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What is Business Intelligence?

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Business Intelligence

Business Intelligence is not just about turning data into information, rather organizations need that data to impact how their business operates and responds to the changing marketplace.’

  • Gerald Cohen

The importance of Business Intelligence is described in the above quote.

Fast Fact: the global business intelligence market is expected to expand by USD 33.3 billion by 2025, which shows a Compound Annual Growth Rate or CAGR of 7.6%.

A report by Zion Research states that the worldwide Business Intelligence market is expected to reach from USD 16.33 billion in 2015 to USD 26.5 billion by 2021, which is a CAGR of 8.4% between the forecast period.

Today, the different job roles in the data analytics domain are highly-paying and are the most in-demand roles across the globe. One of the biggest reasons for adopting Business Intelligence in organizations is given by a report by FathomDelivers, which states,

‘Conventional analytics and poor data quality cause the US businesses to lose around USD 600 billion every year.’

With increasing complexity in business operations, organizations and bigger enterprises are looking forward to winning the competition, requiring them to have a lot of actionable insights. However, with a massive increase in the pool of unclean data, companies find it difficult to analyze it in real-time. It is here that Business Intelligence comes into action.

You pretty well know how this can be accomplished. Firms need BI developers to help analyze massive amounts of data and come up with actionable insights. BI technologies assist companies in refining, slicing, and dicing the data to find useful patterns.

Let’s look at what Business Intelligence is and how can a Data analytics Bootcamp bring a difference to your career.

What is Business Intelligence?

Put simply, Business Intelligence is the technical and procedural infrastructure that is intended to gather, store, and analyze the data produced by activities of the company.

It is an umbrella term that shells process analysis, data mining, descriptive analysis, and performance benchmarking. Business Intelligence parses all the data created by a business and comes up with easily-readable reports, performance indicators, and market trends that help in making informed management decisions.

Business Intelligence is referred to as a tech-driven process meant to analyze data and deliver useful information to help managers, executives, and workers to make better and smart decisions.

Software companies generally prefer BI solutions for companies that use data in smarter ways. There is plenty of BI software and tools out there in the market, including data visualization software, spreadsheets, reporting/query software, as well as Online Analytical Processing (OLAP).

The Need for Business Intelligence:

Poor data quality is one of the biggest reasons behind the loss that businesses suffer. These types of discrepancies make the companies deteriorate their effort and time in useless trends. The inaccurate and incomplete information causes companies to make worse decisions than they could make if they had better information. This is recognized as ‘garbage in, garbage out’ by financial model creators.

BI tries to solve this problem by analyzing current data typically presented on a dashboard of rapid metrics specifically designed to support smarter decisions.

Incorporating Business Intelligence solutions can be beneficial for many companies.

How Business Intelligence Makes a Difference?

Data analytics and business intelligence have changed the way businesses function with very strong data visualization techniques that give a detailed view of facts and trends in the data to make better real-time decisions. Below are mentioned some aspects through which BI technologies make a difference in the business landscape:

  • Quick access to valuable insights: The most important thing that matters in businesses is the actionable insights that are extracted from massive amounts of untidy chunks of data. There are different options in Business Intelligence that enable you to summarize the information in readable formats and streamline the business decisions along with the opportunities.

To provide you with a clear view, BI tools highlight various aspects of business that include customer behavior patterns to the environmental and political factors.

  • Clear View of the Data: Business Intelligence tools provide you with clear visibility to the facts that are concealed under the cluttered and complex web of data. These tools dive deep into the data to identify the significant trends that positively affect business operations.
  • Makes Business Operations intelligent: When companies integrate business intelligence into business processes, they enable you to proceed in a fruitful direction, rather than misleading you in the wrong directions. These techniques allow you to accumulate the information so that it can be shared across multiple departments to improve coordination and efficiency.
  • Provides a Competitive Edge: The thing that businesses need to survive is ‘information’ or rather actionable information. If you use a good BI tool, it will provide you with the best ways to utilize the information such that your company gets a competitive edge.

Business Intelligence serves as a backbone for modern-day businesses. Because of their graphical and visualization abilities, BI tools have become an integral part of businesses. It is observed that companies that adopt BI tools grow quicker than companies that don’t.

A Career in Business Intelligence

With the expansion and evolution of this domain, BI has opened various opportunities gateway for professionals interested in Business Intelligence and Data Analytics. Some of the most popular job roles in Data Analytics that are highly in-demand are:

  • Business Intelligence Analyst
  • Business Intelligence Developer
  • Business Intelligence Project Manager
  • SQL Server Business Intelligence Developer
  • Business Intelligence Administrator
  • Business Intelligence Manager
  • BI Semantic Model Developer
  • Business Intelligence Consultant

Business Intelligence is at the core of every business these days. If you wish to become a valuable asset for your company, you can choose any of the job roles in the Data Analytics and Business Intelligence field.

The online training courses are highly recommended if you want to acquire the skills and knowledge required to become a Business Intelligence Developer and land the job of your dreams.

Get yourself registered in an online training course to learn at your own pace, go hands-on with real-life projects, get trained with industry experts, and a lot more.

Enroll Yourself Now!!

 

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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