Business intelligence tools provide vision and integration to organizational processes. Specifically, those are exclusive varieties of software that assist inside the analysis and presentation of records, permitting the employer to attain a better expertise of its present and destiny through the interpretation of the information to which it has access.
Business Intelligence (BI) refers to the strategies and strategies with which information is transformed into understanding so that groups can make better selections. Therefore, for its application it is essential to use Business Intelligence, Business Intelligence or Business Intelligence tools, equivalent terms.
There are multiple applications for this purpose or included in this category and the main existing types are:
Data management: they focus on obtaining information, processing it and exporting it to another system.
Discovery: its main objective is to obtain and analyze new information and, through the application of machine learning algorithms, make predictions or projections.
Report: allow the creation of dashboards for the representation of the information obtained and processed in a visual, organized, clear and adjusted to the needs of the audience to which it is directed.
Business intelligence tools: how to recognize the real ones
In the world of Business Intelligence there is a certain confusion about the purpose of using certain tools. In some organizations, business intelligence has been left in the hands of software or applications that are not advanced business analytics tools.
There is no problem when using them, the problem is when it is believed that they can provide value that, in reality, they are not capable of providing to the end user. Business intelligence is built on pie in the sky and this represents a risk that no company should be willing to take.
The three most widespread examples are:
ETL tools: although some advanced business analytics tools include ETL (Extract, Transform and Load) functionality, ETL tools cannot be considered business intelligence tools, since they do not provide the vision or allows data analysis.
Excel: data loading has to be done manually in any spreadsheet, but this is not its main difference with business intelligence tools, but the fact that Excel does not allow the analysis of unstructured information.
Microsoft Project: to be considered an advanced Business Intelligence Modeling Tool, this software lacks automation in data collection and the ability to measure other factors such as performance.
Business intelligence tools must present a series of characteristics such as automation of data collection, continuous updating, objectivity, transparency and the ability to share information without limits. If you have some but do without others, it is not BI tools but other types of tools.
Why is business intelligence important?
21st century businesses rely heavily on their autologous ability to respond to the rapid changes of the modern market. The immediacy and efficiency demanded by today's markets have created the urgency for companies to respond in a more accelerated and pertinent manner.
This is why the collection, analysis and decision-making processes need management mechanisms that create more automated environments. Reducing errors and increasing proactivity have become strengths in a constantly evolving market.
Business Intelligence tools thus become strategic elements that improve the company's position in the market. The creation of value and greater responsiveness allow us to anticipate changes with a more relevant, relational and accurate analysis of consumer trends.
Uses of Artificial Intelligence in business
Today's business environments are necessarily more dynamic, agile and require greater responsiveness to consumers and competitors. The speed at which decisions are made can be a key factor, not only as a factor of development but as an indisputable element of survival.
The immediacy of a company's response to a market request must reduce data procurement, processing and search times. With Business Intelligence tools, these processes can be automated to the maximum, achieving optimization and error reduction.
In this sense, BI tools allow companies to use and process data from multiple sources to further enrich the decision-making process. Currently, technological advancement has made it possible to develop predictive and cloud-based BI tools to create a more effective and proactive business environment.
There are many Business Intelligence tools available on the market for different approaches, sectors and types of companies. Choosing the ideal one goes through a scrutiny process that must take several elements into consideration.
Using Business Intelligence tools in organizations is a fundamental support since they allow data to be transformed into valuable information, thus providing insights and deep analysis that support decision making.
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