Everyday business intelligence companies in India find themselves dealing with one huge amount of data. To be able to collect them, analyze them and make them usable to optimize or streamline business operations becomes fundamental. From here it is necessary to start to understand what Business Intelligence is and what its real importance is.
If we want, let’s add today that in terms of value. The technological infrastructure useful for implementing it is constantly growing. According to Statist, the size of the Business Intelligence and Analytics software applications market is expected to increase globally in the coming years from $ 14.9 billion in 2019 to $ 17.6 billion in 2024. And he adds that this is a sub-segment of the market of corporate application software. Whose worldwide turnover amounts to US $ 210 billion in 2019.
BI applications
There are infinite sectors and companies that today make use of Business Intelligence. To understand why, its possible applications need to be highlighted.
Business Intelligence for customer relationship
A key application is that which concerns the customer relationship. Negotiation with the customer is a crucial skill for the sales departments of each organization. Sometimes it can be difficult to convince potential customers to purchase the product or service. Through the tools, business analytics and intelligence applications, this process allows you to be much more fluid and predictable.
BI for planning
There is another advantage in the application of BI: in the business world. Staying one step ahead of competitors is vital. The data collected by the dedicated systems help managers to stay informed of where their business is in relation to different KPIs. So, that they are never taken aback. Planning is one of the most important steps to stay on top of the market in any sector. And business intelligence tools make it really simple and effective.
Data visualization
Another application concerns the display. These tools use data science tools, such as data analytics designed to analyze and manage data related to business operations. Presented in the form of visualizations. They allow the organization to monitor logistics, sales, productivity and much more. Increasingly also through self-service business intelligence, predictive analytics and machine learning.
Reporting, fundamental application of Business Intelligence
A fundamental commercial application of Business Intelligence is reporting. BI tools collect and study unstructured data sets, as well as organize them. And use them to generate a number of different types of reports. These may include staff, expenses, sales, customer service and other processes.
Finally, thanks to BI, organizations can monitor the progress of the objectives based on predefined or customizable deadlines.
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Because Business Intelligence is important
Business Intelligence can significantly support business processes.
- It helps data management companies in India monitor trends. Adapt to variable market conditions and improve decision-making at all levels of the organization.
- The improvement of planning and analysis can be used to strengthen processes, focus business operations and use data to guide decision-making.
- More accurate data means more effective decisions. Accuracy also improves trust in corporate forecasts. When you know that you can rely on your data. You can make more accurate assumptions about the future of your business. They are all positive cascading effects.
If we wanted to briefly translate the importance of BI we could enunciate the benefits. It can be obtained thanks to it. Such as timely decisions, the advantage over competitors, higher revenues and opportunities, high return on investment, and lower costs and risks.