How BI Helps the Business Make the Right Decisions.

Collecting data is one thing – leveraging datasets is another. In between, a technology layer called BI extracts the “meat” of data to help managers drive business growth.

A wide variety of tools, applications, and methodologies

Business Intelligence (abbreviated BI) refers to the technology that enables companies to analyse data for decision-making purposes.

BI encompasses a wide variety of tools, applications, and methodologies that help companies collect data from internal systems and external sources, prepare it for analysis, develop it and run queries within these datasets.

These tools then create reports, dashboards, and data visualisations to make the results of the analysis available to decision-makers.

What are the benefits for companies?

Business Intelligence programs can deliver many benefits to businesses. They can accelerate and improve decision-making, optimise internal processes, increase operating efficiency, generate new revenue, and secure competitive advantage. BI systems also help companies spot new market trends and identify issues that need to be addressed first.

At the very beginning, BI tools were primarily used by data analysts and IT professionals who were responsible for analysing data and producing reports. Today, however, more and more executives and employees are making direct use of BI software, especially since the advent of BI self-service and “insight” discovery tools.

Here’s an overview of the key benefits of a Business Intelligence system:

– Increased productivity

– Improved visibility

– Establishes accountability

– Provides a holistic view

– Streamlines business processes

– Identifies underlying trends

BI is therefore a combination of tools and methods aimed at transforming raw data into meaningful information. The end goal is to improve the efficiency of the company.

Ask Dataceed your questions

Dataceed collects personal consumer data on behalf of the brand and offers BI expertise to derive actionable insights. In a nutshell, Dataceed illuminates consumer purchase motivations.

Relevant information is presented in easy-to-access and easy-to-interpret dashboards that allow decision-makers to measure the impact of their campaigns, evaluate the best strategic options, or compare the evolution of certain indicators over time.

“The first building block of the analysis process is the data collected by Dataceed,” explains Jean-Christophe Gabriel, CEO at Dataceed. There is a tremendous amount of information to be extracted from a simple sales receipt! But why limit yourself to that? Dataceed easily connects to any internal data source (website, CRM, ERP…), and even sources external to the company.”

Brands need to identify the key questions they want to get insight into. Clearly defining the issues that need to be answered is an important step in a comprehensive BI strategy. Dataceed then applies its expertise to co-construct the right reporting tools with its customers.