Business intelligence can be defined as a set of processes that gather, store and convert raw data into meaningful information. This data is then analysed to help businesses make important decisions. Further, that data and analytical techniques are used to enhance the profitability of a business. Business intelligence is used to make strategic, tactical and operational business decisions. Business intelligence helps companies do this by using accurate data, rather than just an assumption or an opinion.
Why is business intelligence important?
Business intelligence helps organisations make better business decisions through the use of relevant data. Companies use business intelligence to turn data into valuable insights. These valuable insights can then be used to make data-driven business decisions. These critical business decisions are taken to ultimately lead the business towards accelerated business growth and higher profits.
Without business intelligence, organisations can’t make data-driven decisions. Instead, businesses are forced to base their decisions on knowledge, previous experiences,and gut feelings. While there’s nothing wrong with making decisions based on these factors, a business has a better chance of success making decisions based on data and market trends. Here are some ways that business intelligence can help companies make informed data-driven decisions:
- Identify ways to increase profit
- Get actionable insights
- Track competitors
- Optimise operations
- Spot market trends
What are business intelligence platforms?
A business intelligence platform uses digitalisation and artificial intelligence to provide unique forecasting and data analysis. An effective business intelligence platform enables businesses to utilise data to make better business decisions. Most modern business intelligence platforms also support self-service analytics. This makes it easy for users to navigate and find the data they need.
At ABiQ, we provide validated data and trusted business intelligence on the UAE, Saudi Arabia, and 54 countries in Africa. We use digitalisation and artificial intelligence to provide unique forecasting and data analysis, to help you grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.