With a forecasted growth rate of 30.6% by the year 2025, the adoption of business intelligence across industries is becoming extremely widespread and urgent. Right from traditional sectors like banking and healthcare to flourishing domains like Edtech and InsurTech, business intelligence has found a use case in every sector you can think of.
For a business of different locations like mobile application development Dubai, USA, UK etc and an entrepreneur that aims to be a name in the future, it is an undeniable fact that they have to understand what is business intelligence and how they can incorporate it and take advantage of it.
In this guide, we have brought you an A-Z list of details that you need to incorporate business intelligence in your operative model with complete confidence.
While we will start with the basics of what business intelligence stands for, we will go through the different facets of the technology to then look into the role that the technology plays in making businesses successful.
What is Business Intelligence?
Business intelligence or BI as it’s usually called, uses services and software to convert data into actionable insights. These insights are used by the organization to make better tactical and strategic decisions.
Use cases of BI in corporate setup can be seen in how a company which wishes to manage the supply chain better uses BI to identify the cause of delays and where variabilities exist in the shipping journey. Moreover, the technology can be used for keeping track of member retention, generating sales reports, and showing the status of prospects to customers’ journey.
There are several BI tools like Tableau, Microsoft Power BI, etc. that gather and analyze data sets to then present the analytic findings in summary, report, dashboard, chart, map, etc.
Now even though business intelligence has established itself as a key part of attaining business objectives, there is still some confusion around What is Business Intelligence and business analysis. Let us answer that for you today.