You must decide whether your organization would benefit more from descriptive or predictive research, but the fact is that you will almost certainly need both for a thorough business projection.
A general BI model works on business data to perform a few of the following functions:
- Data Visualisation
- Visual Analysis
- Provision of requested data-specific information
- Sharing of Data Analysis for effective decision making
- Data Mining
- Statistical Analysis
- Comparing performance metrics
In the current era, where ML is taking over much of the businesses and industries, BI is a necessity for every firm. Some of the prime reasons for the same being:
- Improves decision making.
- Optimizes internal business process.
- Boosts operational efficiency.
- Contributing to or driving new revenues.
- Gaining a competitive edge in the market with another close rival.
- Speeds up the decision-making process.
As for why AudvikLabs is the best choice for your business model, we have worked with more than 20 global clients on more than 30 BI projects, which have resulted in a significant reduction in the operational time, an increase in the overall efficiency and also a significant reduction in the automation costs.
The general procedure followed by BI models is summarized as follows:
- Extracting Data from different sources.
- Data Analysis: Data analysis entails producing a proper analysis report based on usable knowledge acquired through data collection.
- Decision Making Support.
- Situation Awareness: It is about removing extraneous information and contextualizing the remaining information in the context of the company and its surroundings.
- Risk Management: It is about determining what remedial actions or decisions may be performed at certain times.
Business intelligence tools are used to manage your data warehouse, present visualised data, create analytical reports, and so on. As a result, an easy-to-use tool is critical for corporate operations. Some of the most widely used BI tools are Tableu, PowerBI, Octaparse etc. AudvikLabs has trained professionals in all of the above-mentioned software. Our team has helped various firms integrate their current setup with the latest BI tools, unlocking the power of visualization for decision-making and reporting.