Business Intelligence: the power of information.

Business Intelligence: the power of information.

Imagine having advanced data analytics that gives you the ability to instantly process and view data, and in turn help you improve your customer insights, create new products or services, detect flaws or potential fraud in your processes.

Business Intelligence is the ability to transform data into information, and information into knowledge, so that the decision-making process in business can be optimized. From a more pragmatic point of view, we can define it as the set of methodologies, applications and technologies that allow gathering, purging and transforming data from transactional systems and unstructured information (internal and external to the company) into structured information, for direct exploitation. (reporting, OLTP / OLAP analysis, alerts) or for analysis and conversion into knowledge, thus supporting business decision-making.

It acts as a strategic factor for a company or organization, generating a great competitive advantage, which is none other than providing privileged information to respond to business problems: entry into new markets, promotions or product offers. , financial control, cost optimization, production planning, analysis of customer profiles, profitability of a specific product and much more.

In other words, the concept of Business Intelligence combines internal and external information from very diverse sources to offer us a broad view of the situation of a certain sector, thus helping us to make decisions that yield positive results.

Appearance of Business Intelligence.

Just as the article "History of Business Intelligence" tells us, this term appears for the first time in 1865, in an encyclopedia published in the USA entitled Cyclopaedia of Commercial and Business Anecdotes.

But it will not be until the 20th century, with the advancement of technology and, specifically, with the development of data storage, when we can begin to talk about the concept of business intelligence as we understand it today. Currently, BI tools are very powerful, capable of analyzing and processing countless data, from thousands of sources, as well as helping companies draw conclusions to improve their business figures.

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Photo by Markus Winkler / Unsplash

Advantages of BI tools.

The four great advantages offered by the use of business intelligence tools are:

  1. The ability to analyze internal and external information from different sources and systems in a combined way.
  2. A greater depth of analysis and an expanded reporting capacity.
  3. The possibility of going back in time for this analysis based on historical series.
  4. The ability to make projections and forecasts for the future based on all that information collected.

There are tailor-made business intelligence solutions for different sectors, some more focused on multinationals and others on pymes. Determining which one is best for each company will depend on the needs that are detected, and the budget that you have. Here it is important to talk about QuartzSales since it is an extremely complete platform that offers the possibility of collecting and processing information from different sources to help you make the best decisions for your business.

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