What is Business Intelligence and what is it for?

If you still don't know what Business Intelligence is, read the text, as it may be what your company needs right now!

What is Business Intelligence?

BI, as it is popularly known, focuses on business intelligence. The action is made up of several methods, activities and tools applied in an organizational environment.

One of the main purposes of this methodology is to extract information from a given database.

There may be different bases and sources from which this data is extracted, in fact, in isolation they do not conclude a sentence.

However, with the BI methodology, this information is cross-referenced, making it possible to detect indicators and have more precise notions of what is necessary to have good management and achieve the company's objective.

Business Intelligence is also called business intelligence, as it can be useful in different sectors of the company, for example:

Financial;
Operational;
Marketing;
Commercial.

With BI, it becomes easier to interpret, manage and analyze data and content. This way, it also becomes easier to identify opportunities, the need for change and also risks, for example.

What are the main benefits of Business Intelligence?

There are many advantages to using BI tools in your company, and they can vary depending on the purpose.

With it, divergences are identified quickly, so the response is also quick, that is, the speed in making decisions to solve the problem is fast.

This ends up putting your company ahead when it comes to resolving problems and risks.

With reports resulting from the cross-referencing and analysis of data provided by BI tools, you will be able to know exactly what to do, but with greater agility.

All of this makes this method great for, for example:

make decisions with greater precision, agility and quality;
bring more efficiency to operations;
optimize processes;
organization and structuring of projects;
support in strategies;
save time and effort;
know your business;
acquire important information related to customer behavior;
deliver exact results to your target audience at the exact time;
reduce the risk of problems.

To understand in a simple way What is Business Intelligence? and its pillars, check out the chart below.

Basic structure of Business Intelligence

The first pillar of BI is data collection. All company information and data must be collected and evaluated to detect important points, for example: reputation and authority.

In the second pillar, the data has already been collected, so it is time to organize it and carry out an analysis of all the information.

Finally, it is time to act. Through analysis, the manager knows exactly where to start making decisions.

While attitudes are being adopted, monitoring must also be carried out to find out what is working or not, detect risks, advances, regressions, etc.

How to apply BI in my company?

Initially, it may seem difficult to understand What is Business Intelligence?, however, putting the method into practice can be easier than you think.

To make this process simpler, we can break it down into 3 simple points: data, objectives and flexibility. Keep reading to understand better!

1. Secure and reliable data

The first step to employing a successful method is to make sure that the information used in the process is reliable and of quality.

To carry out good and efficient identification of information, it needs to be accessible and simple to identify.

Furthermore, the company must choose correctly where the results will be stored. One of the reasons is that the information needs to be passed on with integrity and truthfulness.

So, be aware of this issue.

2. Defining objectives

In addition to defining objectives, professionals involved in applying the method need to have a clear vision of these purposes.

Only then will the analysis be well executed. Make clear information such as: goals, needs, risks, consequences, and the company's strengths and weaknesses.

3. Flexibility

Flexibility relates to changes that may be necessary as goals are achieved.

Therefore, they can, or rather, must change according to the business goal and thus achieve the business objective.

To know when it is time to change course, it is important to be alert in order to detect the source of the problems.

There are many companies with BI solutions that can help your organization, especially if you don't know where to start applying this method, for example, Sitewise and Ucommerce (text reference).

SITEWISE ➔ UCOMMERCE ➔

Conclusion

Now that you have discovered the What is Business Intelligence?, you know that this method is part of the digital transformation and is essential for the development of your company.

With organized and structured data you can chart a better course and increase the competitiveness of your business.

To achieve even better results, you need to combine BI with Big Data, so you can better understand how the data stored and collected can benefit or harm your organization.

Nara Sampaio May 9, 2022

Business