Business Intelligence

 

Business intelligence (BI) helps companies use their data efficiently and wisely to improve competitive advantage and ensure increased ROI. BI processes and tools are aimed at manipulating and analyzing data to monitor and regulate operations, gain insights, and support decisions. Intelligent use of BI also can significantly raise employee morale and enhance customer satisfaction, loyalty, and lifetime value.

BI solutions can be applied to almost any business operation with scope ranging from enterprise-wide to project specific. Typically, BI systems integrate into an existing data warehouse or data mart to access current, historical, or forecasted/predicted data. Business performance management processes are then created and customized to handle various sources of data (e.g. sales, production, financial, call centers, marketing, market changes, and staff performance) and outputs can be organized and displayed on dashboards in appropriate ways (e.g. tables, charts, thermometers, etc.). Controlled access to detail and summary data further facilitate queries, reporting, statistical analyses, interactive data mining, predictive modeling/forecasting, and systems optimization.

An important part of a robust BI solution is the use of key performance indicators (KPIs). These indicators help to assess the present state of business operations, and can assist in the formation of tactical and strategic responses as needed. Regularly (e.g. real-time, daily, weekly, monthly) updated KPIs provide continuous feedback to operations managers and C-level executives. Commonly used KPIs include inventory turn-over, lead conversion rates, and average incoming call-wait time, for example. learn more

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