leveraging business intelligence definition

#LEVERAGING BUSINESS INTELLIGENCE DEFINITION SOFTWARE#

In our view, there are two kinds of business intelligence tools. BIT’s can be used for many uses in business beit operations, marketing and sales, management, customer insights, financial decision making etc… Now, business intelligence tools can come in many forms of the sales and marketing cycle.īeing able to select the right business intelligence tools for you company is vital based on usage, cost, and collaboration with your team to utilize the data for decision making. Thus, most the data that’s stored in a cloud is then shared with the retrievers to present a certain case or specific information that will allow the team(s) to make specific decisions. The applications generally read data that have been previously stored, often, though not necessarily, in a data warehouse or data mart.

#LEVERAGING BUSINESS INTELLIGENCE DEFINITION SOFTWARE#

The right business analytics, presented in a way that makes this information easy to understand and utilize, can go a long way to helping organizations achieve that end goal.The official definition of business intelligence tools is a type of application software designed to retrieve, analyze, transform and report data for business intelligence. Best-in-class companies were found to be more than twice as likely to have standard processes in place to gather and communicate data throughout the company.Īt a time when many businesses are trying to hang on to profitable customers and keep them coming back, marketing and engagement have become pivotal. Not only do analytics programs need to be intuitive, the data presented must be easy to digest as well. Decision makers need all of the available data so they can take the best course of action for the company. The Aberdeen Group research notes that one of the key reasons that the integration of business intelligence fails is because of the approach. Data isn't just for people specializing in numbers anymore, so it's crucial that every manager tasked with decision-making responsibilities can access BI. As organizations integrate this intelligence, it's important that they also are properly putting it to work for them.

Companies can have all the data in the world, but if the right people aren't gaining access to pertinent information, they can't use it to color business decisions for the better.

Simply having access to business intelligence isn't enough. Getting information to the people who matter One of the key factors that is driving demand in business intelligence is increasing adoption of smartphones and tablets, which gives companies better access to data that could influence executives' decisions. The compound annual growth rate (CAGR) of the business intelligence market is forecast to hit 27.4 percent between 2012 and 2016. A report from TechNavio notes the increased demand for business intelligence, with the market for this data projected to grow tremendously over the next few years. As such, many companies have registered a growing interest in utilizing analytics and insight gleaned from data and records. When it comes to the rest of the pack, only 33 percent use business intelligence to buoy marketing efforts and a slim 22 percent leverage it to develop customer engagement initiatives.Ĭlearly, business intelligence brings a significant amount of utility to the table. Recent research compiled by the Aberdeen Group highlights this trend, with 57 percent and 53 percent of best-in-class companies enhancing their marketing operations and customer support, respectively, with analytics. The use of business intelligence directly correlates to the success of the company in question. Fortunately, with recent innovations stemming from the tech space, it's now easier than ever before to gain access to a wide variety of information and cull it into actionable data. Without computer technology, it was difficult to put together relevant and timely reports that could be quickly analyzed and acted on. In the past, many business decisions were made based on gut feelings.

Leveraging business intelligence definition