Business Intelligence (BI) refers to the technologies, tools, and techniques used to transform data into actionable insights that support better decision making and strategic planning. It helps organizations to access, analyze, and interpret vast amounts of data to gain a competitive advantage. Business intelligence (BI) related processes typically includes the following steps:
Data analysis
Data analysis is the process of examining, cleaning, transforming, and modeling data to draw meaningful conclusions and insights for informed decision making. It involves using statistical, mathematical, and computational methods to uncover patterns, relationships, and trends in data. Data analysis is done by data analysts who will analyze the data using a variety of techniques such as statistical analysis, machine learning, and predictive modeling. They will extract insights and identify patterns and trends in the data that are relevant to the customer’s business.
Data visualization
Data visualization is the process of representing data in graphical or pictorial format, such as charts, graphs, and maps, to facilitate understanding and communication of insights and patterns in data. It helps to bring data to life and make it more accessible and understandable for decision makers. Data visualization is typically done with tool such as Tableau, Power BI, and Excel to create visually appealing and easy-to-understand dashboards and reports. These visualizations will help customers understand their data and see the insights that have been extracted.
Reporting and communication
Reporting and communication refers to the process of presenting and sharing data insights, results, and information with stakeholders, both within and outside of an organization. It helps to ensure that data is communicated effectively to support informed decision making and promote transparency and accountability. Typically data analysts will communicate the insights and recommendations to the customer in a clear and concise manner. They will create reports, presentations, or dashboards that highlight key findings and provide actionable recommendations.
Strategic planning
Data-driven strategies refer to decision making processes that rely on data analysis and insights to inform and guide business actions and decisions. It involves using data to inform business strategy and make data-supported, informed decisions for business success. Data analysis plays a critical role in helping develop data-driven strategies for their business. They will use the insights and recommendations to identify areas for improvement and provide guidance on how to achieve specific goals.
Monitoring and tracking
Monitoring and tracking refers to the continuous monitoring and measurement of key data points and metrics to identify trends and deviations, detect anomalies and potential issues, and track progress and performance over time. It helps to ensure the reliability and accuracy of data and support informed decision making. Data analysts track the performance of their data-driven strategies over time. They will monitor key metrics and provide regular updates on progress and make adjustments as necessary.
In summary, Business Intelligence helps customers make strategic and informed decisions based on their data. Business Intelligence analysts will help customers identify new opportunities, improve performance, and make better use of their resources. The insights and recommendations provided by business intelligence analysts will help customers to stay ahead of the competition and increase their competitiveness in the market.
