How to get more out of your company with business intelligence

How to get more out of your business with business intelligence

How to get more out of your company with business intelligence

How to get more out of your business with business intelligence

Business intelligence (BI) is the use that companies make of information technology and data to optimize business performance. It facilitates the extraction of data from various data and information sources and allows cross-referencing them to provide greater value to the data.

El business intelligence sirve para ayudar a tomar mejores decisiones empresariales. También, se denomina inteligencia empresarial, inteligencia de negocios o inteligencia comercial.

 

Origen e historia del business intelligence

Clive Humby, one of the first data scientists in history said, "data is the new oil." Later, Michael Palmer expanded on this concept by saying, "data is valuable, but if it's not refined, it can't really be used". Data has become the most important asset for companies, being considered by many as the most abundant natural resource today. Companies have understood the importance of data as a competitive factor. To achieve this, actions must be taken on them: store them, process them, cross-reference them and finally obtain information that is useful to the business.

Hans Peter Luhn is known as the father of business intelligence. He was the first to use the term "business intelligence" in one of his articles in 1958. He defined it as follows: "The ability to understand the interrelationships of facts presented in such a way as to direct action toward a desired goal". His research was instrumental in understanding the potential of data analysis and optimising business decisions.

La inteligencia de negocios, tal como se entiende hoy en día, ha evolucionado desde los sistemas de apoyo a las decisiones que se inició en la década de 1960 y desarrollado a lo largo de mediados de los años 1980. DSS,  sistema de información y herramienta de Inteligencia de Negocios, se originó en los modelos por computadora, creado para ayudar en la toma de decisiones y la planificación. Desde DSS, data warehouses, sistemas de información ejecutiva, OLAP e inteligencia de negocios entraron en principio centrándose a finales de los años 1980.

Historia reciente del BI

In 1989, Howard Dresner (later a Gartner Group analyst) proposed "business intelligence" as an umbrella term to describe "concepts and methods for improving business decision making through the use of supporting fact-based systems." However, this expression did not become popular until the late 1990s.

By the 1990s, more business intelligence tools began to be developed and marketed, and some forward-thinking companies began to realize the potential of this type of solution, such as CRM.

 

 

How many types of Business Intelligence are there?

Business Intelligence is a generic term that includes all tools and procedures for data analysis and access to information (from extraction to presentation).

As it is such a broad concept, encompassing many tools and types of solutions, it is useful to distinguish the types of Business Intelligence, in order to know what we are talking about and to assess what our company needs.

Analysis

It is one of the basic axes of BI. It encompasses numerous parts and types that in turn try in a specialized way to achieve the best results for the reports.

  • Data management:
  • Statistical analysis: On the one hand, within data management we find analysis, which is based on past and present data results.
  • Forecasts: on the other hand, we find the forecasts, which would be an approach of the analysis towards the future. Unas predicciones con resultados automáticos que se basan en unas configuraciones que afectan al dato.
  • Data mining:
  • Optimization: There are business intelligence solutions that seek to achieve better results through data tuning.
  • Machine learning: are a type of AI solutions that help to learn the solution itself through working the data.

Reporting

Detailed, orderly and organized presentation of information and data. In such a way, the reports allow a visual view of the data analysis. Helping to make better decisions.

There are also other visions, such as that of «Future of SAP Business Objects and SAP Lumira?» 4 types of solutions or use cases are distinguished:

tipos de bi segun sap en qaleon business intelligence

 

What are the benefits of Business Intelligence solutions?

Having Business Intelligence solutions has great benefits for companies. The most relevant are:

  • Tener control de la demanda de manera más eficiente. It allows you to identify patterns and make future predictions to better adapt your business to market fluctuations.
  • Organizar más productivamente a los equipos de trabajo de la empresa. It helps you achieve better results in your talent through optimization.
  • Optimize the administrative tasks of the business, which are sometimes very mechanical.
  • More detailed and accurate analysis of production costs and ROI.
  • Control in detail the quality of products, semi-finished products and raw materials.
  • Have a more optimized and transparent logistics and procurement, from suppliers to the end customer.
  • Knowledge about the complete cycle of a process, reducing failure rates and unplanned production stoppages.
  • More effective sales and marketing plans, as you will get to know your customers, their habits and preferences in a less intrusive way.
  • Personalized customer service, improving the shopping experience, resulting in fewer lost sales and a better image.

What is the relationship between artificial intelligence and business intelligence?

Business Intelligence (BI) is the combination of tools, techniques and methods that, with the use of technology, helps the use and analysis of data. In other words, it transforms data into knowledge, which translates into better decision making.

Artificial intelligence (AI) is encompassed within business intelligence.

It is a tool that complements and enhances the Business Intelligence tools. It seeks to provide accurate and quality results.

Within AI we can find different techniques such as machine learning and deep learning. It can be of great help to automate certain processes achieving results in less time and with great results.

 

Jobs related to business intelligence and artificial intelligence

All these advantages have resulted in thousands of jobs needed to continue generating added value for companies, and different professional profiles are needed to fill them. Some of these positions related to business intelligence are:

  • Data Analyst
  • Data Scientist
  • CRM Manager
  • Customer Intelligence Analyst
  • Consultor de Data-driven decisión making
  • Human resources analyst
  • Data manager
  • Business Data Visualization Manager

Most of these jobs are among the most in-demand, if you are interested we recommend you to read:8 online courses for the most in-demand positions in 2022«

 

What are our business intelligence solutions

Adding Business Intelligence to your business can be a big step towards making better decisions and being more efficient. Business Intelligence tools analyze large amounts of data based on specific queries. Most of all, because the results are processed and displayed in the form of summaries, graphs, reports, charts and maps.

From Qaleon we offer you solutions based on business intelligence to get the most out of your business.

Qalify

We live in the era of digitalization and data-driven knowledge, the fourth revolution, the technological one. Dentro de esta era el Business Intelligence funciona mejorando las decisiones estratégicas de negocio, desde pymes a grandes multinacionales ya lo aplican y van con ventaja. Learn more about Qalify here.

Innoapp and iQAL

The analysis and diagnosis of the situation in an organization is a key step in any strategy, it allows to have a perspective with knowledge of the current situation and to better identify the paths to follow. One is Innoappwhich is a perfect solution to measure the degree of innovation within your company. Also iQALwhich carries out a diagnosis of equality in the company and a compensation audit analysis.

Sineqia and Qalify sustainability

The Sustainable Development Goals (SDGs) set by the 2030 agenda are the global axes of this development. The integration of data to monitor this sustainability is very important to achieve the goals in a company. Sineqia offers a diagnosis of sustainability based on three dimensions: economic, social and environmental. Qalify Sostenibilidad allows you to measure your company's sustainability impact in real time.

Qanto y QeKiero

Both tools allow a complete management of customer management and a sales approach that allows to extract very useful information from users. In addition, it allows the company to know the productivity of its sales network and sales management to offer better recommendations to customers and attract or retain them. Learn more about Qanto or QeKiero.

Empleable and Alizia

These are two Artificial Intelligence solutions applied to talent in companies. If you want to boost your professional career we recommend EmpleableThe perfect solution for professional growth with tailor-made training itineraries focused on your objectives. Also Aliziahelps companies find the technological talent of the 21st century.