Business Intelligence – Questions and Answers

Business Intelligence (BI) is a powerful tool which transforms data into usable information for end-users. Here are some common Business Intelligence questions and answers.

What is Business Intelligence?

This umbrella term refers to all the processes and methods related to collecting, storing and analysing data from business operations which optimise overall performance. Business Intelligence involves all the technologies, applications and practices which are used to collect, integrate, analyse and present business information to allow for enhanced, data-based decision-making.

What is Business Intelligence and how does it work?

Business Intelligence in the modern world is the implementation of computer software which assists in the collection, analysis and storage of related business data. With Business Intelligence, analysts are also able to spot trends which will serve to increase sales and revenue.

What are the Benefits of Business Intelligence?

There are many benefits associated with implementing Business Intelligence, including:

• Improve sales
• Accurate reporting
• Better decision-making
• Identify opportunities and trends
• Operational efficiency
• Reduce waste
• Better inventory
• Customer satisfaction
• Increased revenue

What are the Trends in Business Intelligence?

Organisations are now seeking ways to develop Business Intelligence for enhanced business processes. Here are some of the emerging trends:

• Self-Service Business Intelligence
• Artificial Intelligence
• Increased automation

What are the Business Intelligence Processes?

The processes that can be expected from Business Intelligence are:

• Data mining – this is the use of databases, statistics and machine learning to discover trend patterns.
• Data visualisation – data is represented as charts, graphs and histograms.
• Visual analysis – using storytelling to communicate data insights.
• Reporting – data analysis is shared for effective decision-making.
• Performance metrics / benchmarking – when performance data is compared to historical data to track performance goals.
• Descriptive analytics – preliminary data analysis determines what has happened in the past.
• Querying – BI will provide relevant data-specific information requested.
• Statistical analysis – when descriptive analytics’ results are analysed to understand trends.

What Industries Benefit most from Business Intelligence?

There are a number of industries that can benefit from Business Intelligence. Here’s a look at a selection of industries that will benefit most from BI:

• The food and beverage industry
• The retail industry
• The travel and transport industry
• The energy industry
• The agricultural industry
• The healthcare industry

What is The Difference Between Business Intelligence and Analytics?

Data is an incredibly valuable business tool and both Business Intelligence and business analytics are hinged on this data. While analytics is a sub-set of BI, both are effectively data management solutions which analyse business data for usable insights.

What is the Purpose of a Business Intelligence System?

The entire purpose of a business intelligence system is to help companies track operational efficiencies, control budgets and manage costs in real-time and ultimately make better business decisions. By connecting multiple ERP systems to BI tools you are able to get real-time visual data on mobile, PC or tablet.

How to build a successful Business Intelligence strategy?

The value of Business Intelligence (BI) to modern business cannot be overstated, but there’s a lot more to it than simply investing in the right software. Getting together a comprehensive Business Intelligence strategy will empower your organsiation through relevant implementation and effective use.

BI vs Big Data vs Data Mining: What’s the Difference?

These interconnected tools are instrumental in providing usable insights for your business, allowing you streamline operations to improve productivity. Business intelligence (BI) is the overarching category, with big data effectively mined to provide business intelligence.

• What is big data?
• What is data mining?
• How does BI differ from big data?
• How does BI differ from data mining?
• How does big data differ from data mining?
• What are the benefits of BI for your business?

Why Businesses Need a Business Intelligence Reporting Tool?

Here’s a look at why modern businesses need to realistically consider investing in BI.

• Workflow pace improves
• Simplified data
• Incorporation of historical data
• Operational forecasting
• Customer insight
• Improved data quality
• Strategised solutions

Read More: 7 Reasons Why Businesses Need a Business Intelligence Reporting Tool

What to look for when when choosing a business intelligence solution for your business?

Business Intelligence (BI) tools are the best way to collate data from a range of sources, and extrapolate usable business-enhancing information, but it’s important that you’re choosing the right BI tool for your business. Here are 6 tips to choosing the best Business Intelligence Tool.

• How does it manage data?
• How does it visualise data?
• How easy is the BI to use?
• How secure is it?
• Perform an evaluation
• How much does it cost?

What are the Key Elements of a Valuable Business Intelligence Solution?

Here we will break down the key elements you want to look out for when investing in a valuable BI solution.

• Security
• Personalised dashboards
• Report ranking
• Interactive reports
• Scalability
• Location intelligence
• Simplicity