Business intelligence software collects and displays data in user-friendly formats such as dashboards, graphs, charts, and reports. Big or small organisations can use Business intelligence tools to utilize various types of data, including current and historical data, third-party and in-house data, semi-structured data, and unstructured data such as social media platforms. Users can analyze this data to understand how the business is operating.
Business intelligence workflow provides processes and systems that optimise complicated data production methods initially done 'manually' by data analysts in each commercial area. This automation can offer cost savings and improved intelligence timeliness, durability, and adaptability.
Business Intelligence Workflow
When we consider BI, we seek a way to keep up with the constantly evolving business requirements. Business Intelligence workflow has depended heavily on data warehouses for their preliminary data. A data warehouse consolidates various sources into a centralised system to maintain business reporting and analytics. The warehouse is queried by business intelligence software, which then displays the results to the user, which are usually in reports, graphs, charts, and maps.
However, the Business intelligence workflow seems comparatively simple in theory but can be difficult to implement in practice! The first step of the business intelligence workflow is when data is taken from the 'source systems' and retrieved, processed/cleaned, and recorded in the data warehouse regularly. This procedure is called the Extract, Transfer, and Load (ETL).
Then comes the 'transform' part of the process, which entails verifying that data can be used efficiently from multiple sources. For instance, if one person appears on the research project as the project head, on the education system as an undergrad research student, and the HR system as an employee, then it’s the work of the ETL to ensure that all three identifiers of that person are linked in such a way that all data from the three systems can be integrated into one single BI report.
What is its significance?
Business intelligence enables organisations to ask questions in layman's terms and receives clear answers. Instead of relying on educated guesses, they can rely exclusively on what their corporate data tells them — whether producing, supply chain, consumers, or market dynamics. Why are profits in this area declining? Can we find extra inventory? What do buyers have to say about you on media platforms? BI can assist in answering these relevant questions.
Business intelligence enables organisations to transform into data-driven businesses, boost efficiency, and achieve a competitive edge. They can:
- Increase ROI by understanding the requirement and allocating resources sensibly to meet intended goals.
- Reveal client behaviour, desires, and patterns to adjust to the changing market needs.
- Continuously monitor corporate processes and make fixes based on data insights.
- Enhance supply chain operations by observing activity along the supply chain and reporting the results to suppliers and partners.