february 24, 2023

What is the main purpose of business intelligence?

Why should you implement BI systems in your business

Almost any company works with a large quantities of data. They are needed to keep track of expenses, determine revenue, profit, analyse applications and product traffic. To process the various metrics, an analyst needs to collate them into a single table and compare them with previous reports. Over the course of this time-consuming work, the indicators may lose their relevance. If the analyst does not have all the data collected, the final report may not be complete.

It is not possible to cover all the information in a manual analysis. Thus, a company can accidentally miss an order from a customer, not find out about a production failure or even lose profits by ignoring an existing problem.

BI systems solve a number of critical tasks:

  • collecting, structuring and storing up-to-date data in a single repository

  • analyzing large volumes of data to create reports and business solutions with analytics

  • modeling various solutions for business and successful company development

  • creating of strategic and operational reports to alert the management on deviations in performance indicators

  • systematisation and storage of the findings to feed back to the workforce

The main goal of BI systems applications is to provide complete analytics on all important aspects and indicators of work. Companies that have implemented this mechanism have a good chance of getting up-to-date, accurate and organised data. There is no need to hire an analyst, as the intelligent system independently processes the raw data and converts it into finished reports.

When should a company use a BI system

It is advisable to use Business Intelligence in the following cases:

  • integration of information from multiple sources

  • Increasing the number of users of information for analytical purposes

  • providing quick access to corporate data

  • easy implementation of new products

  • updating of the company IT environment

  • difficulties in keeping track of work in certain areas

  • rapid growth and development of the company

BI systems are an effective tool for developing the right operating strategy. All the data from the reports can be applied to all areas of the company, including sales, marketing, supply chain and finance.

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