Business intelligence (BI) software aids in the decision-making process by utilizing the existing data. The information within the system is collected and written into a database that’s modeled for your business, all within a central location — the data warehouse.
Within the data warehouse, all the data from multiple sources and formats can be visualized together, which is more efficient and accurate than other methods.
As a result, business intelligence with embedded analytics provides the necessary insights and support to make smart, strategic, informed decisions for your business.
How Does Business Intelligence Work?
Using data capture, BI software gathers information from any database within the system and records it in a database modeled for the business. This is known as dimensional modeling, which allows for the manipulation of large data sets without sacrificing performance.
Dimensional modeling uses the facts within dimensions to formulate an outcome. Facts are values that can be aggregated, such as sales, while dimensions are the context of the fact, such as the timestamp or product of the sale. With this type of information, you can get a clear, concise picture of the data that matters most for your business decisions.
Benefits of BI Software
Business intelligence software has many potential applications within your business, all revolving around the ability to organize and manage your data in an actionable way.
The benefits of BI tools include the discovery of different business opportunities, easy data access, market flexibility, price optimization and the identification of wasted resources. BI tools can also help you quantify the relationships with customers and vendor so that you can decide where your focus is most needed.
BI tools can also find inefficiencies and redundancies within a system that appears to be operating smoothly, allowing you the opportunity to correct the problem. Whether it’s stagnation in the flow of information or slowed production from inefficient processes, the ability to cross-reference information from multiple databases shows you the data you need to correct your workflow.
BI for Risk Management
Risk management is vital to the success and longevity of any business, but not many are using Business intelligence tools to accurately assess their risk. Once you have identified your risks, you can use BI tools to evaluate their likelihood of occurring and to determine what impact the risks will have on your business should they occur.
Your business risks may include financial risk, occupational risk, legal risk or reputation risk, which can be classified by their likelihood and severity. Then, you can begin to incorporate preventative and corrective actions, so you’re prepared if these events occur.
BI Solutions From Izenda
As you can see, BI tools can be a huge benefit for your business, from offering customer insights using collected data to analyzing your risk and helping you prepare.
At Izenda, we’re proud to offer innovative business intelligence solutions that include embedded analytics, self-service reporting and code-level integration, giving you the best fit for your organization’s needs. See what we have to offer with a demo!
