Business Intelligence & Big Data

Business Intelligence and Big Data

What is Business Intelligence?

Every company relies on data, and this data is used to generate reports which will help companies make educated decisions with the right information. When there is a multitude of data to access, analyze and compile, if done manually, such a task might need a lot of resources and time. Business intelligence (BI) helps simplify and automate the process as well as generate qualitative reports.

 

Business intelligence makes use of enterprise data to enhance strategic and operational decision-making. As a process, BI involves the consolidation, analysis, and communication of business information to assist companies in making the right business decision. And, as a technology, BI consists of different tools that automate data consolidation, analysis, and the presentation of business information to end-users. BI helps deliver relevant and reliable information to the right people at the right time to get better answers even when the data is collated from multiple sources.

 

The traditional business intelligence (BI) model follows a top-down approach; wherein static reports answer most of the analytics questions. Here, BI is driven by the company's IT organization. So, if an employee/executive had a follow-up query about the report, they would have to go to the bottom of the reporting queue and start the process again. Such a process is slow, time-consuming, and does not serve to use recent data to make strategic decisions. However, the modern business intelligence (BI) model is not only fast but also interactive and approachable. Even though IT departments still manage the access to data, several levels of users can customize the dashboards and create the reports they need with ease.

 

Why is Business Intelligence (BI) Important?

 Business Intelligence (BI) collects the necessary data, analyzes it, and determines which actions need to be taken, helping businesses to answer questions and track the performance against these goals. Companies can take advantage of the comprehensive view of the organization's data and then use that data to drive change, reduce inefficiencies and quickly adapt to changes. With BI, companies can make smarter, data-driven decisions. They can analyze customer behavior and even compare their data with competitors, helping companies run smoothly and efficiently. BI allows companies to enhance productivity, increase revenue, accelerate business growth and ensure higher profits. Implementing BI systems in an organization can reduce the time spent by workers/executives in processing and analyzing the data while also eliminating any errors.

 

How the Business Intelligence (BI) Process Works

 Companies need to analyze the data correctly to understand customer behavior, improve operations, optimize the supply chain, etc. Taking into consideration the type, volume, and velocity of the data, Business Intelligence (BI) systems can be implemented by companies so that they will be able to use this data in the right way. Business intelligence combines business analytics, data mining, data visualization, data tools, and infrastructure, which offer access to accurate, comprehensible, and actionable information on demand, enabling organizations that deal with a lot of data to make informed business decisions.

 

How Industries Are Implementing Business Intelligence (BI)

With Business intelligence (BI), companies can use the data to make timely and informed decisions, enabling them to gain a competitive edge. Some of the real-life use cases of BI tools are as follows:

  1. Identifying Customer Behavior - BI can help in determining which customer acquisition channel is currently generating the highest revenue. Companies can use that information to scale up revenue generation from other media as well. Companies can use BI to create reports on various avenues, analyze them and use them to their benefit.
  2. Enhancing Customer Experience - Customer service and customer experience (CX) go hand-in-hand to grow a company's business and ensure a seamless customer experience. BI solutions, such as a customer service dashboard, offer insights on customer service KPIs, average response time, etc., enabling companies to be consistent and focus more on creating a customer-centric environment.
     

The Future Impact of Business Intelligence (BI)

Business intelligence is evolving continuously, and companies need to keep up with the latest trends. Business Intelligence, in the future, will be more automated, error-free, more insightful, and more user-friendly. It will embrace a larger audience and is sure to be widely used by almost all organizations. BI will also be geared towards working with Big Data, making it easy for companies to comprehend and analyze the data. With modern BI tools, companies can unearth new insights, generate meaningful reports, etc., enabling them to become more proactive in carrying out their day-to-day business operations.

 

A recognized leader in conversational AI, [24]7.ai uses both digital as well as voice interactions to analyze customer intent. It allows organizations to build, automate, monitor, and optimize customer service and user experience. As consumers expect businesses to communicate with them through their preferred channels of communication, be it chats or messages, they expect them to understand their intent and offer personalized solutions to their queries. Using the [24]7.ai Engagement Cloud™, businesses can efficiently deliver on these expectations. One of the significant benefits of Engagement Cloud is that it can provide insights into the performance of the solution and feature industry-specific innovative dashboards, streaming analytics, and also offer different ways of customizing reports. These dashboards can be integrated within a company's BI systems via APIs, making it easy to analyze the data and offer insightful customer solutions.

What is Business Intelligence?