What is Business Intelligence (BI)
Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores and analyzes the data produced by a company’s activities. Business intelligence is a broad term that encompasses data mining, process analysis, performance benchmarking, descriptive analytics, and so on. Business intelligence is meant to take in all the data generated by a business and present easy-to-digest performance measures and trends that will inform management decisions.
The Growing Field of Business Intelligence
To be useful, business intelligence must seek to increase the accuracy, timeliness and amount of data. This means finding more ways to capture information that isn’t already being recorded, checking the information for errors, and structuring the information in a way that makes broad analysis possible. In practice, however, companies have data that is coming in unstructured or in diverse formats that do not make for easy collection and analysis. As a result, software firms provide business intelligence solutions. These are enterprise level software applications designed to unify a company’s data and analytics.
Even though the software solutions continue to evolve and are getting easier to use, there is still a need for specialists like data scientists to make sure the trade-offs being made between speed and reporting depth are reasonable. Some of the insights coming out of big data have companies scrambling to capture everything, but data analysts can usually filter out sources to find a selection of data points that can represent the health of a process or business area as a whole. This can reduce the need to capture and reformat everything for analysis, which saves analytical time and increases the reporting speed
Benefits of Business Intelligence
There are many reasons why companies adopt business intelligence. Many use it to support functions as diverse as hiring, compliance, production and marketing. When collecting and growing business intelligence becomes a core business value, it is difficult to find a business area that does not benefit from having better information to work with.
Some of the many benefits companies can experience after adopting business intelligence into their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs and increased revenues, and the ability to make better business decisions.
If, for example, you are in charge of production schedules for several beverage factories and sales are showing strong month-over-month growth in a particular region, you can approve extra shifts in near real time to ensure your factories can meet demand. Similarly, you can quickly idle down that same production if a cooler than normal summer starts impacting sales. This is a limited example of how business intelligence can increase profits and reduce costs when used properly.
Because of new computing technologies, machine learning today is not like machine learning of the past. It was born from pattern recognition and the theory that computers can learn without being programmed to perform specific tasks; researchers interested in artificial intelligence wanted to see if computers could learn from data. The iterative aspect of machine learning is important because as models are exposed to new data, they are able to independently adapt. They learn from previous computations to produce reliable, repeatable decisions and results. It’s a science that’s not new – but one that has gained fresh momentum.
While many machine learning algorithms have been around for a long time, the ability to automatically apply complex mathematical calculations to big data – over and over, faster and faster – is a recent development.
ARDIoT BI Solutions
We offer so many alternatives for your company big data analyzes with Hitachi, Oracle and Pega Tools. As you know that collecting visitor and customer data alone is not enough. One of the biggest risks of Large Data is that it is lost in volume of collected data. If it can cope with the data density being followed, however, it is possible to have a specialized field.
Our ARDIoT team, which supports you when you and your team listen to your needs, ensures that the collected data is clear to you. Reports across all areas of your business enrich you with the messages you provide through your data and give you complete mastery.
Interaction with your web and mobile services, your return on investment, your customer’s e-commerce transactions, and other customized, business-specific reports are designed to be easily accessible.