Business Intelligence: a future of Business Growth
Looking to statistics for business intelligence, the BI market is already worth billions. In the long run, the growth of BI is expected to enhance even further. These days, wherever you go, you can read or get in touch with the processes of business intelligence. Let’s find out what exactly BI is, which is so much hyped in today’s market.
What is Business Intelligence(BI)?
Business intelligence (BI) consists of the strategies along with technologies used by the businesses for the data analysis of business information. The technology helps you to get the historical and present data with better visualization so that you can easily make decisions in the direction of success. Giving light to BI in other words, it lets you transform the scattered information or data into actionable insights that helps an organization’s business decisions.
Stats to Prove the Popularity of Business Intelligence(BI)
As per a report by Statista , the market size for business intelligence and analytics software applications is forecast to increase worldwide over the next few years from 14.9 billion U.S. dollars in 2019 to 17.6 billion in 2024.
According to Forbes, 32% of R&D teams regularly use four or more BI tools to do their work, leading all departments in 2020.
How does the Business Intelligence (BI) process work?
The first part of the workflow of business intelligence is information collection and turning into insightful data. Once all the data is collected then you can see the visuals of data in any familiar representation. BI is a concept that covers the processes and methods of collecting, storing, and analyzing data from business operations or activities to optimize performance.
Giving light to the processes involved in BI
| Processes | Define |
|---|---|
| Data mining | Data mining process is to extract information from a data set and transform it into an understandable structure which can be used further. |
| Reporting | Reporting allows you to share data analysis to others so they can draw conclusions and make decisions. |
| Data Visualization | Data Visualization is all about turning data analysis into visual representations; for instance, charts, graphs, and histograms to check the data easily. |
| Data preparation | Compiling multiple data sources, identifying the dimensions and measurements, preparing it for data analysis. |
| Data Manipulation | It facilitates you to change information to make it more organized and readable. |
| Data Virtualization | It aggregates structured as well as unstructured data sources for virtual viewing through a dashboard or visualization tool. |
Difference Between Data Analytics and Business Intelligence
Most of the people get confused with data analytics and business intelligence. However, there’s a huge difference between both. Data Analytics is used for finding insights in data whereas BI prioritizes descriptive analytics, which provides a summary of historical as well as present data to show what has happened or what is currently happening.
Let us dig Data Analytics and Business Intelligence deeper with the help of an example!
Suppose, you have a garment shop online where you sell women’s topwear. Business intelligence offers you helpful reports of the past as well as the current state of your business.
BI lets you know that sales of your Ruffle Top have boomed in Delhi the past one month. As a result, you decide to manufacture more Ruffle Top to keep up with demand.
Whereas with the help of data analytics you can know the reason why sales of blue feather earrings hiked in Delhi. By mining your website data, you learn that a majority of traffic has come from an Instagram post by a fashion blogger who wore your Ruffle Top.
Advantages of Using Business Intelligence(BI)
- Helps in Decision making
- Fast Reporting Management
- Helps in Competitive Analysis
- Revenue Growth
- User Friendly
- Analyzing Market Trends
- Data Quality
- More Efficient
- Offers customer’s satisfaction
- Easily Handles Large Data Sets
- Data Centralization
Integrating BI with Business Solution to Help Businesses Grow
Businesses works on several solutions to accomplish their goals and the solutions are like ERP, eCommerce, Manufacturing. These solutions are really efficient to work on; however, when your business grows then it needs more efficient management to grow further.
Are you into an organization where you accumulate massive data and information everyday through business operation which is hard to keep track of and to analyze. It’s high time to get rid of using multiple legacy software and manual spreadsheet like ms excel to store the data. Because, the problem with such manual software is intensive, it’s time consuming, susceptible processes and data is available in multiple software.
Here, comes the role of Business Intelligence, often known as BI; it allows you to track the data and make decisions for your business. Business Solutions needs BI because it helps in managing the large data and use it for the benefit of your organization.
Let’s see how BI helps in different business solutions!
Role of BI for ERP Solutions
ERP stands for Enterprise Resource Management which helps you to manage the resources of any organization; which is pretty obvious by its name. It also helps you to get the complete data at one place and to get more visibility on the data. However, if you are managing all your data in one software then to avail good amount of benefit, you need to check it’s insights. Business Intelligence in ERP system facilitates your organization to analyze and leverage massive data that is captured by the ERP software.
Role of BI for eCommerce
eCommerce is a software solution type which helps you to sell your products or services online. You can manage the online orders which helps you to mark your reach of your business worldwide. However, in order to think for a way to grow your business, you need to come up with ideas based on the analysis. Business Intelligence helps you to analyze the sales data and work on the factor to grow your business. For instance, if you see a depreciation in the sales of any product in any specific age group then with the help of BI, you will be able to make decision of enhancing the product or can offer discount.
Role of BI for Manufacturing Industry
Manufacturing Industry is a never ending trend as there will always be a need of product manufacturing when there is consumption of goods. It manages each and every part till a final product is produced. Business Intelligence helps you to know where you can cut the extra cost in the product where you don’t get enough margin. Moreover, it also helps you to manage your supply chain.
What are Different BI Tools?
There are several Business Intelligence tools that can help you to analyze the data and work on the direction to enhance the sale of your business.
I have listed some of Business Intelligence tools here:
- Microsoft Power BI
- Looker
- SAP Analytics Cloud
- Tableau Desktop
- Qlik
Integrating Power BI with Odoo
Odoo is a perfect business solution which helps you manage several areas like ERP, CRP, Manufacturing, eCommerce, and much more. Basically, it is a comprehensive business management software. In other words, we can say that it is a complete suite of open source business apps.
Let’s make Odoo 10x more powerful by integrating it with Business Intelligence!
Talking about Business Intelligence then you must know about one of the most powerful BI tool that is Microsoft Power BI. Power BI is business intelligence tool launched by Microsoft in 2014. As per some sources, it has 2.14 billion buyers in 2021 till date.
Webkul has solution for all most of your business problems; if you are an Odoo user and successfully managing your business with Odoo then you can also think smartly with Microsoft Power BI.
Let’s start the countdown for the launch of Odoo Power BI Integration!
Future of Business Intelligence
With coming years, there is no way back in the need of BI due to the critical business demands. Business Intelligence Technology helps people to driving the right data to right people and at the right time so that the management can take effective decisions and resulting in the prosperity of the business.
As per resources, Global Business Intelligence Market is accounted for $18.74 Billion in 2017 and estimated to grow at a CAGR of 9.67% during the forecast period of 2019-2025 to reach $39.22 Billion by 2025.
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