Business Intelligence An Aid to Create New Business Opportunities

Business Intelligence is an important tool to make good decisions and shape the future of the company. There are other benefits too connected with BI. Like it removes bottlenecks, prioritizes work, reduces grunt work, etc. Business intelligence does not require the user to be good at coding. BI has become the need of the hour. It uses data to analyze the situation and make good business decisions. Let’s dive deep into business intelligence and understand its importance.

Introduction to Business Intelligence

The strategies and technologies used by a company or an enterprise for analyzing data that comprises business information are referred to as BI. It does the following functions such as analytical processing, data mining, process mining, predictive analysis, text mining, benchmarking. Thus, this subject is actually studied by students of statistics and business administration. Due to the mathematical nature of the subject, students always require support. Hence, academic writing solutions like BookMyEssay are always there to give Business Intelligence Assignment Help to the students 24 by 7.

BI technologies are involved in handling large amounts of data, that may be structured or unstructured, to form or create new business opportunities. BI aims at analyzing and interpreting data for business use. Firstly, find new opportunities and then implementing strategies can give your business an edge in the competitive market thus giving them long-term stability. Actually, it’s all about working on the data.

Tools Used in BI

The technology used in business intelligence has changed a lot in the past two decades, so are examples related to it. Back in the olden days, the tools were more technical which required an expert team to handle them. But now, they have become more user-friendly and cloud-based. Consequently, these BI tools are accessible to many users, causing a rapid increase in data analysis results. And the only thing that’s taken care of while making these tools is keeping the business users in mind. Hence, through these tools, anyone can analyze or act on the data whether they have knowledge of coding or not. But for students, it is always better to Buy Assignment Online related to BI as this is a statistical subject.

Benefits of BI

Business Intelligence uses data to predict the next business moves. BI tools provide businesses with insight into the market, the process of demand, and supply. Furthermore, they help to remove bottlenecks in the business, provide long-term stability, and finally giving much-needed stability to the business. BI system is more streamlined and automated in the present times.

Defining Business Intelligence

BI consists of four processes that are data gathering, data storage, knowledge management, and analysis.

  • Gathering of data from every source related to your business. One of the examples of the technology that powers data gathering is Segment
  • The data gathered is stored safely in data warehouses. An example of data storage is Amazon Redshift
  • Knowledge management is all about the distribution of the data across the organization
  • Finally, the data is analyzed to help in making major business decisions

The analytics obtained from business intelligence are more effective when the analysis is made on the basis of internal and external data. What it means is, BI is more effective when it works on the data from the market in which the company operates (external data) with the data from internal company sources like financial and operational data (internal data). This combination of data and its analysis gives a complete picture of intelligence, that cannot be obtained by any single data. These concepts of business intelligence are very well known by experts at BookMyEssay. Thus, they can easily provide BI Assignment Help.

Real-World Application of Business Intelligence

BI adds value to the business processes by empowering teams to analyze their own data and make better day-to-day decisions. Digital transformation is the latest business intelligence move to help companies make the most of data investment. Let’s look into some big-name companies that have used the BI practice to their advantage.

  1. Company name: HelloFresh (a meal kit company)

Problem: Reporting of Digital Marketing was manual and inefficient

Solution: Automating the reporting process. The BI team came up with this strategy and saved the work hours of the marketing analysis team by 10-20 working hours. The result was an increased conversation rate and improved customer retention.

  1. Company Name: Coca-Cola bottling company (CCBC), Coca Cola’s largest independent bottling partner

Problem: Restricted access to real-time sales and operation data due to manual reporting processes

Solution: The BI team of Coca-Cola introduced automated reporting processes. They started handling all the sales and operational processes of the company. This step saved 260 hours per year and put back customer relationships (CRM) in the hands of the sales team. The information obtained by the sales team was timely acted upon leading to a competitive edge in the market.

Wrapping Up

Above mentioned examples of the real-time application of BI propose that when this technology is used wisely, brings your business back into the competition. The students involved in the study of business intelligence can use the assignments obtained, from experts at BookMyEssay, on this topic as notes to enrich their knowledge. Since the experts at BookMyEssay are well versed with ins and outs of BI.

Leave a Comment

Your email address will not be published.