Business intelligence (BI) is the process of organizing and presenting information in an understandable, contextual and usable way.
BI is critical to gaining a real business advantage by enabling decision-making based on the use of data collected from a wide range of sources, integrated to capture useful information.
Using a software platform that simplifies the data management architecture and workflow process is essential to improve performance.
Data are collected from a wide range of sources, and companies want to be able to capture and integrate them to make, thus, insightful and effective decisions. Using a software platform that simplifies the data management architecture and workflow process is certainly, critical, to improving performance.
By using this unified platform, you can use automated policies to manage the entire data lifecycle, from processing to sharing, without changing applications. It also saves time and effort with a single system that scales horizontally and vertically without disruption, eliminating the need to predefine storage capacity and intervene manually when it is reached.
What are the benefits of business intelligence?
The volume of data is growing exponentially, thanks to the innumerable source of retrieval from the field. This has led to the creation of huge databases, which have become internally more and more varied and less structured. Suffice it to say that about five years ago it was pointed out that 90 percent of the world's data had been generated in the last two years. A colossal and astonishing figure.
Data and the ability to extract information from it can be extremely valuable sources for companies because, through careful collection and analysis, they can support and grow their business activities. By using advanced business intelligence tools, they can gain significant competitive advantages by reducing their production process time.
Companies that are highly skilled in data processing and analysis gain the most from using BI. The latter is considered the heart of a company as it is a crucial tool for business transformation.
By implementing BI technology, companies can gain numerous benefits:
- Improve data accuracy;
- Make better decisions faster;
- Improve mission-critical outcomes;
- Share data across business functional areas;
- Gain greater visibility into financial and operational information;
- Identify and reduce inefficiencies;
- Eliminate waste, fraud and abuse;
- Improve worker productivity and morale;
- Increase return on investment.
A single BI platform
A single BI platform simplifies data and technology management, reducing the cost and effort required to ensure data integrity, security, and compliance. Access to all BI functions enables users to seamlessly leverage the value of the information they need. In addition, a single platform fosters greater collaboration and resource sharing among different business functions, leading to greater transparency and efficiency.
In conclusion
A BI solution based on a single platform can offer numerous benefits to businesses, including increased efficiency, greater transparency, increased collaboration, and enhanced ability to make informed decisions. Implementing Business Intelligence solutions in Industrial IoT can offer companies a significant competitive advantage by helping to identify areas where costs can be reduced and overall organizational efficiency improved.
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