Having data is great, but unless we understand it, what good is it? That is where business intelligence comes in. BI isn’t just for large corporations, it can be used for small-medium sized companies and it’s changing the way those companies make decisions.
Intelligence analysts have been trying to make data clear and understandable so they can match their readings to an actionable end result. These are also called ‘business architects’. They are creating the software necessary to perfectly use Business Intelligence to refine the ways their respective companies do things. They take data, which can seemingly just be random numbers, and give you the reports and dashboard to have the data work within your business narrative.
We all have seen BI at work in our real lives every day. For instance, e-commerce enhancements such as related items or what other customers who bought this also bought… Behind the scenes, business architects were at work. They took a lot of data, made it understandable, and created a plan to use that data to serve the company. They had an end goal in mind and used Business Intelligence to increase sales and profits in this case.
BI helps you to really know your customers. Knowing them will allow you to build better relationships with them. With budgeting, time and the right tools, you can turn your data into something that better serves your company and customers. Business Intelligence, by receiving real-time information, is helping companies make complicated decisions.