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What is Business Intelligence all about?

We are a new age workforce refusing to be tied down to a single domain or be typecast as a nerd herd. In our quest to supplement our technical skill with a business pillar, we have been suggested different practices that we can adopt. By far the most heard of would be ‘Business Intelligence’. Have you ever wondered what exactly does it mean?

Simply put, it is the use of software tools to process and transform raw data into helpful information from which business solutions can be derived.

Let’s take a closer look at this.

What we understand by this is that it is essentially the use of computer models and software applications to analyze the internal and external data of a company to aid in decision making. The approach is holistic, in the sense that all the existing data is considered and the result gives a wholesome picture than the one obtained through the analysis of a singular set of data. That sounds like quite a lot of work doesn’t it? What you see below are the elements of BI which simplify and modulate the process:

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Now that you have seen what BI is, you might be questioning why exactly it’s needed.

The marketplace is crowded and new companies keep popping up regularly. It’s the inherent need of an organization, whether a newbie or a biggie, to cement its place and take all the right strategic steps to stay competitive and relevant. Enter Business Intelligence.

The use of software applications to sift through large sets of data throws up the current market scenario. Since the data being used is historical, it gives a more accurate representation of the needs and wants of the consumers and the report thus obtained can be used for improvement of the product structure and production strategy. Quite nifty don’t you think!

BI’s ambit ranges from finance to strategic to operations and all other aspects of a business. It can be used to optimize the deployment of resources and list out the fortes and flaws of a company. This enables a much more organized functioning and long term profits and benefits. I believe you are beginning to appreciate the beauty of BI by now. Take a look at the infographic to see how BI integrates with the operations of a company:

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“All this sounds good. But why do I need to learn this if it’s the higher management that needs such an analysis?”

This a common question posed by many. Well we do want to take a step further in our career and scale ourselves to higher management don’t we!  Also, BI developers are in high demand as they can combine software knowledge with business aspects making this their USP. The versatility of the platform is what’s engaging people and increasing their interest in this field. You might have observed I have asked a lot of questions above, and that is precisely what BI does too. It asks questions which will lead to efficient running of the business. It points to concerns which were hitherto not visible.  Ah BI! There is more to you than what meets the eye.

“Where is BI headed and what are its prospects?”  Read on to find out!

The platform grew 9% in 2013 and is projected to grow at a steady rate of 8.7% for the next 3 years. According to Gartner Inc., by 2017 most business users and analysts in organizations will have access to self-service tools to prepare data for analysis. This makes the BI platform the fastest growing enterprise software.

The scale of the growth is intriguing and is drawing developers and companies towards BI like a moth to a flame. The acceptance and implementation of BI systems will herald a new era of analytics based business approach and growth.

Since it is abundantly clear that there are immense prospects in pursuing BI as a career, it only makes sense that we equip ourselves with its practices. And how do you go about doing that? Check out LearnSocial’s comprehensive course on Business Intelligence! I’m sure you will find precisely what you were looking for.

Get on board with LearnSocial for a top of the line online learning experience, with numerous instructor led trainings on offer. This will be one of the wisest investments you make.

Cheers and hope to see you soon as part of the LearnSocial learner community!

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Sharan

Content developer. Writer. Dreamer.