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What is Business Intelligence? - What are Benefits of BI?
What Is Business Intelligence? - What Are Benefits of BI?
WikiPedia defines Business Intelligence as follows:
Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
Simply put, BI is taking raw data and converting this into commercial insight through a range of techniques including reporting and visualisation. One of the big development areas for B.I. is in the automation of reporting so that access to on demand performance data is available to business management allowing them to make better informed business decisions. Based on facts rather than buest guesses or gut feelings.
Take the following simple example of a table of sales performance data. The numbers are not easy to quickly interpret and understand without considerable effort.
Using B.I. we can automate the generations of graphs and charts on visual performance dashboards which reference LIVE system data which auto refresh keeping you and your team fully to up to date. When we apply a simple graph to look at Januarys sales data below we can easily see that rep 4 has the highest sales figures for January whilst rep 3 has the lowest sales figures.
Whilst the above example is basic, it demonstrates the point that data needs to be accessibly quickly and just as quick to interpret in order to provide insight quickly and thus allowing business strategic and operational decisions to be made quickly. For example a business which has invested £500,000 in a state of the art multi axis CNC machine will want to ensure availability and usage of the machine are maximised whilst downtime is minimised. Further more they may decide to monitor and measure O.E.E. performance of the production facility. Using B.I. techniques enables us to create a visual view of the production using O.E.E. as shown below. This allows a management team working outside of the production facility to monitor performance and react quickly if performance drops below planned targets.
The limitations for use and application of Business Intelligence are often only limited by the data itself that is available to analyse and the commercial creativity of the B.I. developer to ask questions that think outside of the box. By bringing in an external B.I. development resource into your manufacturing business, you are bringing a fresh set of eyes to help identify and solve day to day problems that may exist within your business that get continually overlooked by the existing team for a number of reasons.
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What Are The Benefits of Using Business Intelligence ?
Whilst this list is not exhaustive, here are six key benefits that using Business Intelligence can bring to your business.
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