We live in a time of evolution and constant change. Technologically, tools are being developed to automate and seek solutions that lead us to maximize results.
In recent years, business intelligence tools have become important and have been implemented in a large number of organizations around the world.
In ISEB we explain what business intelligence is, which are the tools to carry it out and how it helps organizations.
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Business Intelligence Meaning
Business Intelligence is the process of analyzing information through strategies and technological tools that help companies make better decisions.
Multiple Business Intelligence tools help companies to know their situation within a competitive market. All information is valuable for companies, whether it is information on trends, competitors, customers, suppliers, or the internal performance of workers.
With the different Business Intelligence tools, we can process large databases and obtain accurate information to help improve processes.
What is Business Intelligence for?
The main objective of the implementation of Business Intelligence is to improve the performance and results of companies; the importance of information analysis in this digital era is essential to know the environment of the company and know how to act in different situations.
In this way, Business Intelligence helps to analyze, manage, project, and guide adequate decision-making within a company.
There are multiple examples of how Business Intelligence helps companies or institutions to obtain better results based on data. Below we can review notable cases.
Netflix is one of the most important streaming companies in the world and is a clear example of how Business Intelligence can lead a company to success.
Netflix has the ability to process and analyze millions of data to know the tastes and preferences of each of its users and thus be able to recommend the content of interest to them. Undoubtedly, this is one of the competitive advantages that made it stand out in the market.
Coca-Cola Bottling Company
Coca-Cola‘s business team implemented a Business Intelligence platform, through which they automated the processes of generating reports and with this to be able to have the information of the operations in real-time.
With this implementation, in addition to automating the reporting processes, they saved more than 260 working hours per year, approximately six weeks of 40 working hours.
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German National Soccer Team (DFB)
SAP developed the SAP Match Insights solution that was designed to support the analysis of training activities, preparation, and participation in competitive tournaments.
When the World Cup began, the Germans had an advantage over their rivals, as they had already analyzed their opponents’ mistakes and patterns in detail.
As proof of the effectiveness of Business Intelligence, we have the match between the host Brazil and Germany, the result was historic as the Germans beat the Brazil Soccer Team 7-1 and later became world champions.
After elimination from the world cup, the Brazilian soccer federation adopted business intelligence practices. Two years later, they won the gold medal at the Olympic Games.
Types of Business Intelligence tools
There are different types of tools for analyzing, generating, and displaying data; we will tell you what they are and how they can help companies improve their processes.
Data management tools: This type of tool helps to collect data from different sources to analyze it, evaluate it and concentrate it in a single system where it can be available to the company.
Discovery applications: These tools allow us to generate projections using predictive techniques from available information or by generating new information (data mining).
Reporting tools: Reporting tools help us to generate graphical and intuitive reports based on previously analyzed information to generate metrics and objectives to be achieved.
Business Intelligence Software
There are many platforms in the market that help companies to analyze information, there are different platforms that satisfy the different needs of each organization.
Microsoft Power BI
Power BI is an analytical software that through the cloud allows any user to interact, visualize and analyze their data efficiently, quickly, and graphically. Power BI allows you to generate interactive reports on computers, tablets, or smartphones from virtually anywhere.
This is one of the best Business Intelligence tools, it stands out for its ease of use, and you will not need to be an expert to be able to work with it. Another benefit of Tableau is that it can collect information from multiple sources such as a CRM, MS Excel, MS SQL, Oracle, Google Analytics, and SalesForce.
Additionally, its desktop version, Server (analytics for organizations), Tableau Online (cloud analytics), and more are available.
SAP BI is a suite that offers several solutions for reporting, visualization, and data sharing. Within SAP BI we can find:
- SAP BW (SAP Business Warehouse)
- SAP KM (SAP Knowledge Management)
- SAP SEM (SAP Strategic Enterprise Management)
It allows the incorporation of data from different sources such as SAP databases, external SAP databases, flat documents, and WEB – XML integration.
Advantages of Business Intelligence
As mentioned in this article, information analysis is crucial for good decision-making. This practice is not only limited to the business environment since any activity yields information that can be analyzed and deciphered using Business Intelligence software.
Do not wait for what happened to the Brazilian soccer team to happen to you, start implementing business intelligence actions and maximize your organization’s performance.
The Business Intelligence future is bright and on the horizon.