Once organizations dedicate time and resources toward data analysis, they work to leverage the data trends into conclusions that drive growth. Business intelligence (BI) often separates market leaders from passive companies. The right approach to business intelligence can help organizations modernize operations and separate themselves from market competition.
BI represents more of a comprehensive take on a company’s collected data. Analysts who implement BI strategies analyze historical and current data to forecast company operations. BI also involves analyzing how one organization’s data compares to trends across the industry.
Business intelligence analysts analyze macro-level data trends to help companies identify patterns useful in driving growth. In addition, many analysts contribute directly to an organization’s financial health through industrywide reports that update company performance relative to the market.
A BI analyst may handle the following responsibilities:
- Compiling refined or unrefined data from a variety of sources
- Summarizing economic data through user-friendly dashboards or reports
- Maintaining relevant knowledge of industry competition
- Analyzing business processes for new data-gathering opportunities
- Implementing more efficient data-collection procedures
These responsibilities assist in making BI analysts an important contributor to a successful organization.
Companies harness business intelligence when they’re looking to draw valuable, actionable conclusions from the data they collect.
While analytics helps organizations gather data, BI is much better suited for high-leverage situations, such as decision-making and crises.
Business intelligence is often the preferred solution when companies need to drive improved online engagement, streamline shipping methods, improve the consumer life cycle, control surge pricing or even simplify an ocean of spreadsheets.
For example, e-commerce companies with declining web traffic must be able to identify trends in their data that can help the organization achieve increased sales. Similarly, mortgage companies can significantly accelerate the loan-approval process by making the data they collect more accessible for lenders.