In the context of the rapid development of technologies and business, making informed decisions is not only important but also critical for sustainable growth. In this context, BI systems play a vital role, providing businesses with the ability to effectively analyze and interpret data to support strategic management. These systems help automate the processes of collecting, analyzing, and visualizing data, which allows companies to achieve better results. It is important to note that for the successful implementation of BI systems, companies often turn to specialists, such as a data analytics consulting company who help select the optimal tools and develop customized solutions.
What Is a BI System?
A BI system is a set of tools and programs for businesses that collect data from different sources, process it, and present it in a visual form.displays it on one screen in the form of visual tables, graphs, and diagrams. This helps to see problems and trends in business. Such findings become the basis for business decisions.
The system collects and processes large amounts of data from different sources, and then
For example, to find out which advertising channel brings more orders for a specific position, you need to look at several reports. First, you need to study the metrics and see where the orders come from. Then check which orders contain the desired position. Finally, compare these two reports. When using a BI system, such reports can be assessed on one desktop, and the necessary intersections can be immediately found, and conclusions can be understood.
What Are BI Systems For?
The complexity of implementation depends on how the company previously worked with data sources. If the company did not collect and systematize information, then the system must be configured entirely. It is necessary to look for programs for storing, processing, cleaning, extracting, transmitting, analyzing, and demonstrating data. If the company collected, systematized, and stored information, but did not provide it to users in a clear and visual form, then to implement a BI system you will only need software for analytics and providing information, to which all sources are connected. BI systems allow you to solve the following problems:
- The system identifies systemic business problems, and helps to find trends and growth points. Based on the collected data, the company makes informed business decisions.
- It provides data to the maximum number of users. The number of accounts is limited by financial capabilities and the terms of the contract when purchasing a BI system.
- You can connect both databases within the company and external sources to the BI system. For example, metrics with website statistics or partner databases.
- The system saves time for information recipients. A non-specialist can make a request and immediately receive an answer. He does not wait for the analyst to generate and send a report.
- It simplifies and speeds up the process of receiving and studying information. Data is received by the user in a clear and understandable form. There is no need to waste time analyzing information from several tables.
What Types of BI Systems Are There?
Depending on the physical location of the data, BI systems can be:
- Cloud (SaaS) for clients who are not afraid to place their information on a cloud server. This is a data storage that does not belong to the owner of the information. Such placement does not provide guarantees for the confidentiality and security of data.
- In your own storage (server) for clients who do not tolerate information leakage. For example, it is better to store the personal data of employees or clients on your own server. Your own storage will protect you from losing valuable information.
- On a rented server for clients who do not want to keep an engineer and a set of network equipment. If the volume of data for the BI system is large and requires additional equipment, then it can be rented.
How to Сhoose a BI system?
The choice of a BI system depends on the scale of the company, the direction of the business, its requests, and the qualifications of the employees.
The system should be convenient and understandable to the main users. If the program is too complicated, users will often ask the IT department for help. Half of the benefits will be lost. BI system providers offer trial periods for testing. During this time, users can evaluate the convenience and complexity of the program.
The provider should inform the user what he needs to know so that he can independently and quickly work on it. It is necessary to evaluate how difficult and time-consuming it is to train employees to work with the system and whether the company can afford long-term training.
The system should accurately respond to the specific needs of the company. For example, the user should be able to fully interact with objects on mobile devices. The program should allow the user to select several objects from a smartphone and study them simultaneously. To understand such nuances, you need to conduct tests during the trial period or ask a representative of a data analytics company consulting and selling the system about the capabilities of the program.
Who Needs a BI System?
BI systems are suitable for large and medium-sized organizations that need to analyze a large amount of data from different sources. It is not profitable for small entrepreneurs to use such an expensive and massive tool since 2-3 data sources can be analyzed manually.
The systems are suitable for analyzing any information that can be presented in the form of a database and for which analytics is required. This is a convenient tool for analyzing marketing information, and it is suitable, for example:
- Agencies or marketing departments. It will help segment the customer base, understand which channels work more effectively, and conduct a market analysis.
- Entrepreneurs. It will help track trends in business development and influence them, including in the field of promoting a product or service.
Conclusion
BI systems are a powerful tool that can change the approach to data analysis and decision-making in any company. They provide a clear understanding of the current state of affairs and allow you to predict future trends. With the professional support provided by consulting companies specialized in data analytics, businesses can effectively integrate BI solutions, which in turn allows them to increase their competitiveness and sustainability in the market. If you are looking for a reliable data analytics company, then you should pay attention to N-iX.