Tuesday, February 27, 2024

Working in Terms of Business Intelligence Concept

Nowadays, business becomes more and more digital. That fact refers not only to the trend of online communication with customers. That’s also about the opportunity to implement hi-tech solutions in the business. The idea of the use of Artificial Intelligence is one of them.

In business, that idea is known as the Business Intelligence concept, and today, it gains popularity in all types of businesses, from small manufacturers to big enterprises.

What benefits to gain from the Business Intelligence solution and how to get it? We asked Avenga’s experts about that.

What Is Business Intelligence and What It Brings You

First, let’s discover what is BI and what principles that concept adheres to. BI solutions are useful for companies from most areas. For example, manufacturing, finance, retail and wholesale, insurance, and telecommunications – everywhere where there is a need to understand what is happening in the business. Previously, BI was implemented only by large enterprises, however, now more and more often medium and even small businesses are starting to use analytical solutions. In many ways, this is facilitated by the emergence of simpler systems and even the integration of BI tools into accounting systems.

When we talk about Business intelligence solutions, several principles are fundamental to it.

1. Who needs it? Getting useful information from the original raw data is necessary for large enterprises and corporations, as well as for SMB companies. Since business analysis systems are absolutely universal, they can be used in various industries to solve a wide range of problems.

2. Where does it get data from? You should consider BI solutions as a separate product that is not a substitute for other software that you may use. But it can work in integration with your CRM, ERP, or any other program that you use to manage your business processes and collect data.

3. Who can use it? Data provided by BI systems can come in handy for business owners, who need to get reports on the company’s activity, and for top managers who are responsible for a certain department’s work.

4. Is it hard to work with Business Intelligence systems? Today, BI developers are focused on making their products user-friendly and intuitive. Thus, usually, you do not need to acquire any special knowledge to integrate the system into your business and to work with it.

As a result, by using BI for your business, you can get incredible benefits (as stats says):

  • 95% increase in customer satisfaction.
  • 186% ROI.
  • 16% higher income.

Main Ideas on How to Implement Business Intelligence Services

All that sounds pleasant, yet how to use BI solutions in practice? Avenga’s experts say that businesses can get BI solutions in the following form.

  • Applications with tabs, graphs, and dashboards to get operational and strategic analysis.
  • Tools for high-efficiency solutions.
  • Easy access to analytic data about all the business processes from any remote place.
  • Apps and software for customer-oriented automation of processes. That is, you can use it for the automated algorithm of interaction with customers and collection of their data.

In general, the scope of functions that you can handle in a BI system can vary. It is better to get a consultation from BI experts in advance to highlight the most beneficial functions that Business Intelligence systems can offer you.

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