There is no denying that today’s business world is very competitive. The companies who can spot the emerging market trends are the ones who succeed and grow. Business intelligence, in recent years, has become the tool that lets managers know of these trends. Therefore, if you are on the lookout for an investment to boost your business, this system has the potential you need. Below, you will discover the main functions that business intelligence solutions have so that you can determine whether your company will benefit from them.
The simplest and most common use of a business intelligence system is that of reporting. This software can handle all of your company’s data and present them to you any time you need them. Moreover, a BI system makes the process of reporting to the company’s stakeholders faster and easier through automation. In addition to this, these tools guarantee you that the report is error-free.
When trying to forge a new business strategy, you need to be aware of the current trends in your industry. Your strategy is influenced both by your competitors’ performance and yours. With the business intelligence software, you can use your industry’s KPIs to measure how successful your strategy has been. Through this process, you can place the data within the context of the market and get a clearer picture.
#3 Data Mining
Data mining is an important function for the processing and the structuring of your data. The business intelligence system uses machine learning, statistics, and database systems to extract the information it needs. During this process, the system goes through large data sets to spot and highlight patterns. This knowledge can then be the base for end-users to construct models that will reveal the information they need.
#4 Process Mining
Another advanced function of a business intelligence system is that of process mining. This process uses advanced data mining algorithms and can be provided with both structured and unstructured data. During this function, the algorithms go through event logs provided by the information system to spot any trends and patterns in them. In the long run, process mining will optimize the company’s operations and increase its efficiency.
#5 Predictive Analytics
All of the data processed by the business intelligence system can also be the base for further analysis. The software can use machine learning, statistics, and data mining algorithms to perform predictive analysis. The analytics you will receive is the product of the patterns that appear in the historical data. This function is powerful as it can forecast trends that will appear in the industry or within the company.
#6 Visualization and Online Analytical Processing (OLAP)
Online Analytical Processing, or OLAP, is a multi-dimensional analysis aiming to find the best solution to a problem. Through this function, you will be able to study different aspects of a problem so that you can make informed decisions. Nowadays, OLAP is widely used in financial reporting, budgeting, forecasting, and business process management.
All of the above functions have made business intelligence an important tool for every company. With it, you can process and analyze any data you need and gain a competitive advantage.