In recent years, the use of Business Intelligence tools has increased considerably, above all thanks to the growth in the volumes of data available to companies, the so-called Big Data , and the development of new technologies in the field of Business Analysis, also on the Cloud .
In fact, you will surely have come across Business Intelligence tools before, and maybe you have even used them without knowing it. For example, if you manage your company’s social media, you will have seen that on LinkedIn you can access an analysis of company profile views and interactions with the page; if you are the administrator of a Facebook page, surely you have already taken advantage of the tools that give the possibility to analyze the popularity and engagement of a post.
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Thanks to these tools, of which I have given you only two of the possible myriads of examples, you will be able to analyze all the data at your disposal and, based on these, make decisions: if your LinkedIn profile appears to have few views , you could decide for example to optimize it for SEO; if a post on your Facebook page receives few likes, you may decide to “push” it through a paid ad.
Business Intelligence is naturally not limited to just social networks: in that specific case, you simply have the tools necessary to analyze the type of data generated by social networks. But in the case of a company with large amounts of complex data, which can be of all kinds and come from all kinds of sources, suitable tools are needed, which are able to offer the adequate analysis capabilities. Let’s see in detail how Business Intelligence works and what possibilities it can offer you!
The definition of Business Intelligence
For Business Intelligence means, therefore, all the processes and tools by which a company can collect data of different nature to analyze and take strategic decisions. In fact, every day companies and organizations produce a truly incredible amount of data, which are often useless for society, if not for the original purpose for which they were create. However, with the advancement of BI tools such as Business Analytics, companies are able to use the collected data to make strategic decisions ever faster and more effectively.
Imagine, for example, that you run a hotel. You will have the information of your customers available including personal data, a history of their previous visits, all the services and products they have acquired, the dates of their arrivals and departures and much more. In addition to this, you will also have all your hotel data including expenses, inventory and staff management. With these data, it will be possible to predict the measures to be taken in terms of staff hiring and management, food supplies and costs.
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THIS ALL SOUNDS TOO COMPLICATED … I’M NOT A TECHNICIAN!
One of the most interesting advantages of Business Intelligence platforms is that they are specifically design for use even by people without technical knowledge. This happens thanks to the use of company dashboards and easy-to-understand performance indicators, with diagrams and graphs, to allow even those who have no knowledge of data analysis to have an instant picture of any type of activity in a few seconds. The reporting capability in the form of visual dashboards is a core feature of many BI platforms, and has been specifically develop for understanding by decision makers.
WHAT IF I WANT TO USE DATA FROM MULTIPLE DIFFERENT SOURCES?
Many Business Intelligence platforms have the ability to integrate different types of data, of any format and origin. Some of this data doesn’t even need encoding, just drag and drop it into the platform, and it doesn’t even need to be file data that is save or originating from other platforms – it can also come from different sensors, as many of these sensors are connect to the Internet and the data thus generate can be collect and interpret, even in real time, with a BI platform.
Of course, some platforms are more capable than others, so you’ll just need to make sure the platform you choose has the ability to read all kinds of data you want to integrate and analyze.
WILL I REALLY BE ABLE TO PREDICT THE FUTURE WITH THESE PLATFORMS? 
Some Business Intelligence systems are able to provide predictive analysis functions, such as the trend in the number of customers or the demand for some specific products; you can even predict the effectiveness of marketing campaigns. Additionally, you can identify and manage risks such as tracking particular keywords on Twitter, which can help predict intent to commit fraud. Predictive analytics with BI is truly reliable because it basis on the data models that constantly update.
Business Intelligence is a precious and very important tool for all those companies that want to grow and make the most of the data they have available.If you want to deepen the subject and identify the BI system that best suits your company, download our free ebook on Business Intelligence at the service of companies , just click on the button below!
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