By DeVry University
October 25, 2023
6 min read
October 25, 2023
6 min read
If you’ve been following developments in business administration and information technology, you may have noticed the term “business intelligence” used more frequently these days. But what is business intelligence exactly? In this article, we’ll define business intelligence, detail some of its benefits and describe how it works.
Increased competitive advantage: With a robust BI strategy in place, businesses can improve the way they monitor market conditions and trends in consumer behavior.
Data-driven decision making: By delivering accurate data and reporting capabilities faster, a strong BI strategy can empower decisionmakers with the information needed to make better decisions and make them faster. With its ability to provide holistic views of business operations, BI can enable leaders to benchmark results against larger organizational goals and identify areas of opportunity.
Efficient analysis & reporting: BI improves the efficiency of data reporting by condensing data reports into dashboards, making it easy for non-technical users to analyze the data. This also helps saves time for people who need to extract insights from it.
Improved customer & employee satisfaction: By providing access to data more readily, BI can assist team members charged with customer satisfaction in delivering a higher quality customer experience. Similarly, BI can improve employee satisfaction by improving access to data, eliminating the need to involve analysts or IT. This reduces friction, increases productivity and enables faster results.
Network advancements: Business intelligence tools require robust infrastructure and lots of data storage. New networking structures are needed to handle this massive amount of data and its movement in and out of business systems. Open-source solutions are expected to fill this need effectively, while cloud providers such as Amazon Web Services provide architectural support for new BI methods.
Data marketplaces: Enterprises in retail, eCommerce, financial services and healthcare all need demographic and sociographic data. Data marketplaces offer a centralized platform for these organizations to collaborate, share information and monetize their proprietary information. This application is based on the data fabric, which weaves information from various sources via virtualization, breaking down information silos and combining customer insight from other vendors, supply chain trends and manufacturing industry patterns.
Edge computing: This technology involves shifting computing from cloud systems to devices, boosting processing speeds and giving users more time for analysis and reducing latency in delivering information to data warehouses. Workforce, supply chain and inventory management, customer relationship management and predictive maintenance can all benefit from edge computing.
Machine learning: This self-learning, self-driving data science technique, similar to human thinking, is credited with democratizing data with something called natural language processing (NLP), enabling anyone to query BI and information systems for analysis. The data mining capabilities of modern BI tools support artificial intelligence (AI) and machine learning for business predictions.
A robust business intelligence system and its analytical tools can do schedule regular automated reports, visualize inventory and sales in real time, pull and analyze data from multiple databases and CRMs, and mine data for deep layers of analytics. And this only scratches the surface. The list of ways BI tools could potentially be used seems endless. A roundup of the top business intelligence tools for 2023 included Microsoft Power BI, Tableau, Sisense, Domo and Zoho Analytics.
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In New York, DeVry University operates as DeVry College of New York. DeVry University is accredited by The Higher Learning Commission (HLC), www.hlcommission.org. The University’s Keller Graduate School of Management is included in this accreditation. DeVry is certified to operate by the State Council of Higher Education for Virginia. Arlington Campus: 1400 Crystal Dr., Ste. 120, Arlington, VA 22202. DeVry University is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission, www.tn.gov/thec. Lisle Campus: 4225 Naperville Rd, Suite 400, Lisle, IL 60532. Unresolved complaints may be reported to the Illinois Board of Higher Education through the online compliant system https://complaints.ibhe.org/. View DeVry University’s complaint process https://www.devry.edu/compliance/student-complaint-procedure.html Program availability varies by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
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