Why Is Business Intelligence So Important?

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Why Is Business Intelligence So Important?
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• Combining business analytics, data mining and
  visualization, tools, infrastructure and best
  practices, business intelligence (or BI) is vital
  for helping companies make informed and
  intelligent decisions that are based upon the
  relevant data. If your organization uses a
  comprehensive collection of data to drive
  positive change, eradicate any inefficiencies and
  adapt better, and quicker to changes in the
  market or supply chain, then you undoubtedly
  possess modern business intelligence.

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• What are some examples of business intelligence?
• A term that covers the processes and methods of
  collecting, storing and analyzing data from
  business operations or activities to maximize
  performance, business intelligence has evolved
  over the years, and now includes more performance
  enhancing processes and activities such as those
  listed below
• Data mining trends in large sets of data can be
  uncovered using databases, statistics and machine
  learning, better known as data mining
• Reporting stakeholders are better able to make
  both conclusions and decisions, when data
  analysis is shared with them via reports

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• Performance metrics and benchmarking using
  customized dashboards, current and historical
  performance data can be compared to help track
  performance against goals
• Descriptive analytics this involves using
  preliminary data to discover what happened
• Querying business intelligence retrieves
  answers to data specific questions from datasets
• Statistical analysis discovering why and how
  certain trends happened by analyzing the results
  from descriptive analytics and exploring the data
  in detail using statistics

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• Data visualization charts, graphs and
  histograms are used to present visual
  representations of data analysis and consume data
  more easily
• Visual analysis visual storytelling is used to
  communicate data insights
• Data preparation To prepare multiple data
  sources for analysis, their dimensions and
  measurements are identified.
• Why is business intelligence so important?
• Giving companies the ability to make more
  informed decisions, business intelligence
  illustrates current and historical data within
  the context of their business, and can help them
  in the following ways

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• Discover new ways to help increase profits
• Better analyze the behavior of their customers
• Compare competitors data
• More effectively track performance
• Optimize all operations
• Predict success
• Identify market trends
• Quickly discover potential or existing issues

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• How does business intelligence work?
• Gathering data, analyzing it and using the
  results to determine which path to take to reach
  their goals, companies have always used business
  intelligence to answer their questions and
  achieve their targets. From a technical
  perspective, the data harvested from the activity
  of a business is processed and stored in a data
  warehouse, from which it can be accessed and
  analyzed.
• What major industries are benefitting from
  business intelligence?
• Using data to help transform their short, and
  long-term operations, many industries have begun
  adopting business intelligence, from healthcare
  and information technology, to education and
  commerce.

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• What does the future hold for the role of
  business intelligence?
• Evolving from one month to the next to stay in
  line with the changing needs of businesses and
  keep up with advances in technology, business
  intelligence continues to help companies be more
  data-driven, and more effectively share their
  data and collaborate with others. As artificial
  intelligence and machine learning grows alongside
  BI, organizations will be able to integrate AI
  insights into a much broader BI strategy.
• Simply put, the future is business intelligence,
  and if you need help identifying, gathering and
  analyzing your businesses data in order to
  achieve your goals and keep your customers
  satisfied, youd be advised to seek professional
  help as soon as possible.

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• Intelliprise commits to empower organizations
  with cutting edge solutions. Intelliprise LLC is
  based in Indianapolis, IN and offers holistic
  Enterprise solutions, technologies, and systems
  integration for over 200 companies worldwide,
  ranging from startups to Fortune 1000 companies.
  Many of the largest companies outsource their
  business needs to Intelliprise, including leaders
  in retail, travel, e-commerce, education,
  hospitality, manufacturing, consumer goods,
  logistics, SCM, lifestyle, non-profits, and BFSI.