Business Intelligence (BI) is a stack of tools, raw information, statistics, and technology like data mining and visualization, which converts raw information into an organized and data-determined verdict. Business intelligence is basically a set of software and programs used to covert analytical data into such intelligence that reduces the rate of risk, eliminates in-effectiveness, and helps get adaptive to changing market nature.
Here is how it works and why Peter DeCaprio suggests every small business have this tool in their arsenal.
Peter DeCaprio Explains the Working of How Business Intelligence Works:
As per Peter DeCaprio, Business Intelligence is not just one specific function that evaluates the strategies. It is a complex operation in which many simple and complicated operations work side-by-side, depending upon the given data, to ensure the best results. Many operations undergo business intelligence, and those are as follows:
- Data Mining: Used for large data sets and uses statistical information of various processes.
- Performance Goals and Benchmarking: Previous information and data are compared with the old data in order to track progress. By doing so, all strategies became clearly visible, and goals could be redefined.
- Descriptive Analysis and Querying: Preparatory data is analyzed and used to find out results. Different questions are pulled out by intelligence from given data sets in the querying technique.
- Data Visualization and Statistical Analysis: In this technique, data in the form of analysis and number figures are shown in the form of charts, tables, histograms, and other visualization mediums.
Advantages and Disadvantages of Business Intelligence as per Peter DeCaprio:
According to Peter DeCaprio, business intelligence can help in many ways, a few of them are mentioned below.
- Top trends recognition
- Business market trends
- Performance measurement
- Inspection of customer behavior
- Compare useful data to get ahead of competitors
- Success rate prediction
- Identifying various flaws
- Recognition of gaining profit
- Record performances of various time cycles
- Increase in decision making quality
- It can be used by SMEs and medium businesses.
Peter DeCaprio Suggests that BI is useful when an organization lacks attention. It draws attention to specific operations and ensures accountability in an organization, which helps it improve the rate of success by checking various barriers against set goals.
Peter DeCaprio believes that everything has its own merits and demerits. Business intelligence also has setbacks explained as follows.
- It can be very expensive for small-scale and medium-sized businesses.
- BI has limited usage, and it was designed for big ventures
- It is time-consuming and can take more than 18 months to be fully operational.
BI Trends and Orientation:
There are a few trends in which Business Intelligence is currently working and improving day by day.
- Artificial Intelligence: To deal with time issues and to get on-spot answers is top-notch priority and AI is helping in achieving goals and solving problems.
- Social Media: Business Intelligence has also joined hands with various social media platforms in order to grow rapidly and get right results. Due to this, results are becoming much more clear and accurate. There is also a term which is known as “Embedded BI”.
- Cloud Computing: Another important factor to be mentioned is that BI is soon going to be offered in cloud. Since more and more businesses are driven towards BI, they are planning to expand the portfolios and come into cloud computing.
Peter DeCaprio Recommends to Use Business Intelligence to Grow More:
Business Intelligence is the future to gather all the data with keeping its originality and validity in automated form. It underscores the significance of quality of data critical than it has ever been. It is an integrated and critical method to smooth your data processing.