Within the field of BI, there are numerous specializations. These benefits allow companies to be more agile, outperform competitors, and adapt to the current economic climate in an active and not reactive way. Diagnosing problems within the organization and course-correcting.Determining and capitalizing on new market trends.While increased profitability is often at the top of the benefits list, other advantages include: Being able to make data-driven decisions has many benefits to the entities that utilize these tools. It tells these decision-makers what is happening right now and what has happened in the past to get them to where they currently are. Why is Business Intelligence Important?ĭata-driven insights into companies allow executives, managers, and other administrators to visualize what is happening within a company. IQ Blade, another BI service provider, estimates that clients who use their services see a 24 percent increase in sales.
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Gartner, a leading BI service provider, estimates that BI software and products worldwide will reach over $22.8 billion by 2020. The insurance industry leads the way in adopting BI tools followed closely by technology and business services. Tools have specifically been developed for human resource departments, sales teams, executives, finance offices, supply chain management, manufacturing, and IT. Today, BI is used in virtually all departments in businesses, education, nonprofits, government agencies, and law enforcement. However, it wasn’t until the late 1990s that this practice became more widespread. Finally, in 1989, Howard Dresner used the term “business intelligence” to describe the use of fact-based support systems to improve business decision-making. Throughout the 60s and 70s, decision support systems (DSS) were developed as computer-aided models which guided business planning and decisions. The ability to analyze large amounts of data for business decision-making began with the advent of computers in the 1950s. Technology, software, and processes aid these complex and intensive analyses. These tools cannot predict what will happen or tell end-users what to do, but instead, they give insights into trends allowing users to query, search, and merge data easily to inform next steps. It covers collecting data, analyzing the information gathered, and transforming it into digestible components for end-users, as well as applying the information gleaned from reports and visualization to optimize performance. Business intelligence (BI) is an umbrella term used to describe the use of data analytics to support businesses making decisions.
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