Business Intelligence 101: Definition, Steps & Benefits
Business intelligence is a must-have tool to fast-track your business’s growth and success. To understand what it can do for you, we define what business intelligence is, how it works, and its benefits to organizations.
What is business intelligence?
Business intelligence (BI) refers to the processes, technologies and strategies for collecting, analyzing and transforming complex data into useful information.
How does business intelligence work?
Companies often employ modern BI tools to process and present diversified data into a single unified view. When reporting information, these tools use dashboards and visual elements like charts, graphs and maps.
The types of information you’ll obtain from your BI tool depend on the metrics and key performance indicators (KPIs) you set, so it’s important to identify upfront the data you need.
Steps in converting raw data into digestible information
- Data collection
- Visualization and presentation of findings
- Real-time action
- More productive teams
- Improved financial performance
- Real-time access to market trends and changing consumer preferences
- Better competitive advantage
Top BI tools for modern businesses
- Microsoft’s Power BI
- Dundas BI
In business, it’s how you use the data that matters. Good thing, business intelligence tools can help you draw the connection between multiple, complex sets of data. By knowing how business intelligence works and choosing the right BI tool for your organization, you can stay competitive in the digital-focused business world.
If you’re looking for accounting services that use business intelligence technology, contact us today to get a free consultation from our experts. You can also get our free Business Analytics whitepaper for more information on how you can leverage data to drive your business forward.