The implementation of BI processes in organizations has been gaining momentum in recent years, considering that its use supports strategic processes, giving relevance to business decision-making. 

Thanks to BI, companies can support their results, make data-driven decisions, and manage their processes using tools that allow them to combine data analysis, data visualization, and reporting capabilities to uncover information useful to top management of organizations. 

What is the benefit of its implementation? 

Business Intelligence provides the necessary resources to achieve successful strategic planning, as well as data analysis for intelligent decision-making. 

These tools generate information about business performance, processes, and business trends, helping to identify problems and new opportunities that can then be addressed efficiently. 

This brings timely results in commercial operations, making them more efficient and productive, in marketing activities, in increasing competitive advantage over competitors, and thus generating higher revenues and profits. 

 BI emerged with the purpose of understanding the interrelationships of presented facts in a concrete way to guide action toward a desired goal” (TIC Director, 2015). 

It has evolved to have advanced functions that integrate Artificial Intelligence, machine learning technologies, reporting, among other functions. 

However, these tools still face challenges such as implementation, administration, system support, usage, information analysis, user training, and more. 

It is very important to have a team of experts to help you with its implementation, accompany its execution, and be there for you whenever required. 

Nevertheless, and in the face of all the doubts that these solutions still generate, and based on our experience as technology consultants, we can assure you that you need or will need BI tools to achieve your business objectives. 

Below, we tell you several aspects to consider. 

Uses of BI in companies 

There are multiple uses for these tools within organizations, considering the benefits they bring. 

 Some of the areas with the greatest application of these are: sales, marketing, logistics, human resources, budgets, e-commerce, and administrative areas with decision-making power, among other business operations. 

Here are some use cases that may interest you:  

• Banks use BI for financial risk assessment when deciding whether to approve mortgage and loan applications. 
• Insurers use them to study risks when considering life, auto, and home insurance policy applications. 
• Manufacturers from different sectors use it to plan input production, control material and supplies acquisition, manage the supply chain, and control operations overall. 
• In marketing, these tools are useful for planning marketing campaigns and product promotions with the help of analytical and BI tools. 
• Hotels use it to monitor room occupancy rates and adjust prices based on demand. 
• Airlines also employ BI to help track ticket sales and flight occupancy, and thus manage administrative processes, resources, and personnel. 

Key functions of BI platforms 

As we mentioned before, BI emerged with the purpose of serving as a repository of information for future decision-making by executives, however, its functions have evolved as the needs of each company do: 

Business Monitoring 

BI systems are used to track results, through KPIs and other established business metrics, so that top executives can access them easily. 

This will help identify and address situations that arise in the organization. 

Data Analysis 

In addition to the task of tracking metrics, BI tools allow querying and analysis of data in search of information that is often useful for optimizing the company’s internal processes. 

Reports 

The results of BI, the collected and analyzed information, are distributed and made available to users of the tool for decision-making in their processes. 

The advantage with these tools is that they can be visualized in dashboards adaptable to the user’s needs. 

 Predictive Analysis 

The collected data allows for advanced analysis of possible future situations in the organization, providing data for the execution of predictive models and hypothetical analysis queries about the results of different business scenarios and more. 

So far, we have presented some key elements of BI in companies, however, we will expand on some additional concepts in upcoming blogs. 

In the meantime, we invite you to leave us your comments on this topic or to contact us if you want further advice. 

 

Write to us at comunicaciones@bpt.com.co or contact us on our WhatsApp by clicking here.