Business intelligence is a technology-driven service that is used to analytically transform data into actionable information to assist corporate and strategic managers make informed business decisions.
Talking about complex sets of data that accumulate day in day out, BI tools compile all sorts of company data to condense it into meaningful reports, insightful charts and interactive dashboards.
How does BI work?
Business Intelligence is not about instructing people what to do or the consequences of certain potential actions. Rather, BI offers a way for people to examine data to understand trends and derive insights.It utilizes certain tools that streamline the efforts behind people making better decisions.
In this modern age, technology is leveraged with massive chunks of big data and dedicated tools are required to transform them into meaningful intelligence. Business intelligence combines a broad set of data analysis applications including enterprise reporting, data visualization systems, textmining and advanced analytics.
Benefits of using BI
Although a companywide BIsystem is costly and time-consuming to establish, its benefits can be quite substantial if implemented correctly. Of late, efficient and productive BI systems have become a rare source of gaining competitive edge over your opponents. Some of the benefits exclusively derived from BI are:
- Improved operational efficiency
- Decisions based on facts and stats
- Up-to-the-minute reports that can drastically improve sales and negotiations
- Elimination of company waste in shape of products/services
- Provides a bird’s eye view of the corporate performance
- Accurate analysis based on faster reporting
BI at Eccountant
Business Intelligence systems ingrained at Eccountant offer a comprehensive suite of smart visualization coupled with collaborative relations amongst the clients and the businesses. It helps deploy data apps across your organization and offers quick access to pivoting charts and analytical dashboards. Its architecture is focused on delivering data extrapolation not only across your organization but also to external teams. The intelligence software is visually oriented and comprises of great integration functionalities with pre-built widgets.