Business Intelligence: Meaning and The Example

Business intelligence is one aspect that will help companies determine marketing strategies based on market data. The data set will then be processed by a BI using appropriate methods, tools, and software. Judging from the task, business intelligence is important, but not a few industries have not recognized it.

The existence and benefits of business intelligence are very important in a company. Business intelligence will be in charge of planning, managing data, and providing final results in the form of easy-to-understand information for all stakeholders in the businesses.

What is business intelligence?

BI or Business Intelligence is a professional in charge of processing and analyzing business-related data so that it can help companies make the right decisions. The end result of the process includes industry requirements, profit descriptions, appropriate marketing strategies, and other decision-makers.

The processing and data collection is carried out by BI with the help of a special programming language. Generally, the languages ​​used in BI are SQL and R. Then, the format used for the final results of the business intelligence application process is in the form of dashboards, tables, reports, and graphs.

BI’s job

The main task of business intelligence is to be able to collect, read and interpret data that can be used to see trends and compare with competitors in an industry.

Not a few companies mention that business intelligence is a profession. There are also those who say the term business intelligence application is a whole series of processes. But it can be concluded that both have similarities in terms of tasks and goals in a company.

Understanding according to experts

The term business intelligence is something that attracts the attention of experts to study it in more depth. To make it easier to understand what business intelligences is, here are the explanations and definitions according to experts.

– Robert Half said, BI is a role that makes analysis results on a business so that it can be used as a reference for companies in working with other staff.

– Vercelli’s, BI is a set of mathematical models and analytical methodologies that exploit data that is useful for information-making processes and complex decisions.

– Howard Dresner, BI is a concept and method for improving the way to make final decisions using system-assisted facts.

Benefits of business intelligence

Applying business intelligence can bring several advantages to the company. Some of the benefits of BI include:

  1. Read & interpret data to help determine company decisions
  2. Get a more planned projection for the long term
  3. Selection of marketing methods that suit the company’s business
  4. Analyze obstacles, advantages, and solutions that will occur
  5. Assist companies in determining cost planning
  6. Make it easier for management to understand market needs and take them into account from a business perspective
  7. Evaluate market trend data in real-time
  8. Determination of targets or KPIs (Key Performance Indicators) according to the data

Application of business intelligence in the company

Within the company, special divisions carry out a process to determine company policies to effective business techniques called business intelligence. An example of the application of business intelligence in a company is the trend of snacks during the month of Ramadan.

BI will collect information on market conditions and process it into data needed by companies from a business perspective. For example, at the moment of Ramadan, there are times when people start looking for suitable food to eat when breaking the fast or at dawn.

Then the BI team will provide advice on what kind of communication and marketing strategy is right for the company.

In addition, a term attached to the company is Supply Chain Management. Also, read the SCM guide on the company complete with its strategy.

BI’s role in the company

The role of BI in each company will adapt to the needs of the industry itself. And can affect the adjustment of the role of several factors,

  1. industrial size
  2. administration
  3. type of industry
  4. market niche

If you need a BI but can’t find the right person, you can take advantage of an independent market research firm like Populix. Apart from providing accurate data, Populix for business can also provide market insights that are useful in making decisions for your business.

Consider appropriate research methods as an example of applying business analysis in companies to collect data. Thus, the company can develop appropriate plans and projections.

Companies can find many business components in this research on BI processes, namely consumer behavior, marketing targets, and ways to increase company profits.