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A (BI) business intelligence platform is a piece of software that aids in the collection, comprehension, and visualization of data for businesses. It is the basis of a company's business intelligence strategy, which outlines how the organization will use data to improve decision-making.
Better choices, though, might be putting it a bit mildly. The goal of BI platforms is to enable businesses to compete in today's data-rich environment by utilizing their data as a strategic advantage.
What is a (BI) business intelligence platform
Business intelligence refers to an infrastructure made up of several procedures and equipment that work together to give organizations a comprehensive, usable view of their pertinent data. Businesses should be able to see all of their data clearly with the help of BI in order to make wise decisions.
A BI platform is a tool created to assist businesses in viewing all of their data in one place. Dashboards, charts, and other simple data visualization tools fall under this category. The stakeholders can select the KPIs and visualizations that best suit their needs because these can be customized to the demands of the business. Numerous self-service and user-friendly BI technologies give users total control over every element of their dashboards.
Why are BI platforms so important?
Modern business intelligence tools may make the data in your firm usable when properly integrated. Business intelligence's main goal has always been to use data more efficiently, but BI platforms greatly increase the efficiency of this process, creating a completely new relationship with data.
Today's firms need to be data driven and support a data-driven culture in order to flourish in the quickly changing business world. To do this, executives require a cutting-edge business intelligence platform that enables everyone to view and comprehend their data. Software for business analytics is just one component of business intelligence systems. They assist the BI strategy of your company by making data access and analysis simpler. Data may be imported, cleaned, analyzed, and forecasted using simple analytics platforms, but business intelligence systems are more flexible and dynamic and can develop with your BI plan.
Business intelligence Platforms let your firm manage and comprehend what is happening with those gigabytes of data, which solves this challenge. Then, data assumes a new significance because it enables you to create a better product by understanding customer behavior, serve your customers better by understanding who they are and what they need, and manage your business more effectively by spotting potential problems before they turn into bigger issues. All of this is possible on-the-fly with the appropriate BI platform, giving you a competitive advantage because your decisions are quick, precise, and — most crucially — founded on your company's data, not someone else's.
Predict turnovers, cash-flows and margins
Analyse marketing data and tracking data
Visualize supply and stocks fluctuations on a time basis
How does the BI business intelligence workflow process looks like?
Your organization should be able to collect, comprehend, and visualize data with the aid of a business intelligence platform. The objective is to create a data-driven culture where every employee can recognize and act on insights.
The normal process is divided in three different stages:
During this step the data is harvest usually from a data warehouse and placed on a data-layer to be formatted or disposed. A data warehouse is a sort of data-storage (cloud or physical) that is responsible to collect and place the data under specific categories. There is a lot to describe about data warehouses and the our recommendation is to read our other article about data warehousing.
The second step of the workflow, that any BI business intelligence platform should provide, is a good script that gathers the data from the data warehouse and it is smart enough to understand it and filter it to meet the end users requirements. Good Bi platforms also allow users, to do different Exploratory Data Analysis (EDA) by setting different methods such as drill downs and data pipelines, but most of the BI platforms nowadays have an automated AI adjacent that does this automatically.
The visualisation step is when the data is organised in charts and dashboards and allows usually C-level and management getting answers to specific problems such as liquidity problems or sales related analysis.
Common features of BI platforms
There are a variety of open-source and commercial BI platforms on the market with various user interfaces and functions. Each platform will, however, normally include some variation of the functions listed below.
Customisable Data visualizations & dashboards
Performance tracking against KPIs
Ai in organising and obtaining unique insights.
How To choose the right BI platform?
Be careful to select a corporation whose main goal is to enable people to be data-driven as you compare business intelligence platforms. Has the business spent a lot of time developing its analytics platform? Does the business's past suggest it will stay innovative? Does it place a high priority on user experience to encourage consumer adoption? Count on your peers' expertise. Their fervor and enthusiasm are clear signs of how well the product has worked for them. Learn how they motivated their workforce to use the platform, then use that information to forge your own path to success.
Business intelligence solutions should evolve to keep up with new developments in technology and user creativity. You have to pick a platform that is simple to scale as your business expands. Nortb recognizes that business realities are continuously changing, therefore we keep an eye out for emerging business intelligence trends to enlighten BI users. The ideal platform for your company should be adaptable, simple to use, and supportive of your corporate objectives. Problems in choosing? Contact us today and we will gladly assist you in that decision.
What is a Data Warehouse?What is a data warehouse? Click here to find out what a data warehouse is and how it can help your business grow and succeed this year.
How to choose the right (BI) Business Intelligence platform? - NortbA (BI) business intelligence platform is a piece of software that aids in the collection, comprehension, and visualization of data for businesses.
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