As an aspiring entrepreneur or small business owner, it is likely you have already heard of Business Intelligence. Why is Business Intelligence attracting the attention of so many companies today? How is it possible to take advantage of business data to obtain relevant information and knowledge that can help you make better decisions in your company? In this post we would like to explain to you what Business Intelligence is and what the BI tools that many companies are already using consist of.

Business Intelligence: what is BI?

When we talk about BI, we refer to the transformation of data into information and information into useful knowledge for decision-making in a company. In order to take advantage of what BI solutions have to offer, we will need to make use of ICT methodologies and tools to extract, refine, structure and transform this information into useful knowledge for the company.

In other words, Business Intelligence uses ETL techniques (data extraction, transformation, and loading) to give business owners access to data resources with which they can make decisions at an administrative, financial and marketing level within a company. Business Intelligence therefore provides solutions to typical problems in the company, and provides reliable answers to questions such as: how to optimize costs? How to plan production to make it more efficient? How to increase the profitability of a product?

According to experts, a BI tool allows us not only to track and monitor the operations within a company, but also to explain why they happen, predict what may happen and know what solutions could be the best to solve a business problem. BI solutions allow you to have data visualization panels and dashboard reporting tools to help you know the metrics and main indicators (KPI or key performance indicators) of a company.

Get expert help with BI today

To get expert help adopting BI solutions for your business or to learn more about the benefits of Business Intelligence and how to use BI software, dashboard reporting tools, analytical dashboard solutions, embeddable dashboards and more, get in touch with InetSoft today.