In a context of technological and economic hyper-evolution, Business Intelligence - or BI - has gradually become one of the main challenges of our time. What are we talking about exactly? The management of the company is one of the issues that torment managers the most. How do you predict a bright future if you don't know where you are and where you are going? The vision of decision-makers is, in essence, the key element around which the strategy and development of the company will be articulated. This strategic vision is based on performance indicators, no more no less than figures which attest to the state of the company at a given time.
Knowledge at the service of performance
Thus, for optimal knowledge, it becomes essential to have access to this data that is clear, synthetic and up to date. But how can we extract the precise data we need in the era of big data? It is from this observation that Business Intelligence was born. Imagine a tool that allows you to collect, compare, analyze data and transcribe it into clear and readable dashboards. Today, BI software is not only capable of recovering data but also and above all, of leading to recommendations.
BI software: An essential reporting tool for companies
It is not a question of recalling the benefits of data analysis here. Any wise business will agree that in the era of big data, data processing in real-time has become essential to remain competitive. BI software provides continuously updated content. This is, moreover, the fundamental principle of BI: collect mass data, cross-reference your enriched internal data with external data, obtain this data in real-time and then identify appropriate user behavior whatever your sector of activity.
BI software allows, among other things, to:
- Collect multi-source data.
- Propose an in-depth data analysis and benefit from dynamic indicators in real-time.
- Automate reporting to save time.
Personalize the dashboards to highlight the information that you think is relevant.
Guide decision-making for leaders.
Data visualization, or how to make BI accessible to everyone
However, the great thinkers of Business Intelligence encountered a gap between the inherent advantages of the concept and its application in the field. Recently, business intelligence consultants have, therefore addressed a new problem: how to make users aware of the benefits of BI?
It is from this question that Data Visualization was born, which offers an approach more geared towards ergonomics, readability and a good understanding of data reports. So, with data visualization tools, you don't have to be a data scientist to manipulate and interpret data and KPIs. Your employees are autonomous and can analyze the data themselves!
Data at the heart of the Predictive analytics
So much for the use of BI in terms of reporting. Now, we will focus on the temporal nature of the data. To erect dashboards and reports, the BI tool draws data from different sources (CRM, BDD Client, Console Analytics, etc.) to obtain up-to-date information, closer to reality. This approach, therefore, concerns data belonging to the past as well as data in real-time. But where Business Intelligence goes further is when it offers Predictive analytics. In addition to an in-depth data analysis, BI software will be able to anticipate users' past and present behaviors and define those to come, allowing action plans to be put in place even before the occurrence occurs.
Predictive analytics & Business intelligence: example
If you are responsible for a macaroon shop before Christmas time and you have a vague idea of ??your main metrics, such as sales volume or turnover during this period. From the data at its disposal, the BI software will not only be able to tell you if a particular client is likely to come at a particular period, but also to offer a Predictive analytics around his preferred products. And also, the ancillary products to offer him according to his tastes and seasonality, his average turnover and a multitude of useful information for sale.
Predictive analytics: what benefit does it offer my business?
We took the example of a merchant. Still, the fields of action of BI are very broad and could just as easily apply to an administrative and financial director seeking to gain in productivity. Or to a payroll manager who wishes to know his payroll costs: BI covers all business sectors and areas of expertise. In recent years, Predictive analytics has been refined to gradually become an essential process for the company, at all levels of its activity and even more so in a context of competition.
Predictive analytics: a passing trend or a profound turning point in business intelligence?
You will understand, Predictive analytics has many advantages in terms of business development. If technology continues to evolve, predictive models are not new either. From a statistical point of view, the craze for this type of solution is growing, and the software is continually being refined.
Predictive analytics is a chronological stage of BI that has brought to light an almost revolutionary idea: beyond an approximate representation of customer behavior. Technological innovations and investments in the field of artificial intelligence suggest that indeed, Business Intelligence is only at the dawn of its potential.