“Our Industry does not Respect Tradition. It only Respects Innovation” - Satya Nadella (CEO of Microsoft)
The given statement made by someone as renowned a personality as Satya Nadella, clearly hints at the intrinsic nature of the IT industry. It gives a sense of the need for the Technology Industry to continuously adapt to the ever evolving technological innovations.
Since Business Intelligence, armored with Artificial Intelligence and Machine Learning have evolved as significant innovations within the tech industry; the question of how would the Technology Industry use Business Intelligence for its own growth and productivity, has definitely emerged as a question of prime importance.
In this blog, we will try to look at how the Technology Industry use Business Intelligence. We will consider the benefits of Business Intelligence for Companies as well as their specific application in the field of the IT Industry.
What is Business Intelligence?
It is a common assumption that data can be extremely valuable for a Company. However, the mere presence of huge amounts of data is of no value, unless there exists a coherent strategy for analyzing it in order to derive information from the same.
One extremely useful strategy for extracting this information is by using Business Intelligence with the help of Business Intelligence Software.
Thus, when you think of how would the Technology Industry use Business Intelligence; you should think of BI in terms of the means to streamline activities and business processes for optimal performance.
The term Business Intelligence refers to the combination of Data Analytics and the processes of data collection, data storage and data management.
The objective is to assess and transform raw data and information, through data mining, data analysis, online analytical processing and so on, into actionable and meaningful insights with the help of Business Intelligence Tools as well as ensuring their aesthetic presentation through Data Visualization Software.
These insights have a positive impact on the different kinds of business decisions of the organization.
To know more about this field; check out our blog on "What is Business Intelligence?"
Benefits of Business Intelligence
Before we delve proper into the question of how would the Technology Industry use Business Intelligence, it would be worthwhile to look at the advantages of using BI for organizations in general.
Business Intelligence ensures significant improvement in productivity and efficiency of a business organization through optimum allocation of resources as well as data driven decision making in business operations. Companies have limited budgets and by way of providing precise data and accurate information on crucial issues; Business Intelligence help the executives and business users in diverting the scarce resources into productive channels.
Moreover, BI helps decision makers to take decisions based on hard facts, rather than gut instincts. This helps in reducing the possibility of lapses in future and also augments efficiency.
One of the greatest contributions of Business Intelligence solutions towards business enterprises is in terms of providing them the opportunity to know their customers better. By analyzing consumer data depicting their behavior and interests; a Company is better aware of their needs and wants. This helps in strategic planning and improved targeting through a virulent marketing campaign.
Live Data and Report Generation
Given the scale of competition, it becomes crucial to ensure ways of generating reports in as fast a manner as possible. This provides the decision makers with immediate feedback and helps in producing a quick response. Business Intelligence, by way of expediting tasks through automated dashboards and other Data Visualization strategies, can help in analyzing data in the matter of a few hours. Moreover, the Business Intelligence BI tools help in viewing data in real time, improving the chance of live monitoring and of taking necessary action.