Business Intelligence (BI) tools are being widely used by many enterprises all over the world. Businesses find it difficult to sustain themselves in the new cloud and information age without using such tools. Here is a glance at business intelligence – how it works, benefits, and various use cases, in this context.
What is Business Intelligence?
Business intelligence is a tech-driven process to analyze data and provide actionable results that help enterprises and decision-makers to make informed choices. Organizations gather data from internal and external sources, collate the data for analysis, analyze it, and create data visualizations, helping strategic planning and decisions.
The many goals of BI include driving informed business decisions that help businesses improve efficiency and gain advantages over competitors.
How Does It Work?
Business intelligence isn’t just limited to software. BI data is stored in a data warehouse built for organizations. Furthermore, they also use data lakes as repositories for all types of unstructured or semistructured data. Here are the basic steps involved in BI processes.
- Source system data is integrated into data warehouses or similar repositories.
- Data sets are organized into models ideal for analysis.
- Various entities run the data through analytic queries.
- Results are made into data visualizations, reports, etc.
- Decision-makers act on the inferences to produce real-world results.
Benefits of BI
A good business intelligence program provides a variety of benefits to enterprises. Here are some of them.
- Faster, informed decision-making
- Optimizing various business processes
- Improve operational efficiency
- Identifying business problems and market trends
- Develop robust business strategies
- Build new revenue streams
- Gain edge over competitors
Business Intelligence Use Cases
Business intelligence uses a comprehensive set of applications designed to meet different use cases. Here are some of the popular use cases:
- Online Analytical Processing (OLAP)
- Real-time BI
- Operational Intelligence
- Ad-hoc analysis
- SaaS BI
- Location Intelligence
- Mobile and Open Source BI
Overall, business intelligence improves the operations of an organization through the efficient use of data. Companies using BI tools and techniques effectively convert accumulated data to great, profitable results.
VEXXHOST Cloud Solutions
Enterprises should find solutions that suit their business requirements and facilitate steady growth. Business Intelligence is such a tool. As a reputed IaaS provider, we ensure that our clients get the best storage services for their data. Our storage services include object storage, block storage, and file storage, removing vendor-lock-ins using an open source platform. At VEXXHOST, we provide cloud solutions for a multitude of clients worldwide. We provide OpenStack-based clouds, including public clouds and dedicated and highly secure private cloud environments, ensuring utmost security and agility.
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