Business Intelligence Applications for Technology Industry
Surely, you would have heard a lot about Artificial intelligence in the current scenario. The fact is that this technology is the biggest and most magnificent phenomena of the modern business stream.
And! The master player in this game is business intelligence, a subtle and sacred juice of AI and ML combination, which is rejuvenating business processes and customer experience.
While IT is the biggest play field for gauging the potential of this technology, billions of eyes are stuck on this Hubspot where the answer lies: how would the technology industry use business intelligence to unfold the modern customer experience range.
I would have to say IT businesses are very positive and driven toward this market trend. And this can be grasped through the major statistics of BI investment in 2020
What is Business Intelligence?
Business intelligence (BI) is an amalgamation of business analytics, data visualization, data mining, tools for data management and a consolidated infrastructure. Presently, it is being revered as the best practice for improving customer experience by a data-driven approach.
It is allowing organizations to gather collective insight from data gathered throughout the years, and help them to use that data to instil change, eradicate inefficiencies, and rapidly adapt to market or supply changes.
Another matter of fact is that under the roof of business intelligence, several processes take place that make an ecosystem to collect, store, and analyze data to streamline business processes and activities for optimal performance.
If you want to leverage Business intelligence to enhance your business ROI, you must reach out to expert business intelligence consultants who can help you design a strategy for prominent BI usages.
To understand the whole culture of Business intelligence, you have to understand how this system works. So, Here take a glance over the Business Intelligence Processes.
What are Business Intelligence processes?
· Data mining: This process is dedicated to using databases, statistics and machine learning for undermining trends in large datasets.
· Reporting: As the name suggests, the process supports reporting for decision making and business-driven conclusion data sharing and analysis.
· Querying: It includes instilling intelligent property by asking the data specific questions, and BI solutions pull out the answers from the datasets.
· Descriptive analytics: This process is dedicated to finding what happened by using preliminary data analysis.
· Data visualization: This is another main process of business intelligence. It is dedicated to a visual representation of data in the form of charts, histograms, graphs and more.
Apart from these, many more processes happen under this umbrella, such as:
- Statistical Analysis
- Visual Analysis
- Data Preparation
- Performance metrics and benchmarking
So, now you would have understood that business intelligence is a vast field. All of these processes help organizations to boost revenue generation.
Surely, you may be wondering that is there anyone in the market who is using BI. The fact in a number of companies are using BI to improve their sales, and some of them are: Amazon, Netflix, Starbucks, Amex , Microsoft and more
Here are some facts that will make you acquainted with BI market propositions and major industries using business intelligence.
- The retail and wholesale industries consider BI software most important - 58% of respondents affirm it "important" or "very important".
- Banking accounts for 13.9% of total revenue for the BI market.
- 48% of all organizations assert BI to be "important" or "very important" in their business activities.
- The major driving factors behind BI market are Advancing technology, increasing accessibility and steadily improving benefits for users.
Clearly, BI is the most significant aspect in the current market, as using it can benefit your business tremendously. A business intelligence consultant company can help you install BI logics to drive revenue generation.
Why is Business Intelligence important?
In the modern world, business intelligence is as fascinating and dramatic as sci-fi movies, just like computers used data and artificial intelligence to replace human intelligence in movies.
Business intelligence brings in a basis for computer intelligence integration in organizations to utilize collected data for the betterment of services and organizational process.
If we understand it in other ways, then this technology stream empowers organizations to utilize gathered data for unfolding opportunities for sales and revenue generation.
You would have already known that data is being used for years to monitor market trends and predict the market downfall and uprise. However, earlier, this process was incredibly slow and cumbersome.
Though, the arrival of Business intelligence has made it more computer-driven and faster. All thanks to machine learning and AI that backed business intelligence by creating a futuristic infrastructure for data analytics and visualization.
Here are the reasons why BI is important for organizations:
- To turn data into valuable information.
- To improve business component visibility.
- BI analysis enhances ROI generation by allowing trend identification.
- BI provides complete insight into customer behaviour to improve services.
- To improve and fasten the data interpretation and analysis for better productivity.
Organizations invest billions to achieve an infrastructure to accomplish this, while BI software makes these aspects simpler and faster. Surely, now you would have understood why BI is critical.
Though, IT Industry is the most prominent space where business intelligence significantly brings transformation. IT organizations are engaged in using BI in crafting software solutions that can bring in data-driven culture. Lets' take a glance at the role of Business Intelligence in Information technology.
How would the IT industry use business intelligence?
Information and software development industry is a very vast marketplace for BI to show its potential. Thus, Power BI companies are engaged in finding the most suitable usage in the IT industry.
Here are the significant role BI can play in the IT industry :
Enhanced Data Gathering & Storage Architecture
It companies have to handle huge data warehouses and data marts. Whether it is a social media organization, or a data security company, BI can help these organizations to store and gather data in the simplest form.
BI can support IT infrastructure and eliminates the need for middle-tier platforms. Overall, it will enhance data storage and sharing architecture.
Another most critical use case is security. BI allows businesses to consolidate security systems by restricting data access to the users only who need data.
IT companies will be able to have a complete hold on data permission across the organization. BI solutions will only show permissible data to users on dashboards and reporting screens.
BI platforms are designed in a way that they offer incredible scaling from one user to the entire organization. A number of organizations are scaling up thousands of users through BI initiatives.
Moreover, BI platforms allow IT businesses to ensure better mobile capabilities, remote and on-premise access, and better operating system.
High Tech Data Storage
Another aspect of BI in IT industry is access to multiple data sources. BI has the ability to access different data sources within data warehouses, such as operational data, financial data, CRM data, and much more seamlessly.
While the traditional data approach was slow and time taking, BI makes it effortlessly seamless. As per University of Notre Dame, the modern BI can access data from different departments and create reports rapidly.
The number of BI tools and platforms is increasing every day, and there is no doubt in saying that they allow organizations to seek improved agility by infusing user independence.
While the IT industry can use this trend to consolidate the security and structure of data, IT organizations can use it for improving client experience. Moreover, BI isn’t just a technology trend; it is a program that connects business operations to a platform.
While improving data governance and oversight, it allows IT businesses to focus on end-user needs and help them to analyze trends. Success from business intelligence means, success from all user data streams.
BI empowers the IT industry immensely, and businesses can use it to make users experience data-driven. If you are wondering how this technology ecosystem can benefit your business, you should reach out to an expert, who can carve a BI strategy for your business.