With over a decade of experience, I have observed that few leaders have a strong sixth sense in forecasting business based on their experience. They don’t require data to make an informed decision and have been able to sustain the market for more than 3 decades however I have always advocated that to grow and sustain you require data to make informed decisions as the market is changing every day. Another interesting fact I have experienced is that companies purchase BI tools however only approx. 30% of them use the tools.
In today’s fast-paced world, businesses must make smarter and faster decisions. One tool that can help is Business Intelligence (BI). BI turns data into useful information, helping companies grow and succeed. Let’s explore how BI works and why it’s so important.
Business Intelligence (BI) is an application that pulls data from all possible sources, analyses it and provides meaningful output to the stakeholders. This in turn assists in making informed decisions for businesses. If you imagine BI as a microscope you can discover minute details of an organisation.
According to the latest, it was estimated about 328.77 million terabytes of data are generated per day. Imagine the quantum of data generated from transactions to movie searches everything is data.
Just imagine how data generated from a small grocery store can be helpful not only to manufacturers but also to supply chain companies. For example, manufacturers can set perfect pricing and quantity requirements based on the data from average billing per household and purchasing each billing.
Business Intelligence is a powerful tool that can help businesses grow and succeed. By turning data into actionable insights, BI helps companies make better decisions, save money, and improve efficiency. Whether you’re a small business or a large corporation, BI can be your sword for success.
If any suggestions/recommendations or help are required, please feel free to contact me.
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