Business Intelligence (BI): What is it and how it is applied

inteligencia de negociosMaking strategic decisions is key for the business world. However, to be able to carry out correct decision making, both at the operational as well as the strategic level, you need to rely on reliable information.  And for that, a Business Intelligence solution can be the answer.

Business intelligence (BI) is a tool or a set of processes that converts data into actions to create a competitive advantage.

BI works through a set of applications, processes, and technologies designed to acquire data in a quick and simple way from the business management systems for subsequent analysis and interpretation.

 

How to apply Business Intelligence

Business decision makers can take advantage of Business Intelligence.  You can respond to situations that may arise in the business such as cost analysis, entry to new markets, profitability of product line, among others

To apply this strategy you need to be clear of which are the key components to manage performance:

inteligencia-empresarialData Warehouse

This is the process of extracting data from different applications, internally or externally.  This data is stored in a data deposit that will be used for the business analysis.

OLAP (On-Line Analytical Processing)

This is the component that allows access to organized and aggregate business data. It organizes data subsets with a multidimensional structure so that they can answer a particular question.

Balanced scorecard

It is a diverse use component.  It is a tool that allows to align objectives of the different areas or units with the business strategy, as well as monitoring their evolution.

Choose a good Business Intelligence solution

Without the previous and other additional components, it is not possible to use business intelligence.  To make sure you are correctly implementing this strategy it is essential that you have a specialized solution.

inteligencia-empresarialIn Fusionworks you can find a series of business intelligence applications to provide your company with the right tools as needed.

You will have a friendly interface software  with a platform and infrastructure based on the cloud and best of all; a system with installation and implementation tailored to your needs.

If you are interested in a business intelligence tool, contact us! We are specialists in IT solutions.

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