The intelligence applications in Business called as business intelligence where we leverages software and services to transform data into specific decisions and value added information. Organizations usually engage with strategic and tactical business decisions to overcome their competitors and business goals. These BI applications like Data warehousing, Data mining, Online analytical processing(OLAP), Key performance indicators (KPIs),Business performance management (BPM) are access and analyze data sets and provides such results like reports, summaries, dashboards, graphs, charts and maps to have clear understanding about business environment to the Executives, Managers, other decision makers and all of other stakeholders.
Determine the capabilities and interact with key values of the business, manage the level of risk and overcome losses, achieve business goals and increase the revenue and financial stability are possible to gain in a business by using BI which organizations can choose from robust list of vendors offering BI tools. Microsoft, Qlik and Tableau, IBM, Oracle, SAS, SAP, SyBase are some of traditional BI tools providers. Some of Big data solution providers are Cloudera, Yahoo, Amazon, Google etc.
Modern business users interact with agile, intuitive systems which analyze data more quickly. BI applications are facilitated to provide these needs ASAP.
BI is the weapon to build high level of both customer’s and business perspectives. Meet the business requirements in more effectively and utilize the modern technologies like Artificial intelligence, Machine learning, Big data, Deep learning are used here in BI.
Here are some of benefits with BI
- Single version of truth
- Improved strategies and plans
- Improved tactical decisions
- More efficient processes
- Cost savings
- Faster, more accurate reporting
- Improved decision making
According to Global Business Intelligence Market 2016-2020 report, It says Global BI market to post a compound annual growth rate (CAGR) of more than percent by 2020.
What if we can monitor customers behaviors and preferences in a market and provide them the most spirit of production..It will increase the revenue of the business and customer’s satisfactions as well.That is why we need BI.