Business intelligence is a term that has been around since the mid-1998s and means transforming data from its original form into something on which business decisions can be made.
It's like an umbrella that connects other data-related systems, including data warehousing, data mining, statistical analysis, forecasting, and decision support.
In another definition; Business intelligence is the process of increasing the profitability of an organization in a competitive market by intelligently using the information available in the organization in the decision-making process.
Benefits of using business intelligence in the organization
The greatest benefit of business intelligence is the ability for decision makers to have direct access to data at all levels of the organization. In this way, these people will be able to interact with the data and analyze it, and thus be able to manage the business, improve efficiency, discover opportunities, and do their job with high efficiency.
In its simplest form, business intelligence delivers information about the current state of the business to managers. Using business intelligence, information is provided to managers at the right time and with more flexibility. If one of the indicators of the business is missing or out of planning, business intelligence allows users to dig into the details and find out why, and make appropriate decisions to make up for the situation.
Is a set of theories, methods, processes, architectures, and technologies used to turn raw data into useful and meaningful information. Business information uses large amounts of information to identify and develop new opportunities. Taking advantage of new opportunities and implementing an effective strategy can bring a competitive market advantage and long-term sustainability.
Business information can be used for the following business purposes to bring value to the business:
As a senior or middle business manager or as an expert in charge of presenting and analyzing information and data, how many problems do you face ?
- Receive uncollected reports with high level of detail such as long lists.
- Receive false reports and information.
- Receive information late so that their information value is lost and spend a lot of time analyzing an old report.
- Lack of data integration, or in other words, the distribution of information in, for example, different Excel files with different formats and formulas.
- Even in a field such as project planning and control unit, human resources or financial unit.
- Ability to receive information and reports from only one information island or the existence of different information islands.
- Such as human resource management, sales, supply, finance, etc., while in most cases, there is no consistency between the reports of these information islands, and the report of one island violates the report of another.
- Long waiting time, even more than an hour for processing queries and displaying information and submitting reports.
- Failure to receive information and reports on mobile phones, tablets and… .
- Spend significant time on repetitive, value-added activities to generate monthly and weekly repetitive reports.
- And many other problems….
As a manager or expert, you face these problems almost every day… !
The greatest impact of access to information problems is in organizational decisions.