Business intelligence is now the cornerstone of every business. Every business needs to constantly adapt new methods of data research to stay ahead of the game. Many companies in the UK are investing in big data and AI initiatives to compete in this competitive market - proving that it is data that is driving the decisions in all strategies.
From marketing to business development, companies aren't going about their business without a plan, which is why business intelligence is the new phrase that refers to the high-level processes undertaken by C-suite executives. Many are already working with marketing research agencies, but they're looking for something more.
Today's business environment is fast-paced, and data is the beating heart of every decision that takes place. Over 90% of executives around Europe reported that their companies predominantly invest their profits into data because it helps them gain a competitive edge. These days, businesspeople need access to the facts before they make any form of investment - instead of just going on a hunch.
By embracing the world of business intelligence, companies can translate data into actionable insights, creating meaningful decisions and achieving the main goal - business growth. In this blog, we're going to explore the business intelligence universe and discover some of the emerging trends for this year. No matter whether you're a seasoned executive or a small business owner, leveraging business intelligence into your operations will give you a good standing to get ahead.
What is business intelligence?
Business intelligence is a form of software that mixes data mining, business analytics, data tools, visualisation, and infrastructure into one brilliant output. It helps companies make more informed, data-driven decisions - while also having a full 360 overview of their corporation and their competitors. This process enables you to pinpoint things that aren't going right in the organisation and drive a new change for growth.
Business intelligence as a concept has actually been around since the 1960s - although its definition has seen some change since then. The classic terminology for business intelligence is the act of cross-sharing information across a business. However, this has evolved alongside technological developments. In the 1980s, when computers were growing in technological force, this term then translated to data. Computers were being used for decision-making and data insights.
Since those golden years of business growth, we've seen an abundance of open source bi tools come onto the scene, but we owe all of our business growth to the computers and data that started it all.
The business intelligence process
- Data collection: Collecting data from multiple internal and external sources - like databases, CRM systems, and social media.
- Integration: The whole point in growth is the fact that you need to combine data from many sources to gain a full picture of your corporation.
- Analysing data: Once you have analysed the data you have collected, there are numerous analytical techniques that you can use to transform the data into actionable insights.
- Reporting: Reporting is usually the part that pulls all of business intelligence together, and this involves visualising the data and presenting your findings to the board or C-suite.
- Making decisions: Finally, once you have reported the data insights that have been found, you can make operational decisions to help your business flourish.
If you can understand data through data mining and implement business intelligence, then you will be well on your way to fruitful growth in your company. However, if you are a small team, a start up, or a business owner that doesn't have the time for hands-on data analysis, some tools can be used. Here's a rundown of two of the best business intelligence tools that you should use in your business.
1. Dundas BI
Created in 1993, Dundas BI is one of the most popular tools in the business. It's a browser-based BI tool that is very similar to the likes of Tableau. It's extremely easy to use for beginners and has a drag-and-drop interface, allowing employees to analyse different areas of data for themselves. It's simple, flexible, and is a good tool for smaller businesses looking to get some meaningful growth. It is a comprehensive analytics tool that may have history - but it stands its own when compared to all the new AI-focused modern intelligence options.
2. Tableau
Tableau supports Microsoft Excel, PDF, and Google Analytics - making it one of the most well-used BI tools on the market. It provides a super easy interface with a drag-and-drop system while offering up a great way to view and analyse data. Beyond creating easy-to-understand charts for beginners, it also can create visual data in real time. Once you've sourced, built, and begun your amendments to your organisation, Tableau is also a great tool for sharing insights for both non-technical and IT professionals.
Conclusion
While there are many other tools on the market, these two are powerful trailblazers that can make a significant impact on a business of any size. They are constantly evolving with new tools and additions - and seeing as they were some of the earliest entrants to the field, they're doing a great job at continuing to lead the way.
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