What is Business Intelligence? Overview, Types, and Benefits

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Curious to explore what is Business Intelligence and how it can help you upskill and grow? Then, you are at the right place. However, nowadays businesses really need to make smart decisions that too in a short span of time. Due to the, fast paced data driven world, businesses at the same time constantly looking for new and innovative ways to stay ahead in the competition. Now this is where Business Intelligence steps in. But, what is Business Intelligence all about?To answer this, let’s explore the key variants of Business Intelligence.

What is Business Intelligence? – An Overview.

Business Intelligence is known to be a set of processes that is by all means driven by technologies and strategies to analyze the raw business data into actionable useful insights. Earlier Business Intelligence is merely used to prepare basic reports and data analysis. However, with the advancement of technology, Business Intelligence Techniques have become much more user-friendly. However, business intelligence now can also be used to predict future business trends and suggest suitable actions with solutions for business problems. 

Business Intelligence -Types and Importance  

Business Intelligence undoubtedly has become an essential tool for all sizes and types of businesses. With the help of Business Intelligence Techniques and strategies, one can easily prepare easy-to-understand reports, measure performances, and predict future business trends that hence improve management decisions.

Furthermore, Business Intelligence works in various forms and types that are given below:

Traditional Business Intelligence

Certainly, Traditional BI is the most conventional approach which has its strengths which typically involve:

1.     Centralized IT control for data access, reporting, and analytics.
2.     Standardized reporting and distribution to users.
3.     Relational databases to store data such as SQL Server or Oracle.
4.     OLAP cubes for data summary and online analytical processing
5.     Static dashboards created and updated by IT or BI teams.
6.     Limited user interaction to create their own reports.

Traditional BI Tools

1.   SAP Business Objects
2.   Oracle BI
3.   IBM Cognos
4.  Microsoft SQL Server Reporting Services (SSRS)
5. Crystal Reports. 

Self-Service Business Intelligence

This BI type follows an approach that enables business holders to create their own business reports, and dashboards and also do analytics without any technical or IT team support. Furthermore, it provides users with self-service capabilities which typically involve:

1. Drag-and–drop tools and interfaces for creating understandable reports and dashboards.
2. Simple, intuitive as well as user-friendly analytics.
3. New insights and data discovery ability that enables faster decision making.
4. Ad-hoc reporting on an as-needed basis with increased agility.
5. Empowering business owners by reducing IT dependency also improves user adoption.

Self-Service BI tools

• Tableau
• Power BI
• QlikView
• Salesforce Einstein Analytics
• Google Data Studio.

Mobile Business Intelligence

Mobile BI accesses and interacts with Business Intelligence Data and Analytics on mobile devices such as smartphones and tablets. In addition to that, it also ensures smooth integration with existing BI systems. Also allows offline access to data even without internet connectivity. Other than that Mobile BI enables users to:

1.  Access reports and dashboards.
2.  Perform analysis as well as visualization of data on mobile devices.
3.  Receive alerts and also get notifications of important events and trends.
4.  Allows to share insights and collaboration with colleagues.
5.  Make data-driven informed decisions anytime and anywhere.

Mobile BI Tools include

• Tableau Mobile
• Power BI Mobile
• QlikView Mobile
• SAP BusinessObjects Mobile
• Oracle BI Mobile.

Cloud Business Intelligence

To begin with, Cloud BI uses cloud computing technologies to support all business intelligence operations, improve operational efficiency, and drive business growth. Cloud BI solutions typically involve:

1. Data Storage and Management.
2. Data analysis and processing.
3. Reporting and data visualization.
4. Data Mining and predictive analytics
5. Data warehouses and lakes.
6. ETL(Extract, Transform, Load)tools such as dashboards, charts, tables etc.
7. Advanced analytics as well as machine learning capabilities.

Cloud BI Tools include:

• Amazon QuickSight
• Microsoft PowerBI
• Google Data Studio
• Tableau Online
  • Salesforce Einstein Analytics

Real-Time Analytics

Analyzes as well as process data that ensures data quality with accuracy, scalability, latency, reliability, and integrity. In fact, Real-time analytics is applied in financial trading, customer service, supply chain management, healthcare, and cyber security. It typically involves:

1. Continuous processing and streaming of data from various sources.
2. Instant analysis and enhanced customer service to respond promptly to customer queries.
3. Competitive advantage to stay ahead of competitors..
4. Live, timely, and immediate insights as well as visualizations.
5. Automated actions and faster decision-making or alerts based on real-time data.

Real-time Analytics Tools

• Apache Kafka
• Apache Storm
•  Google Cloud Pub/Sub
•  Apache Flink
•  Amazon Kinesis

Machine Learning and AI

Special algorithms and statistical models are used for analyzing large data sets, also to identifying patterns, as well as providing valuable insights for making informed decisions which provides innovation and business growth. However, it works like a super smart magical notebook or computer that can learn, act, improve, and make decisions like Robots. It typically includes:

1. Statistical models to make predictions and informed decisions.
2. Reinforcement and supervised learning through training models such as trial and error.
3. Developing algorithms as a subset of AI that enables machines to learn from data.

Machine Learning Tools

• Virtual Assistants like Google Assistant, Siri, and Alexa.
• Image Recognition Like Facebook.
• Self-driving cars and autonomous vehicles.

Embedded Business Intelligence

 Integrates  BI capabilities into an application, product, or service. Furthermore, it allows the users to access and analyze data directly within the application also without any other BI tool support. Embedded  BI includes:

1.  CRM  systems with built-in analytics.
2.  ERP systems with integrated reporting.
3.  Financial applications with real-time analytics.
4.  Marketing Automation Platforms.

Embedded BI Tools

•  APIs and SDKs
•  Custom development
•  Partnerships and Integration.

Business Intelligence –Benefits

In fact, Mastering Business Intelligence can lead you to many benefits, and implementing it can take your business to a new high level in many ways given below:

1. Informed  Decision Making and Competitive Advantage

BI provides timely, accurate as well as valuable insights that enable informed decision-making, and innovations that easily unlock competitive advantages to stay ahead in competition with data-driven insights.

2. Increased Revenues, Effective Productivity Also New Opportunities for Growth

In fact, new business growth opportunities can be easily identified through BI tools which optimizes revenue streams.

3. Risk Mitigation and Management

BI enables proactive mitigation strategies to mitigate also manage risk by identifying the potential risk through various tools and techniques.

4. Optimizes  Resources, Supply chain management, and Cost Savings

BI ensures optimal allocation of resources by reducing wastage and also optimizes supply chain management by cost reduction and efficiency improvement.

5. Enhance Financial Management with Compliance support

BI effectively enhances financial management by providing valuable as well as accurate insights into financial performance. Furthermore, improves budgeting, and forecasting and also complies with regulatory requirements and industry standards.

6. Promotes Data Driven culture, Fast Reporting, and Collaboration

BI automates fast reporting by reducing manual efforts. Additionally, it also promotes a culture of data-driven decision-making and collaboration across different departments to drive business success.

 Henry Harvin’s renowned Big Data Analytics Course – Master the In-Demand Big Data Analytics Course.

Henry Harvin is a well-renowned Edtech educational foundation with around 1.1 million learners, presently upskilling themselves through Henry Harvin’s various renowned courses. However, Henry Harvin’s Big Data Analytics Course is one of the best courses offered along with all other certified programs. Hence, enrolling or upskilling through Henry Harvin’s renowned Big Data Analytics Course can lead to the sure shot success of the learner.

What you will learn in this course?

1. Big Data Ecosystem Tools

  Learn to master tools such as HDFS, YARN, Map Reduce and Hive

2. Advanced Analytics Techniques

 Explore advanced techniques such as Text Analytics, Machine Learning, Predictive    Analytics, data mining, etc.

3.  Practical Application

Gain Hands-on experience by doing the practical application of tools and techniques of BI on real-world business problems.

Key Highlights of Henry Harvin’s Big Data Analytics Course

1.     9 in 1-course Benefit
2.     Two Ways Live Training by the most respected industry experts.
3.     Hallmark Certification of Certified Big Data Analyst (CBDA)
4.     E-learning Access through LMS portal
5.     Internship Assistance to gain Experiential Knowledge.
6.     Guaranteed Job placement.
7.     Gold Membership
8.     Course certificate in addition to NSDC certificate.

 

Conclusion

In conclusion, what is business intelligence? To sum up, BI is all about a powerful set of tools and advanced techniques that convert raw data into valuable and actionable insights. Furthermore, businesses that are already implementing BI will definitely be better positioned and competitively stay ahead in the marketplace. So whether you are a business owner or a professional aiming to build a career by Mastering Business Intelligence, Henry Harvin’s Big Data Analytics course can be the best opportunity to upskill yourself and also to succeed in this rapidly evolving field.

 Recommended Reads

1. Business Intelligence and Data Analytics: Whats the difference?
2. Complete Guide To Business Intelligence Analyst: To Make You Successful
3. Business Intelligence And Business Analytics The New Buzz Words in 2024 [Updated]
4. Top 15 Business Intelligence Course India

FAQ’s

Q1.Is the Big Data Analytics an easy course?

Ans- Not really the easiest skill to acquire, but with dedication, hard work, and continuous practice you can master this skill.

Q2.Who is eligible for the data analytics course?

Ans- Ideally, candidates with a bachelor’s degree in statistics and information technology and with at least overall 60% overall marks.

Q3. Is the Big Data Analytics course good for freshers?

Ans- Yes, in fact, it’s a myth that big data is the field where businesses hire only industry experts.

Q4. Is big data a much-in-demand course?

Ans- Certainly, yes.

 

 

 

 

 

 

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