What is Business Intelligence? ~ Alfa Software EN

What is Business Intelligence?

What is Business Intelligence?

Business Intelligence ERP

As defined by Wikipedia, Business Intelligence systems are “systems for identifying, extracting and analyzing data available in enterprise systems whose purpose is to provide real support for business decisions.” Designed to facilitate decision-making, Business Intelligence systems are indispensable tools that managers at every level use to analyze trends, identify opportunities and risks facing the company.
BI systems are used in a daily manner because they have become so powerful and intuitive that they do not require specialized knowledge, and the desired data is extracted through a few clicks. They establish clear measurable KPIs that set goals within the company.
Because ERP systems are those that concentrate information within a company, they usually have a Business Intelligence component that allows access to intelligent and simplified information. Business Intelligence comes in the form of reports, dasboards or other interactive components within an ERP.It can process and analyze large volumes of data from various sources about products, partners, cash-flow, profit, discounts, fixed assets, stocks, etc. As the ERP system collects new data or updates existing one, in the Business Intelligence module the corresponding update occurs in real time. Using Business Intelligence solutions is a necessity in the modern economy because it helps managers to answer any questions related to the company by:

  • financial and non-financial analysis of data on long period of times
    BI systems analyzes high-volume data and allows acces to reports, KPIs and interactive dasboards available to managers, one click away. Comparative analysis of sales, the rotation speed of stocks, is almost impossible to analyse by using excels. Instead, visual data representations and colorful alerts enable easy management of the database, without the need of professional help from the IT department.
    By using BI tools within an ERP, graphical representations and conclusions drawn from the comparative analysis is based on real data, and not the managers` “memories”.

 

  • quick decision making
    By decreasing time for data processing and transforming data into information, decision-making becomes more clear. It’s also important that the information provided by BI systems is up to date without requiring a long time for collection and display, which speeds up the decision-making process. The information gathered is not in any way outdated and does not endanger the correctness of the decision.
    Interactive dashboards are easily understood by anyone and can be used very quickly. This can help managers to look at datasets from multiple perspectives, to penetrate their depth without leaving the graphical interface, to apply filters and engage in segmentations – all these actions have immediate results over the database.

 

  • tracking quantity and quality targets within departments and globally
    Reducing the role of the IT department in generating reports and transfering these instruments towards the end-user within the organization, focuses company`s efforts towards the pursuit of the established objectives. The employees and management can orient toward fulfilling daily tasks and work toward increasing labor productivity. The reports, graphical indicators of the BI systems can be accessed countless times in order to monitor targets.

 

  • identification of market trends
    Some reports commonly used in each company include and analyze products / services / departments depending on the degree of profitability or results. This analysis is an important component of modern management as it identifies future trends regarding customer behavior and based on them are set future strategies to be adopted within the company: either drop the products / services / departments unprofitable or enriched offer their products and services, adopt new directions or new development optimizes departments where there may be difficulties.

 

  • establishing the impact of past decisions
    Business Intelligence tools manage to surprise sets of information over long periods of time, identifying strategic changes made at one time or another. In an interactive dashboard, you can see the months when the sales rose due to launching a marketing campaign for a product or because of increased quality of services offered together with the company’s products. If a particular strategy does not work, managers do not have to wait a long time for a change because now they have the desired information in real time. Decisions are found in charts, figures and totals and can be evaluated objectively.

 

  • access to up to date information from mobile devices
    The concept of “mobile computing” is already quite known in our world, but the notion of “Mobile BI” timidly makes its way into our vocabulary. This means the possibilities that are offerred by the latest technology to access through mobile devices – phone or tablet, reports or interactive dashboards. It allows managers to stay informed whenever they are and in any situation. Dedicated Business Intelligence applications for mobile devices offer complete control and are optimized to work with mobile devices.
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