Business Intelligence Stating Tools – “Without big data, you’re blind and deaf and in the middle of the freeway.” – Geoffrey Moore, management consultant and author
In a world dominated by data, it’s more important than ever for businesses to understand how to extract every drop of value from the raft of digital insights available at their fingertips.
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According to Better Buys, 85% of business leaders believe that using big data to their advantage will significantly improve the way they run their companies—and they’re not wrong.
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By gaining the ability to understand which datasets are relevant to specific goals, strategies and initiatives in your organization, you will be able to identify trends or patterns that will help you make significant improvements in a number of key areas within the organization. This concept is known as business intelligence.
Business Intelligence, or “BI” for short, is becoming more and more prevalent in all industries every year. But with business intelligence concepts comes a lot of confusion, and ultimately – unnecessary industry jargon. Such jargon leads to business intelligence buzzwords that can dilute the meaning of important information.
With our introduction to business intelligence, we’re going to dispel the myths surrounding BI, explore core business intelligence concepts, cover BI basics, and drill down into a mix of real-life business intelligence examples and use cases.
Business intelligence concepts refer to the use of digital computing technologies in the form of data warehouses, analytics and visualization, with the aim of identifying and analyzing essential business-based data to generate new, actionable corporate insights.
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BI technologies provide current (real-time), historical, and predictive views of internal structured data across all departments within an organization, rapidly increasing operational insights and improving decision-making processes.
Simply put: Business Intelligence is the process of finding valuable trends or patterns in data to make more efficient, accurate decisions related to your business goals, objectives and strategies.
Since pattern recognition is a crucial part of BI, artificial intelligence plays a key role in the business intelligence process. When approached correctly, pattern recognition is a key hallmark that separates BI experts from BI amateurs. By helping users discover integral insights autonomously, AI technologies greatly aid in pattern recognition, making the process more intuitive, more streamlined and ultimately – more accurate.
A host of business intelligence concepts are implemented through intuitive, interactive tools and dashboards – a centralized place that provides the ability to drill down into your data with ease. But more on that later.
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Chess prodigy Joshua Weitzkin writes about this distinction in The Art of Learning: A Journey in the Pursuit of Excellence. In his book, Waitzkin states that the best chess players are those who can absorb the most information in a short period of time. They do so by using the “quick thinking” system of their brain.
Let’s explain. As Nobel-winning psychologist Daniel Kahneman points out in his book Thinking, Fast and Slow, your brain has two distinct learning and decision-making systems:
You have a slow thinking system that you can think of as a spotlight of attention. You use this system when you really focus and think about a problem step by step. This slow thinking is very accurate. However, it can only process so much information at any given time and requires a lot of energy.
Most of us don’t use our slow thinking to make decisions. Instead, we use our quick system, otherwise known as our intuition.
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Your fast-thinking system can handle large amounts of data at once. It can also make decisions very quickly, with very high accuracy. However, your quick thinking system has a major disadvantage. It is full of logical fallacies and cognitive biases.
If your slow thinking system is like a spotlight, your fast thinking system is like the area of the picture that is out of focus. You don’t have to burn as much energy to use it, but you can’t see things as clearly as you do with your slower thinking system.
The abilities of your slow thinking system, or the spotlight of your awareness, don’t change much as you gain mastery.
In the same way that most people can hold so many digits at once in their short-term memory, there are some biological limits to your slow thinking.
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At this point, you may be thinking, “This is all well and good, but how does it relate to skills and business intelligence?” The key point here is that experts in the field are able to recognize and use much more information simultaneously using their quick-thinking systems than amateurs.
As Weitzkin writes about it in “The Art of Learning,” a chess grandmaster can look at the board for a split second, and pick up more useful information than an amateur in minutes. Because of this greater information processing ability, experts are able to use their slow thinking spotlight where it counts: on critical thinking and checking their biases.
You can view business intelligence as an extremely powerful data discovery tool that is an extension of your quick-thinking mind.
This makes sense because business intelligence allows you to process more information than you would otherwise be able to. While you still need to do your homework and check everything using critical thinking, if you use business intelligence correctly, you will have an incredible competitive advantage over other companies in your market.
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The importance of business intelligence is growing at the same pace that data is being produced – which is becoming less and less comprehensible to the average human brain.
We live in a world full of digital data, and without using it to your advantage, you’ll quickly fall behind the pack, making your empire obsolete within a few years.
But as powerful as digital data is for decision-making and better business efficiency, it’s only beneficial if you know how to handle it properly. That’s where today’s BI concepts come in.
To highlight the importance of business intelligence concepts in the modern era, here are the key benefits of embracing the power of BI:
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The fact is, without business intelligence, you risk the very real possibility of drowning in data. Just look at these numbers: According to CloudTweaks, 2.5 quintillion bytes of data were generated every day in 2015. Do you know how much a quintillion is? It is 18 after 2.5
. We’ve already entered the Zettabyte era, also mentioned as our tech buzzwords for 2019, and in 2012, the entire Internet had only ½ a zettabyte of data.
Depending on how you look at it, this incredible amount of data is either a headache or the world’s greatest opportunity. On the one hand, there are more potentially useful data points than ever before. But, on the other hand, you have more noise than before to detect that useful signal.
By using self-service BI tools and concepts for your business, you can improve interdepartmental and external communication, problem-solving processes, online data analysis, financial efficiency, goal-setting, marketing, and profitability.
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By working with BI-based key performance indicators (KPIs), you’ll gain the ability to set actionable goals. In turn, this will boost your overall success by helping you formulate strategies more effectively and work more efficiently towards essential benchmarks. By choosing and setting the right KPI template for your business, you’ll be able to assess your goals and progress at a deeper and more accurate level.
Another key concept of business intelligence is the ability to predict future trends. The digestible patterns and information provided by online BI tools and solutions provide an efficient means of predicting future outcomes and putting plans in place to prevent disasters or take advantage of potential trends ahead of your competitors.
If you can visualize your data with online data visualization, making it digestible for the human eye, you’ll be able to tell a story with your insights and communicate your findings more effectively to others. Doing so will increase your organization’s success, making it more powerful than ever. And BI solutions will help you do that.
Business intelligence basics are critical. They are necessary to cut through the noise and get the good stuff out of the sea of data in which we all live.
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Now that you know its importance and its primary benefits in the digital age, let’s break down the key components of a contemporary BI solution.
If you ask a BI professional about the origins of business intelligence concepts, they are likely to break it down into specific segments or layers. However, for the purpose of this article, we will explain the 4 basic components of business intelligence:
The first component of an integral BI solution is the data itself. This data can be anything from sales records for the year, keywords applied to your latest advertising program, salary and benefit tables, or profit and loss statements.
A company’s data is typically stored in multiple databases, depending on how each particular data set is structured.
