Business Intelligence (BI) is a set of processes and practices that use technological architecture to convert raw granular data into meaningful insights. These insights & actionable intelligence help drive better business decisions. Sales Intelligence or other business intelligence works closely with data analytics to impact strategic, operational, and tactical business decisions. Business intelligence works closely with data analytics to impact strategic, operational, and tactical business decisions. As the name suggests, business intelligence will provide intelligence from business-generated data so that companies can make fact-based decisions rather than assumptions.
Various BI software like Microsoft Power BI, Zoho Analytics, SAS Business Intelligence, Oracle Business Intelligence, etc., play a significant role in analyzing and extracting intelligence from business data. According to a research report, the Business Intelligence software market will grow from 24.9 billion USD in 2018 to 48.5 billion USD by 2025. It will bring a CAGR of 10.1 percent during this forecast period.
Benefits Of Business Intelligence and Analytics
1. Accelerates business decision-making power
Through business intelligence services like BI and analytics, enterprises can perform data extraction, mining, analytics & data visualization. It gives the executive leaders and decision-makers a transparent scenario of the enterprise data. With such insights and a comprehensive view of business past and present data, executives can quickly make business decisions irrespective of the market complexities and dynamic nature of business. Let’s suppose a product is doing well in the market. But a competitor is selling the same product. Then the business intelligence & analytics reports will give executives a clear picture of whether to reduce the price slightly to its competitor or change the marketing plans.
2. Increase revenue and business growth
The primary reason why companies tend toward leveraging business intelligence and analytics is to increase annual revenue. Business intelligence allows us to establish KPIs that keep the entire team aligned with the business strategy. Through business intelligence and analytics report, top executives can decide which product to market, or which is in demand in particular geolocation or country. Also, business intelligence tools help analyze and set cost-effective logistics & supply chain systems so that companies can generate more revenue from sales.
3. Competitive advantage
In this aggressive business competition, where every company is trying to yield tremendous revenue, tracking the sales and marketing performance of the competitors is necessary. Business intelligence, with data analytics, can help a company shape the right sales marketing approach/strategies. It also helps executives and decision-makers differentiate various products and services. When multiple companies compete in the same niche or sell identical products/items, business intelligence tools can extract precise insights into these competitors with visualizations like graphs to give decision-makers a competitive edge.
4. Identify customer behaviour and market trends
Business intelligence helps BI professionals & data analysts to extract granular insights from a massive dataset. Proper data analysis for business intelligence allows enterprises to uncover day-to-day trends and understand patterns for better insights. Sharp analyses of different business data for intelligence can help understand customer behaviour towards a product or service. Often business owners & top executives leverage those BI software-generated reports to make informed decisions to keep the business aligned with the market trends and customer requirements.
5. Identify new business opportunities
Revenue and growth are vital for any business, irrespective of any sector. By analyzing marketing campaigns and sales-generated insights, business intelligence can produce significant understanding and insights on where to invest next or in which vertical to extend the business for a better return on investment (ROI). Large companies that do acquisitions or mergers with other companies or brands prefer conducting thorough business intelligence and analysis through data science services before expanding their business.
Conclusion
We hope this article has given a crisp idea of business intelligence and how business intelligence benefits enterprises and brands in optimizing costs, making informed decisions, and raising business revenue. Business intelligence works as an integral part of all modern businesses. Lots of companies deliver third-party services that other companies can outsource so that they can focus on their core business operations.
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