Is Business Intelligence very important for a business?

Introduction:

This is an era of data science. Every business requires a strong analysis on their historical sales to produce insights for strategic management. Hence lets see the trends and importance of BI in this blog.

What is BI?

Now a days, business has been growing drastically. Larger the business larger its data. To gain profit by analyzing the historical data, we require some BI tools and programming knowledge. The data which are stored in back end tables wont be understandable, so at that phase BI is required to aggregate the data stored and show some insights out of it.

Business Intelligence is a method of monitoring the business trends and to adapt the system to changing environment. Thereby, by accumulating the data it gains information and provide a good decisions out of it.

Importance of BI:

1. Increase Profitability: Analyzing the past customer’s behavior, insights can be gained to identify the current trend of business and which proportionate the profit.
2. Return on Investment (ROI): BI facilitates better ROI out of the business.
3. Improve Visibility: To handle hundreds of reports manually is not possible. Hence, BI consolidate the data and provide better visibility to all the data stored.
4. Enhance Efficiency: The information can be shared effectively among different departments under a Business organisation, thereby increasing productivity.