What is Business Intelligence (BI)
Posted: Wed Jan 29, 2025 10:14 am
Deep analysis of a company's key indicators with the aim of overcoming a crisis and/or finding ways to grow is called business analytics (Business Intelligence, or BI). Based on this information, the current state of the business is studied and a development strategy is developed. Top managers use BI analytics tools when it is necessary to make strategic decisions.
What is Business Intelligence (BI)
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The main tasks of business analytics:
Collect average indicators: average check, number professors edu email addresses of sales, percentage of returns.
Organize the information so that it is easy to use when needed.
Analyze data: identify patterns, determine trends, notice deviations. Suggest solutions to problems and forecast the company's development.
Let's say a company sells software on a subscription basis and collects information about the number of users, average subscription duration, and the most popular features. BI tools for data analysis help determine what changes need to be made to the product to encourage customers to pay a monthly subscription. This, in turn, helps increase the company's profits.
Employees of small companies often use disparate data from Excel tables, CRM systems and 1C programs. And in large companies, BI systems are used to analyze data.
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"Sales Triggers That Have Never Failed"
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What are BI systems?
Business intelligence systems are powerful BI software tools designed to collect and analyze information about a company's activities. BI systems play a key role in identifying patterns in data and optimizing work processes.
For example, the purchasing department of a chain store can use them to analyze sales and popularity of products, which allows for efficient inventory management. In turn, the commercial department can analyze the marginality of various products and set prices for them based on the collected data.
In a Business Intelligence system, you can create a dashboard where data is presented in the form of graphs and charts. This dashboard is also called a graphical interface, since the user sees buttons, videos, and other interactive elements on the screen. Data visualization and introduction to BI tools simplify analysis and help make informed business decisions.
When working with Business Intelligence systems, two key roles can be identified:
Dashboard Developer
A dashboard developer is usually an analyst. Their main job is to study the company's data in detail and identify key metrics that need to be monitored by different departments. They then create dashboards that are easy to use for all employees.
Large companies may have several analytical departments, each specializing in its own area. For example, this could be a content analytics department or a finance department.
Dashboard Developer
Source: shutterstock.com
Additionally, a company may employ a data visualization specialist, or BI analyst. Often, they work in a team with a data engineer who creates a data mart, a sort of slice of the necessary information from the entire database.
To create a dashboard with key performance indicators (KPI) for the sales department, two indicators are needed. These are the number of hours worked and the number of requests processed by each manager. BI visualization tools make it possible to collect all the information in a separate summary table, save it in the cloud or a file, and use it to create a dashboard.
What is Business Intelligence (BI)
Source: shutterstock.com
The main tasks of business analytics:
Collect average indicators: average check, number professors edu email addresses of sales, percentage of returns.
Organize the information so that it is easy to use when needed.
Analyze data: identify patterns, determine trends, notice deviations. Suggest solutions to problems and forecast the company's development.
Let's say a company sells software on a subscription basis and collects information about the number of users, average subscription duration, and the most popular features. BI tools for data analysis help determine what changes need to be made to the product to encourage customers to pay a monthly subscription. This, in turn, helps increase the company's profits.
Employees of small companies often use disparate data from Excel tables, CRM systems and 1C programs. And in large companies, BI systems are used to analyze data.
Read also!
"Sales Triggers That Have Never Failed"
Read more
What are BI systems?
Business intelligence systems are powerful BI software tools designed to collect and analyze information about a company's activities. BI systems play a key role in identifying patterns in data and optimizing work processes.
For example, the purchasing department of a chain store can use them to analyze sales and popularity of products, which allows for efficient inventory management. In turn, the commercial department can analyze the marginality of various products and set prices for them based on the collected data.
In a Business Intelligence system, you can create a dashboard where data is presented in the form of graphs and charts. This dashboard is also called a graphical interface, since the user sees buttons, videos, and other interactive elements on the screen. Data visualization and introduction to BI tools simplify analysis and help make informed business decisions.
When working with Business Intelligence systems, two key roles can be identified:
Dashboard Developer
A dashboard developer is usually an analyst. Their main job is to study the company's data in detail and identify key metrics that need to be monitored by different departments. They then create dashboards that are easy to use for all employees.
Large companies may have several analytical departments, each specializing in its own area. For example, this could be a content analytics department or a finance department.
Dashboard Developer
Source: shutterstock.com
Additionally, a company may employ a data visualization specialist, or BI analyst. Often, they work in a team with a data engineer who creates a data mart, a sort of slice of the necessary information from the entire database.
To create a dashboard with key performance indicators (KPI) for the sales department, two indicators are needed. These are the number of hours worked and the number of requests processed by each manager. BI visualization tools make it possible to collect all the information in a separate summary table, save it in the cloud or a file, and use it to create a dashboard.