Top 8 functions of Business Intelligence Solutions

Your business gets new data every day that is usually spread across multiple reporting tools. Business intelligence solutions consolidate your data in one centralized location so you can obtain valuable insights and make smarter business decisions.

BI technologies provide high-level statistics and predictive analytics to help businesses extract information from data analysis, identify patterns, and determine future events in business operations.

For those companies who want to leverage data without additional hardware and infrastructure expenses, BI platforms are an excellent choice.

BI solutions demand minimal implementation and administrative costs, with no additional hardware.

Business intelligence can amazingly help decision-making and business operations. Here are some functions that BI can perform.

1. Data mining:

Data is flowing into businesses in various formats at unique speeds and volumes. The business’ prosperity depends on how swiftly you can see insights from big data and combine them into business decisions and drive better actions across your company.

BI helps you sort through large datasets using databases and statistics to identify trends.

• Increase revenue.
• Gain new customers.
• Retaining customers and increasing loyalty.
• Increasing ROI from marketing campaigns.

2. Querying:

It is a request to get specific data or information from a database.

3. Data preparation:

In this process, data is combined and structured to prepare it for analysis.

4. BI Reporting:

It is the process of collecting data by using different software and tools to gain relevant insights. It helps decision-makers in operating and financial data analysis to extract practical conclusions. BI reporting is continuous, universal data access and information sharing.

5. Benchmarking:

Benchmarking is an action of connecting the real-time performance of a system with a preset of predictable performance. It compares current business operations and performance metrics to actual data to trace performance: a normal benchmarking process includes planning, analysis, integration, and action.

6. Descriptive analytics:

It is the interpretation of past data to make comparisons and understand changes in a business effectively.

7. Statistical analysis:

In statistical analysis, the data is collected and analyzed to recognize patterns and trends. It uses numbers to remove any inclination when reviewing information. It is a tool that can inform decision-making.

8. Data visualization

Data visualization is part of business intelligence tools and is essential to advanced analytics. It helps people make knowledge out of all the raw information or data.

Further, it presents data in charts, graphs, or another visual presentation for an easy analysis process.

Need a helping hand?

BI provides all the data, insights, consumer inclinations, and other metrics that help to generate a more effective, well-built, and results-oriented business model.

Business Intelligence solutions is an investment worth looking at.

HazenTech offers affordable BI software and tools to help businesses utilize it and create a strategic plan to grow further and keep it moving. Leveraging Business intelligence in your company makes a positive ripple effect that reaches all parts of the company.

It’s not just about improving access to the data in your firm. It’s about using that data to improve profitability.

If you want to know more about our BI services and all the potentialities that come with it, reach out to us today, and we would be glad to assist you.