Business Intelligence (BI) is described as the transformation of raw data into relevant and practical information for business purposes. This term encompasses the processes and methods needed to analyze, display, and report from business operations or activities. The implementation of Business Intelligence can help your organization make better decisions, especially due to the abundance of information that can be retrieved nowadays; except to have access to your business’ information easily.

As an organization, it is important for your software to support your unique business processes. Although there are an abundance of products available on the market, it is important to understand the fundamentals of each solution to help determine which are the right fit for your organization. You may discover that a combination of solutions working together may, in fact, be the best strategy. For this reason, we will explain the relationship between an ERP solution and a BI solution and how the two solutions make for the perfect match!

Business intelligence is an all-encompassing tool for analyzing data. This raw data is transformed into meaningful and useful information for business purposes. The implementation of business intelligence provides a complete view of your business, helping individuals make better, actionable decisions. Not convinced about BI yet? Don’t worry - we have compiled a list of reasons as to how BI can be useful for your organization.

The big question is: What is the importance of business intelligence? Before diving into this, it’s important to understand the topic in itself. Business intelligence is the transformation of raw data into meaningful information for your business; the term encompasses the processes and methods of analyzing, displaying, and reporting from your business operations for the goal of performance optimization. Through business intelligence, organizations can have an all-around view of their business, allowing for better decisions to be made.

As Chief Financial Officer (CFO), it is your responsibility to ensure the financial health and stability of your business organization. This requires a lot of time and energy spent searching for and analyzing business data, compiling information into tables and charts, and presenting facts to the rest of the C-level suite.

The new buzzword in business intelligence is collaborative analytics. This is the method by which many people, rather than one single person in a company, can review, analyze, and compare data from business operations. Companies which use collaborative analytics follow the old adage “two heads are better than one” but extend the concept to many people; allowing many minds to examine business data to find solutions.

Any time you launch a new system, there’s a learning curve. It can be challenging to get employees excited and enthusiastic about a new software system, no matter how wonderful it is. Many companies spend considerable time and effort choosing a new business intelligence system only to wonder why they’re not getting the most from it later on.