Business intelligence software helps companies and organizations convert data into ready-to-use formats. This data can be structured or unstructured.
After data conversion, the business intelligence software analyzes the same data using machine learning (ML) and artificial intelligence (AI) capabilities.
About 37% of organizations and businesses use artificial intelligence. This percentage will increase significantly by 2025.
What Business Intelligence Software Does
The main aim of business intelligence software companies is to create an extensive view of a business. This, in turn, helps business people make sound decisions to drive the business forward.
Business intelligence involves processes and activities that drive performance. These processes include:
• Querying: This involves questioning the data by asking specific questions. Business intelligence then pulls the answers from datasets.
• Data visualization: This process involves turning data into visual representations like graphs, histograms, and charts. These visual forms help with the interpretation of data.
• Statistical analysis: This activity picks descriptive analytics results and uses statistics to explore the data. You get to understand how and why a trend happened.
• Data mining: Uses statistics, databases, and machine learning to discover trends in large datasets.
• Data preparation: This includes compiling several data sources and preparing them for data analysis.
• Performance benchmarking and metrics: Here, business intelligence compares current data with historical data. This data tracks performance according to set goals, using customized dashboards.
Importance of Business Intelligence for Businesses and Organizations
Business intelligence helps companies and organizations make data-driven decisions. The following are benefits of using business intelligence software:
• It helps companies identify ways to increase profits
• Companies can analyze customer behavior and trends
• You compare data with competitors
• Provides information that allows you to track performance
• You can predict success
• Spotting market trends is much easier
• You discover issues or problems quickly
Business intelligence software companies play a significant role in helping businesses and organizations plan for the future. To place yourself in a better position against your competitors, contact us for top-notch analytics.
