Business Intelligence: Definition, Uses, and Case Studies in Organizations – Business intelligence is one aspect that will help companies determine marketing strategies based on market data.
This data collection will then be processed by a BI (Business Intelligence) using appropriate methods, tools and software.Judging from the task, business intelligence is important, but quite a few industries do not yet recognize it.
Business Intelligence: Definition, Uses, and Case Studies in Organizations
The existence and benefits of business intelligence are very important in a company. A business intelligence officer will be tasked with planning, managing data and providing final results in the form of information that is easy to understand for all stakeholders in the business.
So, what are the tasks and examples of implementing business intelligence in companies?
What is Business Intelligence?
BI or Business Intelligence is a profession whose job is to process and analyze data related to business so that it can help companies make the right decisions.
The final results of this process include industry needs, profit figures, appropriate marketing strategies and other decision makers.
The data processing and collection process is carried out by BI with the help of a special programming language. Generally, the languages used in business intelligence are SQL and R.
Then, the format used for the final results of the business intelligence application process is in the form of dashboards, tables, reports and graphs.
Duties of a BI
The main task of a business intelligence person is to be able to collect, read and interpret data that can be used to see trends and compare with competitors in an industry.
Not a few companies say that business intelligence is a profession. There are also those who say that the term business intelligence application is a whole series of processes.
However, it can be concluded that both of them have similarities in terms of their duties and goals in a company.
Understanding Business Intelligence According to Experts
The term business intelligence is something that attracts the attention of experts to study it in more depth.
To make it easier to understand what BI is, here is an explanation and understanding according to experts.
– Robert Half said, BI is a role that produces analysis results on a business so that it can be used as a reference for the company in working with other staff.
– Vercellis, Business Intelligence is a set of mathematical models and analytical methodologies that exploit data useful for complex information and decision making processes.
– Howard Dresner, Business intelligence is a concept and method for improving how to make final decisions using system assistance regarding the facts that occur.
Also read: Risk Management is: Definition, Types, and Examples
Benefits of Business Intelligence
Applying BI can bring several benefits to a company. Some of the benefits are:
1,Read & interpret data to help determine company decisions
2.Get more planned projections for the long term
3.Selection of marketing methods that suit the company’s business
4.Analyze the obstacles, benefits and solutions that will occur
5.Helping companies in determining cost planning
6.Makes it easier for management to understand market needs and take into account from a business perspective
7.Evaluate market trend data in real time
8.Determining targets or KPIs (Key Performance Indicators) according to data
Application of Business Intelligence in Companies
In companies, BI is a process carried out by special divisions to determine company policies and effective business techniques. An example of its application in a company is the snack trend during the month of Ramadan.
BI will collect information on market conditions and process it into data needed by the company from a business perspective. For example, during Ramadan, there is a time when people start looking for food that is suitable to eat when breaking the fast or at dawn.
Then the BI team will provide suggestions as to what communication and marketing strategies are right for the company.
Apart from Bi, a company will certainly not be separated from the term Supply Chain Management.
The Role of BI in the Company
It is important to remember that the role of BI in each company will be adjusted to the needs of the industry itself. Role adjustments will be influenced by several factors, namely:
1.industrial size
2.administration
3.industrial type
4.market niche
If you need a BI person but can’t find the right one. Apart from providing accurate data, provide market insights that are useful in making decisions for your business.
The research method is considered appropriate to be used as an example of applying business intelligence in a company to collect data. So, the company can prepare appropriate plans and projections.
There are many business components that companies can obtain from research on the BI process, namely consumer behavior, marketing targets and ways to increase company profits.
Also read: Market Share: Definition, Benefits and Types
Business Intelligence Applications
Pure data obtained by the BI team still needs to be processed using business intelligence applications into a format that is easier for other divisions to understand.
On the Internet itself, there are many software options available that can be used. The following four BI software applications are the most popular choices.
Google Data Studio
Google Data Studio is a free service that can be used to display data processing results. This application can integrate with other Google products, so it will make the work process easier. The BI system on Google Data Studio is complete and easy to use, even for BI beginners.
Domo
One of the famous BI application software is Domo. This application is widely chosen because of its features and ease of access. This software can make it easier to process data into an attractive dashboard that is easier to understand.
Tableau
Tableau business intelligence software is an application that excels in displaying dashboards that can be arranged interactively. The data you process will be displayed in various types of views. Generally, this software is used for data that requires implementation and user interests as the first priority.
PowerBI
The PowerBI application is Microsoft’s software which is specifically made to make it easier for users to process and display data in graphic form. This software has three types of concepts used to optimize work, namely dashboards, reports and datasets. Each feature offered has its own advantages.
Business Intelligence Process Steps
Generally, there are several steps that must be carried out by business intelligence before the data obtained can be converted into various formats. Take a look at the following steps in the business intelligence process.
1. A BI person will get initial data that is still “raw” or raw data.
2.The data is then filtered and categorized into several basic clusters.
3.Parties who need a report can request results with a specific request.
4.The data that has been processed is taken into account from the company’s business perspective.
5.The calculation includes income, raw material requirements and market demand.
6.BI will export the results to various formats, as requested.
Example of Business Intelligence
To make it easier for you to understand the concept of BI, here is an example of business intelligence in hospitals.
A hospital agency wants to know what types of rooms need to be upgraded. After obtaining the data, the next task for BI is to group the number of patients based on age, room class chosen, payment method, facilities, and treatment method.
From this process, information can be found regarding what types of rooms need to be increased in quantity and the estimated amount of income from inpatient costs per night. Finally, the collected data will be displayed in the form of a dashboard containing graphs and report tables.
