1956 – “Heartbreak Hotel” was Elvis’ first hit song, Grace Kelly became the Princess of Monaco, and IBM invented the first hard disk, replacing physical filling systems with digital ones.
1958 – The peace symbol was created, Bobby Fischer was the youngest US Chess Championship winner at 14 years old, and the term #businessintelligence changed the Digital Revolution.
Fast forward to today, and Business Intelligence has evolved into a dynamic field that drives data-driven decision-making, empowers organizations, and fuels growth.
It refers to the strategic processes and technologies that enable organizations to transform raw data into actionable insights, facilitating informed decision-making. BI encompasses data collection, analysis, visualization, and reporting, empowering stakeholders to understand trends, patterns, and opportunities within their business ecosystem.
“Like a digital translator, transforms raw business data from multiple sources into insightful visualizations that empower businesses to harness their data and uncover hidden patterns and market trends, inform business decision-making, improve customer experiences, identify problems, and increase revenue.”
Types of Business Intelligence:
- Descriptive BI
- Diagnostic BI
- Predictive BI
- Prescriptive BI
With the birth of data warehouses in the 80s, the expansion of the internet, and the invention of cloud technologies in the 2010s, business intelligence tools have adapted to be as intuitive as possible to help businesses apply analytical reasoning to data and inform decision-making across all industries.
Are you using business intelligence tools for your business? Here’s how to start:
Step 1: Gather all your data, transform it into a standardized format, and store it in one central location.
Step 2: Using techniques like data mining or data modeling, find patterns to help predict trends or make recommendations.
Step 3: Tell your data story using #datavisualization. Make the data easy to understand.
Step 4: Improve your business with the new insights. Create your long-term strategy, optimize the customer experience, and see the revenue rolling in.