Using BI tools to view
dashboards and KPIs can save valuable time and will also take less time in decision
making. It will also reduce the human intervention and dependency.
As there is progress in the activity, it will be visible by click of a button.
What is BI?
•
Business intelligence (BI)
refers to skills, knowledge, technologies, applications and practices used to
help a business to acquire a better understanding of the market behavior and
business context.
•
Business Intelligence includes
both data access and reporting & analytics
•
The purpose of business
intelligence is to support better business decision making as it not only does
the statistical analysis but also does forecasting, predictive analysis and
helps in optimization.
What are Analytics?
•
Analytics means extensive use of
data, statistical and quantitative analysis, explanatory and predictive models
and fact-based management to drive decisions and actions
•
Analytics are subset of Business
Intelligence
What are the Benefits of BI?
•
It cuts through the clutter of
multiple data reports and presents actionable information on one dashboard.
•
It helps to combine various
sources of data into one single repository to offer ONE VERSION OF TRUTH
•
It improves productivity of
analytics team by cutting down time to gather, clean and process data. With BI,
the team can spend maximum time on analysis and arrive at better business
decisions
•
BI helps to correlate various
business dimensions as compared to linear single dimension MIS reports
•
Graphical and intuitive
presentation of facts helps to focus minds on a problem rather than getting
lost in mountains of boring numbers
