This question often crosses the minds of business leaders, but the answer is quite simple. Most often, companies use BI to leverage their existing data sets to optimise internal business processes, increase internal operational efficiency and thereby gain new revenue streams or market advantage over competitors.
In addition to these aspects, it is important to note that the implementation will improve the availability of their current data, giving them faster and more accurate access to a wide variety of data within the company. This type of application will allow the data needed to make decisions to be available to the widest possible audience.
As business intelligence tools accelerate the analysis of information, they can deliver highly valuable data to any company.
There are many applications of business intelligence, for example:
- Report generation
- Developing executive dashboard interfaces or dashboards
- Creating company-specific KPIs which can be monitored constantly
- Internal business performance analysis, various statistical analyses
- Planning, forecasting, internal process modelling, scenario analysis
- Historical data analysis, time series analysis
- Geographical data analysis, analysis of spatial behaviour
- Data visualisations
In the past, various BI tools were used by corporate data analysts and IT-savvy users. The new generation of self-service BI platforms has made business intelligence easily accessible to everyone.