Business organizations worldwide regularly deal with massive amounts of information. They must process numerous data related to expenditure trends, client interactions, and so forth. In this situation, business intelligence is the greatest tool for assisting specialists in engaging productively with multiple data sources, improving internal organizational procedures, and increasing data efficiency.
In this post, we’ll discuss the idea of business intelligence, various BI software types, their benefits for organizations, the stages to a successful BI solution deployment, and much more. Let’s begin reading and researching the BI fundamentals!
The Essence of Business Intelligence
We’ll start from the essence of the notion we talk about. Business intelligence (or BI in short) is a set of software solutions and tools intended for collecting essential company data and handling it as well. There are the following instruments helping the BI analytical products to work with the gathered information, such as big data analytics, statistical analytics, text mining, etc. Furthermore, self-service BI systems let you make information requests, analytics projections, and dashboard adjustments.
What components does the BI solution consist of? Let’s define some of them.
- Data collection tools
- Monitoring of the company’s performance
- Forecasting creation
- Analytics, etc.
The below picture will show you how all this BI organism works.
Now, we’ll talk more about data analytic tools which are used by BI to address various information demands of the companies and name the most common ones.
Ad-hoc analysis responses to creating and running queries to investigate particular organizational components.
Mobile-adapted BI solutions are intended to be more portable and user-friendly. However, the mobile dashboards can access users to only two or three data visualizations and KPIs at once to be seen on a phone screen.
Online analytical processing (OLAP) helps entrepreneurs conduct sophisticated searches and analyses, enabling data decomposition by several dimensions.
Software as a Service (SaaS) BI, or cloud Business Intelligence, primarily provides businesses with the opportunity to build BI apps on many cloud platforms for user satisfaction due to compatibility with several cloud systems.
BI solution functioning in real-time enables data gathering, analysis, and processing as soon as this data is generated. As a result, businesses stay current with new statistics.
These BI types and other ones (like embedded, open-source, or collaborative BI) are used by companies for different goals to accomplish. So, let’s talk more about why the companies apply to BI and how it helps them become or stay (if they use such solutions longer) competitive and profitable.
The Most Critical Reasons to Use BI Solutions
Different analytical activities aim to increase company productivity by monitoring its flows and making them more straightforward and profitable. This is possible due to the following crucial BI functions and duties:
- Analyzing customer behavior
- Doing a comparative analysis of the rivals’ activity
- Watching the company’s performance
- Making business forecasts
- Discovering trends that are prevalent in the current market
- Finding the corporation’s weaknesses, etc.
All that is required by the particular company when its personnel is inadequately productive, wasting their resources and time. This way, unsatisfied clients leave them, which clearly indicates that there’s time to change something in regular business processes and priorities.
Benefits of the Successful BI Utilization For Companies
Using BI solutions for businesses, company leaders are able to allocate resources effectively and wisely, identify the company’s shortcomings, and fix them.
Let’s go through the other advantages in greater detail:
Effective decision-making is based on simple company data or market trends visualization. It gives you enough understanding of how to plan the company activity in the most beneficial way.
Accurate reporting allows business owners to be informed of any changes in the development of the firm and other indications.
Market trend identification helps the entrepreneurs research specialized markets and industry competitors, find the company’s advantages and disadvantages, as well as performing many other things.
BI-based control of risks safeguards sensitive data and helps to stop fraudulent activities.
Wise budget spending. BI expenditures seem to be fairly expensive due to the variety of advantages it offers. However, you can be confident that BI’s investment costs will soon be repaid.
Information accessibility lets quickly collect the readily available information from the initial storage (like Google Docs). You must next analyze the data, examine, and visualize it.
The efficiency of time used for company operations means that every team member can see the visualized data with the help of BI and do their work quickly due to the said.
How to Effectively Implement the BI Solution?
What activities should be done in order to implement the BI software product? We have researched this issue and made our conclusion in view of several important stages given below.
Initial preparations before the development flow
The development time will be reduced if you do some homework from your side: for instance, specify the goals of BI integration, and establish KPIs. Then, provide your tech partner’s staff (in case you collaborate with one) with a necessary scope of work, guiding them and giving all the necessary information you have previously defined.
Selection of the type of the future BI software
To succeed with the said task, you should investigate the market of business intelligence software, make a list of solutions that fulfill the needs of your company the most, and make a list of necessary features for your upcoming analytics software.
Keep in mind that the functionality list is one of the factors that influence your software development costs and expenditures. Typically, the specialists advise the clients to divide the features implementation into two steps: Minimum Viable Product creation, where you include the essential features for your software app to function, and the implementation of the additional feature, where you can upgrade the existing app with more features intended to make the BI software usage more comfortable. You can facilitate your task by applying for help from a skilled BI software vendor that will help you with the said preparations as well as with further solution creation process.
The process of BI integration
Such a process contains the following steps:
Data preparation, processing, and analysis include updating or deleting outdated, illogical, or nonsensical data.
Making modifications. The scalability of BI solutions should keep pace with the growth of your company. Because of the said fact, the installation process will go considerably more quickly, and subsequent revisions will be more accurate and business-oriented.
Staff training. You should elaborate on the reasons for using business intelligence, its importance, and its values. Then, help the staff members learn new information by guiding and training them.
Taking profit from the BI solution
Once the previously stated activities are finished, you can utilize the BI software to its fullest extent by gathering and analyzing data, envisioning it, and using the results to enhance corporate strategy, streamline operational processes, and wisely allocate resources and financial assets.
How to Properly Integrate BI Architecture
The architecture of a business intelligence solution is quite a specific one. However, you should know it in order to appropriately organize your upcoming solution’s work. The below image will show you the moments you should pay attention to while implementing the BI solution into your routine business processes.
BI software is essential for businesses from different industries; however, its implementation is quite tricky. You can solve this issue by applying to an experienced business intelligence software provider. Thus, your BI digital product creation and implementation will be in the hands of qualified specialists that will assist you at each stage of the development flow and help you increase your organization’s productivity.
Yuliya Melnik is a technical writer at Cleveroad. It is a web and mobile app development company in Ukraine. She is passionate about innovative technologies that make the world a better place and loves creating content that evokes vivid emotions.