Searching for statistics business intelligence, The BI market is already worth billions. In the long run, BI growth is expected to grow further. Today, you can read or connect to business information processes wherever you go. Let’s find out exactly what BI is so much on in today’s market.
What is Business Intelligence (BI)?
Business Intelligence (BI) consists of the strategies and technologies that companies use to analyze business data. Technology helps you get historical and current information better visualized so you can easily make decisions in the direction of success. In other words, by giving light to BI, it allows you to turn scattered information into practical insights that help an organization make business decisions.
Statistics to show the popularity of enterprise intelligence (BI)
According to the statistics report , the size of the business information and analytics software market is projected to grow globally in the next few years from US $ 14.9 billion in 2019 to US $ 17.6 billion in 2024.
According to Forbes, 32% of R&D teams regularly use at least four BI tools and lead all departments in 2020.
How does the Business Intelligence (BI) process work?
The first part of a business information workflow is data collection and the transformation into insightful data. Once all the data has been collected, you can see the visual data in all the familiar presentation. BI is a concept that encompasses processes and methods for collecting, storing, and analyzing business or operational data to optimize performance.
Giving light to BI processes
|Data mining||The data mining process is to extract data from a data set and turn it into an understandable structure that can still be used.|
|Reportage||Reporting allows you to share data analysis with others so they can draw conclusions and make decisions.|
|Data visualization||Data visualization means transforming data analysis into visual representations; for example, charts, graphs, and histograms to easily check data.|
|Data preparation||Collect several data sources, identify dimensions and measurements, prepare them for data analysis.|
|Data processing||It makes it easier to make information more organized and readable.|
|Data virtualization||It collects structured and unstructured data sources for virtual viewing using a dashboard or visualization tool.|
The difference between data analysis and business information
Most people are confused with data analytics and business data. However, there is a huge difference between the two. Data Analytics is used to find insights into data, while BI prioritizes descriptive analysis, which provides a summary of both historical and current data to show what has happened or is happening.
Let’s dig Data Analytics and Business Intelligence deeper with an example!
Let’s say you have a clothing store online that sells women’s outerwear. Business provides useful reports on the past and the current state of your business.
BI tells you that sales of Ruffle Topisi have increased in Delhi over the past month. As a result, you decide to make more Ruffle Top products to keep up with demand.
With the help of data analysis, you can know the reason why the sales of blue feather earrings accelerated in Delhi. By digging into the information on your website, you’ll learn that most of the traffic has come from the Instagram post of a fashion blogger using your Ruffle Top.
Benefits of using business intelligence (BI)
- Helps in decision making
- Fast reporting management
- Assists in competitive analysis
- Revenue growth
- User friendly
- Market trend analysis
- Data quality
- More efficient
- Provides customer satisfaction
- Easily handles large data sets
- Centralization of information
Integrating BI into a business solution help companies grow
Companies work with multiple solutions to achieve their goals, and solutions include ERP, e-commerce, manufacturing. These solutions are really effective to work with; However, as your business grows, it needs more effective management to continue to grow.
Are you in an organization where you collect huge amounts of data on a daily basis through a business that is difficult to track and analyze. It is high time to get rid of the use of several old software and manual spreadsheets, such as ms Excel, to store data. Because the problem with such manual software is severe, it takes time-consuming, sensitive processes, and data is available as multiple software.
Here comes the role of business intelligence, often known as BI; it allows you to track information and make decisions about your business. Business Solutions needs BI because it helps you manage big data and use it for the benefit of your organization.
Let’s see how BI helps with different business solutions!
The role of BI for ERP solutions
ERP stands for Enterprise Resource Management, which helps you manage the resources of any organization. which is called quite obvious. It also helps to get complete information in one place and improve data visibility. However, if you manage all your data in one piece of software, you need to review its insights so you can take full advantage of it. Business Intelligence in ERP helps your organization analyze and leverage the massive data that ERP software intercepts.
The role of BI in e-commerce
An online store is a type of software solution that allows you to sell your products or services online. You can manage online orders to mark your business globally. However, in order to think of a way to grow your business, you need to come up with ideas based on the analysis. Business Intelligence helps you analyze sales data and work to grow your business. For example, if you see a decline in the sales value of a product in a certain age group, you can use BI to make a decision to improve the product or offer a discount.
The role of BI in the manufacturing industry
The manufacturing industry is an endless trend because there is always a need to manufacture products when goods are consumed. It takes care of every part until the end product is made. Business Intelligence helps you know where you can cut the extra cost of a product if you don’t get enough margin. In addition, it also helps you manage your supply chain.
What are the different BI tools?
There are several Business Intelligence tools that allow you to analyze data and work in the direction to improve your business sales.
I’ve listed some of the Business Intelligence tools here:
- Microsoft Power BI
- SAP Analytics Cloud
Integration of Power BI with Odo
Odoo is a complete business solution that helps you manage multiple areas like ERP, CRP, manufacturing, ecommerce and more. Basically, it is a comprehensive business management software. In other words, we can say that it is a complete set of open source enterprise applications.
Make Odoo 10x more efficient by integrating it with Business Intelligence!
When it comes to business information, you need to know about one of the most powerful BI tools, which is Microsoft Power BI. Power BI is a business intelligence tool launched by Microsoft in 2014. According to some sources, has 2.14 billion buyers in 2021 to date.
Webkul has a solution to all the biggest business problems; If you are an Odoo user and you successfully manage your business with Odoo, you can also think smartly with Microsoft Power BI.
Let’s start the countdown to starting the Odoo Power BI integration!
The future of business information
There will be no return to the need for BI in the coming years due to critical business requirements. Business Intelligence Technology helps people drive the right information to the right people and at the right time so management can make effective decisions and lead the company to prosperity.
On a per-resource basis, the Global Business Intelligence Market will account for $ 18.74 billion in 2017 and is projected to grow at a CAGR of 9.67 percent over the forecast period 2019-2025 to reach $ 39.22 billion by 2025.
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