What is business intelligence? Everything you need to know
It has become more and more important for businesses to have a full overview of data and information, to remain competitive.
Business intelligence, also in short BI, is a technology driven proces, which analyses and summarizes data. BI gives you important data which supports leaders and employees to make correct decisions in business operations. Read along to learn more about BI and why it's a important tool in operations - and the BI solution from NetSuite.
What is business intelligence and how does it work?
The concept of business intelligence is an umbrella term covering a broad list of tools, which gives you quick access to insights into the organisation and the current situation based on accessed data.
Business intelligence is a technology driven proces which collects, analyses and gives a valuable data foundation, which leaders can use to make important decisions. In the BI proces, the data is gathered across internal and external resources. The tool will then prepare this data to analyse, treat data, run demands, create manageable visualizations and map the data - either with reports or on a BI dashboard. The BI tool is therefore an analysis, data and reporting tool.
Reporting is the most central facet in business intelligence. With a little help from it's analytical functions, the tool digs deep into any given set of data and extracts relevant information on anything from generating income, upscaling HR resources, to creating the strategic plans for possible expansions. These are also called BI reports and BI analysis.
Why is business intelligence so important?
Business intelligence tools have become an important part of succesful business operation. Actually almost 50% of all businesses use BI tools. One of the reasons for that is that businesses to a greater extent have access to stores of data and information, that hasn't always been available.
When informed decisions are being made, the best prerequisites to increase income and bettering the operating efficiency are also created. This makes the business better suited to achieve competitiveness on the market.
Besides, BI gives you data in real time, which makes it possible to always keep track of raw data. If you do this you'll always be one step ahead and can accommodate possible problems and challenges, or use sudden potentials from all corners of your business.
Without a well functioning BI system, leaders and employees have to base important business decisions on earlier experience, their knowledge about the business, the market and their intiution. Good decisions can of course be made with this method, but the risk of error and misunderstandings are also greater.
The many advantages of business intelligence
By implementing business intelligence in your business strategy, it's possible to exploit all accessable information and data to:
- optimize all internal processes
- identify problems and challenges
- discover emerging business and market trends
The technology behind business intelligence offers a valuable and powerful way to become smarter on data points, which are easily converted and translated to useful business intelligence KPI's.
Improved customer service
When you have a better overview of data, you can also experience improved customer satisfaction, since you're getting a more detailed insight into the processes with marketing, sales and customer service - and thus a better understanding of how you streamline all efforts.
Streamlined working processes
In the case of HR-administration, HR partners with the BI solution will be better suited for tracking employee productivity, working costs and all data regarding the staff.
Overview of the entire supply chain
The data and information that the BI solutions can give you, will also give you a better overview of the supply chain. Like this, potential bottlenecks from manufacturing to production can be discovered quickly before causing any trouble to the supply chain.
The business intelligence platform play a massive role in making your business more customer oriented, agile and competitive.
The business intelligence solution from NetSuite
The business intelligence solution from NetSuite gives you accurate and consistent data and information in real time, adapted to your business needs. All the employees in your company will likewise have intuitive and user friendly access to complicated data.
The business intelligence solution from NetSuite also brings you business oriented advantages, when you're administrating and organising projects and tasks. With the BI tool you'll get the chance to download multidimensional data.
The ERP solution from NetSuite will together with the BI tool give you a thorough overview of the business. When successful businesses implement BI, they're easily able to translate all the gathered data to a valuable insight into the processes of the business. It will then be far easier to create goaloriented business strategies, and effeciency and productivity will increase with a focus on more sales.
At Omnit we'll help you and your business fully exploiting the NetSuite business intelligence tool, so you'll be one step closer to a business in growth. We are always ready to help you with anything from integrating, implementation, education, personalization and support and counseling for your new NetSuite ERP system.