What is BI?

In today’s fast-paced and data-driven business world, organizations need to make informed decisions quickly to stay ahead of the competition. This is where business intelligence comes in. Business intelligence, or BI, is a set of tools and practices that enable organizations to collect, analyze, and interpret data to make informed decisions. In this article, we’ll explore what business intelligence is, why it’s important, and what it can do for your organization. Whether you’re a small business owner or a C-level executive, understanding the fundamentals of business intelligence can help you make better decisions, improve performance, and gain a competitive edge in your industry.

Business intelligence, or BI, is a technology-driven process of collecting, analyzing, and interpreting data to support business decision-making. BI aims to transform raw data into actionable insights that can be used to optimize business processes, identify opportunities, and gain a competitive edge.

History of Business Intelligence

The history of BI can be traced back to the late 1950s when IBM researcher Hans Peter Luhn first coined the term “business intelligence.” Luhn envisioned a system that could turn raw data into actionable insights, which could then be used to improve business performance.

After that companies started to create systems for decision support because sometimes it was too hard. So, the DSS – decision support system was introduced in the 1970s and was a computer-based system designed to support managerial decision-making by providing access to relevant data and analytical tools.

In the 1980s and 1990s, BI continued to evolve with the introduction of Data Warehousing, which allowed organizations to store and analyze large volumes of data from disparate sources. This enabled more sophisticated analysis and reporting and paved the way for modern BI tools and practices.

Today, BI is a critical part of the IT industry, with a wide range of tools and technologies available to help organizations collect, analyze, and interpret data. From data visualization and reporting tools to predictive analytics and artificial intelligence, BI is helping organizations across industries make better decisions and achieve greater success.

The Business Intelligence (BI) market has been growing rapidly in recent years, driven by the increasing demand for data-driven insights across industries. Here are some key market insights.

Source: Statista, FinanceOnline

What are Popular Business Intelligence Vendors?

Several countries are known for creating popular Business Intelligence (BI) software. Here are some examples:

1. United States: The US is home to several leading BI software vendors, including Microsoft, IBM, Oracle, SAP, and Tableau.
2. UK: The country is home to several leading BI firms such as Deloitte, Accenture, IBM, Oracle, MicroStrategy, and research institutions, and its universities and training programs produce some of the best business intelligence professionals in the world.
3. Europe: Several European countries are known for their BI software, including Germany (with vendors such as Information Builders and TIBCO), and France (with vendors such as Board International and Jedox).
4. Asia-Pacific: The Asia-Pacific region is also a growing market for BI software, with companies such as Alibaba, Baidu, and Tencent in China, Fusionex in Malaysia, and NTT, Fujitsu, NEC, and Hitachi in Japan.

Source: Statista, The Conversation, FinanceOnline

What are the Most Famous Business Intelligence Technologies?

There are numerous business intelligence (BI) technologies available in the market today, each with its unique features and capabilities. Some of the most famous BI technologies that are widely used in the industry include:

1. Tableau: Tableau is a data visualization and analysis tool that enables users to create interactive dashboards and reports from various data sources.
2. Microsoft Power BI: Power BI is a cloud-based data visualization and analysis tool that integrates with other Microsoft tools such as Excel and SharePoint.
3. QlikView: QlikView is a data discovery and analysis tool that enables users to create interactive dashboards and reports from multiple data sources.
4. SAP BusinessObjects: SAP BusinessObjects is a suite of BI tools that includes reporting, data visualization, and analysis features.
5. Oracle BI: Oracle BI is a suite of tools that includes reporting, data visualization, and analysis features, and integrates with Oracle’s other enterprise applications.
6. MicroStrategy: MicroStrategy is a data discovery and analysis tool that enables users to create interactive dashboards and reports from various data sources.
7. IBM Cognos Analytics: Cognos Analytics is a suite of BI tools that includes reporting, data visualization, and analysis features, and integrates with IBM’s other enterprise applications.
8. SAS Business Intelligence: SAS Business Intelligence is a suite of BI tools that includes reporting, data visualization, and analysis features, and is widely used in industries such as healthcare, finance, and retail.

What is Business Intelligence Software?

Business Intelligence (BI) software is a set of tools and applications that enable organizations to collect, analyze, and visualize large amounts of data from various sources to make informed business decisions.

Business intelligence solutions can include:

1. Data integration: business intelligence software can integrate data (current and historical data) from various sources, including databases, spreadsheets, and third-party applications to business users.
2. Data analysis: business intelligence software can analyze data using a variety of business analytics techniques, such as statistical analysis, data mining, and predictive modelling.
3. Data visualization: business intelligence software can transform data into visual representations such as charts, graphs, and dashboards, making it easier to understand and interpret.
4. Reporting: business intelligence software can generate reports based on the analyzed data, and machine learning, providing insights and recommendations to support decision-making.

Examples of popular business intelligence software include Tableau, Microsoft Power BI, QlikView, SAP BusinessObjects, and Oracle BI.

Identifying market trends is essential for businesses operating in the business intelligence industry, as it enables them to stay ahead of the competition and meet the changing needs of their customers and business users. Here are some steps that businesses can take to identify market trends for BI:

1. Conduct market research: This involves gathering data and information about the BI market, including customer needs, preferences, and behaviour, as well as the competition, emerging technologies, and industry regulations.
2. Analyze industry reports: Industry reports provide valuable insights into the latest trends and developments in the BI industry, including market size, growth rates, and key drivers.
3. Monitor social media: Social media platforms can be a valuable source of information about customer preferences, opinions, and feedback, which can help businesses identify emerging trends and stay connected with their target audience.
4. Attend industry events: Attending industry events such as conferences, seminars, and trade shows can provide businesses with the opportunity to network with peers, learn about the latest developments in the industry, and identify emerging trends.
5. Utilize data analytics: BI firms can also use data analytics tools to identify trends in customer behaviour and preferences, as well as to gain insights into the latest developments in the industry.

By following these steps, businesses can stay up-to-date with the latest trends in the BI industry, and adjust their strategies and offerings accordingly to meet the changing needs of their customers.

BI systems typically follow a four-step process:

1. Data Collection: The first step in the BI process is to collect data from various sources, such as databases, social media, and customer interactions. This data can be structured or unstructured and may include text, images, and video.
2. Data Integration: Once the data is collected, it needs to be integrated into a single system so that it can be analyzed. This involves cleaning and transforming the data and then mapping it to a common schema.
3. Data Analysis: After the data is integrated, it can be analyzed using a variety of techniques, such as statistical analysis, data mining, and machine learning. The goal of data analysis is to identify patterns, trends, and insights that can inform decision-making.
4. Data Presentation: Finally, the insights gained from data analysis need to be presented in a way that is easy to understand and act upon. This may involve creating reports, dashboards, and visualizations that highlight key metrics and trends.

Source: TechJury

There isn’t one main purpose! There are several reasons why you should try Business Intelligence (BI) for your business. Here are some of the main benefits:

Improved Decision-Making

By providing real-time data and insights, BI systems enable businesses to make better decisions that are based on data rather than intuition. This can lead to improved performance and competitive advantage.

Need Proofs?

Source: Better Buys

Increased Efficiency

BI systems can help businesses optimize operations by identifying areas of inefficiency and waste. This can lead to cost savings and increased profitability.

Need Proofs?

Source: Statista

Enhanced Customer Experience

BI systems can help businesses understand their customers better by analyzing customer data and identifying patterns and trends. This can lead to more personalized experiences and increased customer loyalty.

Need Proofs?

Here we can show the law industry case.

45% of law firms worldwide find BI having a moderate impact in their field in 2022, the most in terms of BI’s impact in the legal industry.

Source: FinanceOnline

Competitive Advantage

By providing insights into market trends, customer behaviour, and competitor activity, BI systems can help businesses gain a competitive edge in their industry.

Need Proofs?

Here we can show you the airport industry case.

Data Visualization

BI provides you with visual representations of your data, making it easy to identify trends, patterns, and outliers. This can help you quickly and easily communicate insights to stakeholders, and make data-driven decisions.

Need Proofs?

Source: BI Survey

INTechhouse is a technology solutions company that specializes in providing business intelligence (BI) services to clients across different industries. One of the case studies on their website is about their experience in developing an Expense Analyser tool for a financial services client.

The Expense Analyser tool was designed to help clients track and analyze their resources based on information from energy meters and experts. It enables the effectively translate of these data into satisfying results.

By using BI, companies can identify trends, patterns, and insights that can help them improve their operations, increase efficiency, and gain a competitive advantage. BI also allows businesses to create reports and dashboards that provide real-time information to stakeholders, helping them monitor progress and adjust strategies as needed. Overall, BI is a crucial component of modern business operations and can provide significant benefits to companies of all sizes and industries.