Why is Business Intelligence Important For Your Business?

Why is Business Intelligence Important For Your Business?

Business Intelligence (BI) is a set of advanced processes, architectures, and technologies that transforms raw data into meaningful insights and this helps Enterprises in making the right decision.

Read: How Business Intelligence is benefiting Technology Industry

Gartner stated that it is expected that the global revenue of BI will grow up to $22.8 billion by 2020.

Reuters reports additional growth to $29.48 billion by 2022.

What are the benefits of using Business Intelligence?

Smart Decision Making: The correct insights offered by BI helps the business in making the smart decision. This enhances the business present and future growth.

Better Customer Knowledge: BI helps you in recognizing the customer's needs, and this finally supports the business to enhance the services as per current trending needs. For visualizing the customer requirement, you can use CRM software.

Better Productivity: BI helps businesses in increasing productivity and this can be done by visualizing the business stats.

Best Business Intelligence (BI) Tools

  • Datapine
  • Yellowfin BI
  • IBM Cognos
  • SAP Crystal
  • MicroStrategy
  • Pentaho
  • Zoho Analytics
  • Microsoft Power BI

Examples Of Business Intelligence

Business Intelligence is a process that covers collecting, storing, and analyzing data stages. From these, the performance of the businesses can be easily visualized.

Data mining: It utilizes databases, statistics, and machine learning to expose the current trends in large datasets.

Reporting: It enables users to partake data analysis with team members to make business-related decisions.

Descriptive Analytics: It presents introductory data analysis to visualize overall business data and performance rates.

Statistical Analysis: This presents a dramatic analytics result which represents all over data.

Data Visualization: It turns data into charts, graphs, and histograms. These types of visualization are quite easy to understand.

Ending Words

Most of the startups and SMEs use business Intelligence (BI). After examining various BI-related stats, it has been examined that BI Integration Services and its software are benefiting the companies. If you want to know more about how Business Intelligence is impacting Today's Business then just get in touch with the ValueCoders Consultants and for doing so just our avail Business Intelligence Consulting Services.

Last updated:7/21/2020 8:46:47 AM
Mariya James

Mariya James

I am Mariya, a software analyst and technical writer from the last 15 years. My work blends with technology and business niches in general. I would like to coalesce my knowledge, thoughts, and experience to deliver out an insightful article/blog.

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