What is Business Intelligence (BI)?

  • AS Team
  • Apr 30, 2021
  • Business Analytics
What is Business Intelligence (BI)? title banner

Before proceeding to what Business Intelligence is, let us have a look at some powerful stats related to it.

 

  • By 2022, the global Business Intelligence market is expected to hit USD 29.48 billion.

  • The major industries that are leveraging cloud Business Intelligence currently include retail companies, financial institutions, higher education institutions, manufacturing, business services, and many more.

  • Over 46% of businesses are already utilizing a BI tool as a core segment of their business strategy.

  • Nearly 90% of sales and marketing teams state that BI is a crucial tool to accomplish their task effectively.

  • This year, there will be 2.72 million jobs that will require a variety of data science and analytics skills. 

  • The average ROI for enterprises leveraging BI and analytics is a whopping 1300%.

 

The above stats make it clear that BI is being adopted in almost every industry, making it a good career option for you. If you wish to enter into the world of Business Intelligence, go with a Power BI course and get into it straight away.

 

When there is Big Data in a business, it significantly improves the overall business performance and creates space for more effective business strategies. When Big Data is integrated with Business Intelligence, it can improve decision-making, identify new business insights, and enhance productivity.

 

Since BI makes businesses improve ROIs, many organizations are looking forward to hiring Business Intelligence analysts and specialists. Obviously, the demand is outpacing the available talent, eventually opening the doors of opportunities for you.

 

Let us now explore what Business Intelligence is.

 

 

Business Intelligence - Definition?

 

“Business Intelligence is not just about turning data into information, rather organizations need that data to impact how their business operates and responds to the changing marketplace.” Gerald Cohen

 

So, it is not all about transforming data into information, though Business Intelligence significantly involves this process. Business Intelligence is transforming data into meaningful, actionable insights that enable organizations to make informed business strategies and tactical decisions. 

 

Various BI tools can access and analyze datasets and represent the analytical findings in the form of summaries, reports, dashboards, charts, graphs, and maps to provide users with detailed intelligence regarding the state of the business. For example, tools like Power BI and Tableau can be used for data visualization and business intelligence.

 

The term Business Intelligence typically refers to a variety of tools that offer quick and easy-to-grasp access to insights regarding the current state of an organization based on existing data. 

 

It is a procedural and technical infrastructure that includes collecting, storing, and analyzing the data produced by activities in a company. It encompasses the processes such as process analysis, data (Text) mining, performance benchmarking, and descriptive analytics as well. BI also involves parsing the data to present performance reports and trends that inform management decisions. 

 

Most companies can benefit from incorporating BI solutions; managers with inaccurate or incomplete information will tend, on average, to make worse decisions than if they had better information.

 

 

BI: The Growing Field

 

BI must strive to improve accuracy, timeliness, and volume of data to be meaningful. So you need to find more ways to capture information to check for errors, the one that is not being recorded, and organizing the information in such a way that it becomes easy to perform broad analysis. 

 

Typically, the companies have data that is in various different formats and even unstructured, making it difficult to collect and analyze. To make the process easy, software firms offer business intelligence solutions to optimize the information obtained from data.

 

Can you guess what these BI solutions are?

 

These are enterprise-level software solutions meant to enable companies to make better use of their data. 

 

BI helps businesses get rid of the problem of ‘Garbage In and Garbage Out’ that results from inaccurate and insufficient data analysis.

 

(Must check: BI vs Data Analytics)

 

 

BI Softwares and Systems

 

There are various tools that come under BI. The most crucial categories of BI software are:

  • Dashboards

  • Data Visualization

  • Reports creation

  • Data Mining

  • ETL tools or Extract-Transform-Load are meant to import data from one datastore to another.

  • OLAP or Online Analytical Processing.

 

When BI is being discussed, how can we ignore Power BI- which is a powerful BI and Data Visualization tool powered by Microsoft.

 

 

What is Power BI?

 

When you look at the official home page of Power BI, you find a tagline that says,

 

“Enable everyone at every level of your organization to make confident decisions using up-to-the-minute analysis”. So you realize how powerful this tool is?



Power BI is a data visualization and Business Intelligence tool meant for converting data from different data sources into interactive dashboards and analysis reports. Power BI provides cloud-based services for interactive visualizations along with a simple and user-friendly interface for clients to create their own reports and dashboards. 

 

There are different BI versions available such as Service-based(SaaS), Desktop, and mobile Power BI applications to be used for different platforms. There are various software connectors and services for business intelligence.

 

(Recommended blog: Top Data Visualization Techniques)

 

 

Why Power BI?

 

Microsoft Power BI is one of the largest and fastest-growing business intelligence clouds. It allows you to create and share interactive data visualizations across data centers present worldwide that may include national clouds to accomplish the requirements related to compliance and regulatory ones.

 

The most prominent uses of the Power BI tool are:

 

  • It allows real-time updates of dashboards.

  • There are in-built dashboards and reports for SaaS solutions.

  • It perfectly meets regulatory and compliance requirements with oversight of sensitive information via BYOK(Bring Your Own Key).

  • It provides for data exploration by using natural language queries.

  • It provides secure and reliable connections to the data sources both on-premises and in the cloud with Microsoft Cloud App Security.

  • Power BI provides a secure environment, hybrid configuration, and quick deployment.

 

 

Conclusion

 

Business Intelligence, or precisely, Power BI, is ranked as a leader by Gartner for the fourteenth consecutive year in 2021. If you wish to learn such a powerful technology and make a career in the innovative domain of Business Intelligence, taking an online training course is the one-stop solution.

 

By taking an online training course from an accredited institute makes your learning process go trouble-free by arranging the study material for you and providing free access to the same for a lifetime. The amenities like self-paced learning, choice in the mode of learning, and industry experts ensuring the in-and-out preparation make the course irresistible.

 

Enroll yourself now!

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