What Is Business Intelligence? What Are Its Goals?

To help businesses make strategic and tactical choices, Business Intelligence (BI) uses software and services to analyze data and extract valuable insights. To understand the core behind what is Business Intelligence, one needs to learn about the objectives organizations can use a BI tool for. 


Business analytics software collects data from many sources, processes it, and visually displays the results in reports, summaries, dashboards, graphs, charts, and maps to inform users about the company's health. 


The phrase Business Intelligence dashboard may also describe a set of programs that a business can use to get insights into the present situation of a company with little effort.


Let's head to the next section, which states what is Business Intelligence and what exactly BI technologies should try to achieve regarding organizational objectives. 


What primary goals does BI software try to achieve?

Six primary objectives need to be met by every Business Intelligence dashboard if it is to be considered a success. 


1. Improved Accessibility

In the first place, information ought to be simple to find. Data or report latency (the amount of time it takes to compile a report), a lack of familiarity with where and how to get the data, and extreme security measures are all factors that might compromise accessibility. Users' ability to obtain data on time is critical to ensuring they can make well-informed decisions at all times using business analytics software.


2. Simplified Information

The information must also be straightforward. The information must be presented in a manner that is unambiguous to end users without leaving any space for interpretation or misunderstanding. 


The following are equally crucial to this end: 


1. Methods for creating effective Business Intelligence dashboards and reports 

2. Insights on the benefits and drawbacks of color use

3. Recognize which charts and diagrams best suit the data at hand

4. The use of a standard format and aesthetic

5. Including a business glossary for those seeking further detail


3. Easy To Use Interface

Third, BI, including business analytics software, should be straight and easy to use. The next step in achieving this objective is for the business intelligence (BI) product or Business Intelligence dashboard to be user-friendly and precise. Remember that your end users may benefit from these resources without being technically savvy or power users. Do you have a preferred business intelligence tool? What is Business Intelligence for you? You can not plan clarity on the earlier points. 


4. Reliable Sources

Fourthly, your Business Intelligence dashboards should use only reliable sources for gathering information. The information relies on, is computed from, and produced from data of a sufficient quality to support the company's operations. The information must be up-to-date, comprehensive, legitimate, accurate, and well-specified. To do this, you must have an active data governance group, council, or committee and a solid data governance program. 


5. Data Protection Against Unauthorized Access

Following your company's information, data security policies, standards, and other relevant laws, the data will be restricted to the intended audience and users (ex: FIPPA, PCI, CASL, etc.). 



6. Streamlined Decision-Making

Sixth, data should be used as a starting point for more thoughtful choices. To clearly understand what is Business Intelligence, one should know how BI tools can better the decision at every level. The primary objective of any Business Intelligence dashboard should be to facilitate better decision-making inside an organization by supplying critical data at the correct time. 

Business analytics software helps provide a more structured environment for making decisions, which has a direct positive effect on and value for businesses. 


Closing Words- 

Grow's BI experts can help you figure out what is Business Intelligence and what additional outcomes a Business Intelligence program can help you to achieve. To learn more, connect with us!

Comments

Post a Comment

Popular posts from this blog

Do REST APIs Transform Marketing Dashboards for Better Data Flow?

Image
  What if your marketing dashboards could make your team 20% more efficient? Imagine the impact on your business when your dashboard business intelligence tools don't just collect data but actively empower you to make quicker, smarter decisions. This is a reality for Sebo Marketing, courtesy of their integration with Grow. " We get things done about 20% faster ," reveals Bruce Rowe, President of Sebo Marketing. The efficiency unlocked by Grow allowed Sebo to delve deeper into strategic work, extend their services to more clients, and optimize their operational costs—all without adding to their payroll. Transforming Marketing Dashboards with REST APIs REST APIs have revolutionized the way  marketing dashboards interact with data, enabling seamless data flow and integration from disparate sources. By leveraging REST APIs, a marketing reporting dashboard can now pull real-time data from social media analytics, CRM platforms, email marketing tools, and more, into
Read more

The Truth About the Cost vs. Value of BI Reporting Tools for Small Businesses

Image
  Small businesses often find it challenging to allocate sufficient budget and resources for BI implementation, especially when faced with the need for data science experts and IT infrastructure. This hesitation is compounded by concerns over the necessity of expensive infrastructure investments and the effort required for effective adoption across the organization.  Yet, with the advent of self-service analytics and cloud-based solutions , these challenges can be navigated more efficiently, allowing small businesses to harness the power of BI tools without major cash outlays. Imagine embarking on a journey like Redshelf with Grow's BI reporting tools , where initial cost concerns are transformed into long-term strategic gains, offering detailed insights and operational efficiency that drive business growth. Let's explore this transformative potential and address the cost and ROI challenges head-on, leveraging the success story of Redshelf as a means for what your
Read more

What Is Business Intelligence and How It Turns Data into Dollars

Image
  90% of the world's data has been created in the last two years alone, yet less than 0.5% of all data is ever analyzed and used. This is a critical pain point for businesses across the globe: the vast potential of data remains largely untapped, leading to decision-making processes that are often more guesswork than precision. So, are we just throwing darts in the dark? What is business intelligence , then? What does it mean for a business to find a " source of truth " in its data, empowering every decision, from the boardroom to the breakroom? It means breaking free from the cycle of uncertainty and inefficiency. It means harnessing the power of Business Intelligence technologies to transform raw data into actionable insights that inform every aspect of operations, from strategic planning to daily tasks. But realizing this potential is no small feat. The market is flooded with BI tools, each promising to be the key to unlocking the value hidden in data. Yet,
Read more