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What Are The Benefits of Business Intelligence? They’re about having the mindset of an experimenter and being willing to let data guide a company’s decision-making process. Ultimately, business intelligence and analytics are about much more than the technology used to gather and analyze data. It’s all about using data to get a clearer understanding of reality so that your company can make more strategically sound decisions (instead of relying only on gut instinct or corporate inertia). This methodology of “test, look at the data, adjust” is at the heart and soul of business intelligence. The responsibility to take action still lies in the hands of the executives. Business intelligence can also be referred to as “descriptive analytics”, as it only shows past and current state: it doesn’t say what to do, but what is or was. BI users analyze and present data in the form of dashboards and various types of reports to visualize complex information in an easier, more approachable way. It will ultimately help them spot new business opportunities, cut costs, or identify inefficient processes that need reengineering.īI software uses algorithms to extract actionable insights from a company’s data and guide its strategic decisions.
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The main use of business intelligence is to help business units, managers, top executives, and other operational workers make better-informed decisions backed up with accurate data.
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