Business Intelligence Tools Examples – BI (Business Intelligence) is a set of processes, architectures and technologies that transform raw data into meaningful information that drives profitable business actions. It is a suite of software and services to transform data into actionable intelligence and knowledge.
BI has a direct impact on an organization’s strategic, tactical, and operational business decisions. BI supports fact-based decision making using historical data rather than guesswork and gut feeling.
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BI tools perform data analysis and create reports, summaries, dashboards, maps, graphs, and charts to provide users with detailed information about the nature of the business.
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Step 1) Raw data is extracted from corporate databases. Data can be distributed across multiple heterogeneous systems.
Step 2) Data is cleaned and transformed in the data warehouse. The table can be joined and data cubes are formed.
Step 3) Using a BI system, the user can query, request ad hoc reports, or perform other analysis.
Accordingly, in a business intelligence system request to be executed for the product subject area, the addition of a new product line or a change in the price of the product can be made to increase revenue
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Accordingly, in the BI system query that can be executed will be how many new customers are added due to radio budget change
Accordingly, in the query of the OLAP system that can be fulfilled, it will be whether the changes in the user profile can support support higher price of the product
A hotel owner uses BI analytics applications to gather statistical information about average occupancy and room rate. It helps to find the total revenue generated per room.
It also collects market share statistics and customer survey data from each hotel to decide its competitive position in various markets.
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By analyzing these trends year by year, month by month and day by day, it helps the management to offer room rental discounts.
A bank provides branch managers with access to BI applications. It helps the branch manager to determine which are the most profitable customers and which customers should be worked on.
Using BI tools frees IT staff from the task of generating analytical reports for departments. It also gives department staff access to a richer source of data.
A data analyst is a statistician who must always dig deep into the data. The BI system helps them get fresh insights to develop unique business strategies.
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Business Intelligence users can be found throughout the organization. There are basically two types of business users
The difference between the two is that the power user has the ability to work with complex data sets, while the casual user’s need will lead them to use dashboards to evaluate pre-defined data sets.
With a BI program, it is possible for businesses to create reports with one click, thus saving a lot of time and resources. It also allows employees to be more productive in completing their tasks.
BI also helps improve the visibility of these processes and makes it possible to identify any areas that need attention.
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The BI system establishes accountability within the organization, as there must be someone who must take responsibility and ownership for the organization’s performance against its stated goals.
The BI system also helps organizations as decision makers to get a comprehensive bird’s eye view through typical BI features such as dashboards and scorecards.
BI removes all the complexity associated with business processes. It also automates analysis by offering predictive analytics, computer modeling, benchmarking and other methodologies.
BI software democratizes its use, allowing even users who are not technical specialists or analysts to collect and process data quickly. It also allows the power of analytics to be used by many people.
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Business intelligence can be expensive for small as well as medium-sized businesses. Using this type of system can be expensive for routine business transactions.
Another disadvantage of BI is its complexity in implementing a data warehouse. It can be so complex that it makes business techniques difficult to handle.
Like all advanced technologies, BI was first created with the purchasing power of wealthy firms in mind. Therefore, the BI system is not yet available to many small and medium-sized companies.
It takes almost a year and a half to fully implement the data storage system. Therefore, it is a process that takes time.
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Artificial Intelligence: Gartner’s report shows that AI and machine learning are now taking over complex tasks performed by human intelligence. This capability is used to provide real-time data analysis and dashboard reporting.
Collaborative BI: BI software combined with collaboration tools, including social media and other latest technologies, improve work and sharing by teams for collaborative decision-making.
Embedded BI: Embedded BI allows the integration of BI software or some of its features into another business application to enhance and extend its reporting functionality.
Cloud Analytics: BI applications will soon be offered in the cloud and more businesses will move to this technology. According to their forecasts, within a few years, the costs of cloud-based analytics will grow 4.5 times faster. Why learn from theoretical business intelligence examples when you can learn from REAL WORLD ones? It’s time to step away from your textbooks and see what the business world is doing with the same topics!
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Let’s face it – if you’re not using business intelligence in 2023, you might as well be using a rotary phone. With data analytics and BI quickly becoming necessary skills in today’s professional world, now is the time to take advantage of what the future has to offer! By staying ahead of the curve, you can discover useful insights that will not only give you an edge in the job market, but also set you up for long-term success as a savvy businessman. No matter how old-school your game may be, let’s be real: you need business acumen to score these days.
In the past, making key decisions without enough data was like placing bets in a casino. You never know how it will end. Even if you guessed correctly, you could never really understand the reasons behind it. But thanks to BI, the future is clear!
BI systems collect data and turn it into insights about what’s happening in your business. This helps executives identify trends and come up with solutions faster and more efficiently than ever before.
Trust us, BI is like the Gandalf of business strategies—an expert guide you can rely on to see further down the road and make better choices in uncertain times.
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Wondering how to get started with Business Intelligence? Great question! To get in quickly, here are five key considerations:
Not sure where to start? it’s time to learn from those who have done it right! By studying some real business intelligence examples, you can better understand the world of BI and get your strategy up and running in no time.
In any case, our pro tip? A healthy combination of data visualization and forecasting can do wonders. Or if you don’t feel like being that smart, you could always take the same approach we do – watch reruns of The Office, Friends, and Silicon Valley…which also gives you tons of business insight.
In this blog post, we’ll look at 25 real-world business intelligence examples to show how organizations are using this technology to maximize their effectiveness. We’ll also provide practical takeaways so you can implement similar strategies in your own organization.
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New York Shipping Exchange, uses the capabilities of BI tool Chartio to improve its existing strategy. NYSHEX wanted to track and manage transactions in real time from the huge increase in incoming customers. By using the drag-and-drop dashboard creation feature, they were able to identify bottlenecks faster and manage them better than ever before.
By integrating Chartio, the New York Shipping Exchange uses powerful visualizations and analytics to drive important insights into its data. This transformation allowed NYSHEX
Implement a low-code or no-code BI tool into your business process. This will allow your employees to work directly with the data in real time, even if they have no technical background.
Business intelligence can be your best friend in solving problems, as it was for Spear Education! They had an outdated phone system that could not support the growing needs of their sales and customer service departments. Thanks to BI, they were able to develop an automated phone solution that reduced the wait time from 15-20 minutes to 5-6 seconds!
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Their new system allowed their call center agents to quickly prioritize and manage incoming leads in real-time using a combination of sales dashboards and data analytics. They quickly saw a significant increase in sales due to the increased efficiency of the agents. In fact, they estimated that they achieved an additional 8%-10% net income per year!
Identify a specific challenge to create a clear business intelligence solution. A good rule of thumb is to identify issues that may be preventing you from automating key business processes.
Explore how Stitch Fix uses an AI-based BI solution to identify customer preferences and improve the retail process. Not only did it provide deep insight into individual customers, but it enabled a 5x increase in forecasting accuracy compared to their existing approach!
The retail giant uses the latest advances in business intelligence and data analytics to predict its customer profiles using
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