What is Business Intelligence and what is it for?

What is Business Intelligence and what is it for?

Business Intelligence

One of the buzzwords in the business world is Business IntelligenceAnd if you have heard it for the first time, surely there are many questions that are going through your head about its meaning.

In this article we are going to explain what is it, what is it forand even what you should study to work in this field.

What is Business Intelligence?

He Business Intelligence is a way of understanding how a business is running using data and numbers. Data is collected, analyzed and presented in an easy to understand way to help make better business decisions. It is like a map that shows how the company is evolving, and which paths are the best to follow for its proper development.

Another term related to this field is Big Data, which also consists of the collection and processing of data for decision making. In fact, you will like to know that it is one of the highest paid professions at the moment, so everything that has to do with data analysis is a wise decision to have a promising professional future.

What are the roles of staff in Business Intelligence?

Looker Studio visualize data

The duties of a person who works in Business Intelligence can vary depending on the industry, the size of the organization, and the specific position within the company, but here are some common tasks:

  1. Data collection and integration: This process involves collecting and combining data from different internal and external sources to have a complete view of the information. For example, you can use Google Analytics to check the statistics regarding the website, or Metricool for social networks.
  2. data visualization: This task involves representing data in an easy-to-understand way, using graphs, tables, and other visualization tools. To do this, you can use tools like Looker Studio or Google Charts, both of which are free.
  3. predictive analytics: Although this task is more complex and requires development, mathematical models and algorithms are used to predict the future of the company based on current data, and provide valuable information to make decisions by analyzing the information you currently have.
  4. Consultancy: In this last step, we advise managers and the rest of the team on how to improve data-driven decision-making, as well as the conclusions and the route to follow in view of the results obtained in the reports.

Business Intelligence applied examples

You will see that, as I mentioned at the beginning of the article, Business Intelligence is very similar to Big Data. Some of the most common uses of Business Intelligence in companies are the following, but you can find as many as you can think of:

  1. Sales Analysis: to analyze sales data and better understand customers, top-selling products, and buying patterns. For example, Amazon uses it to predict what other products you would want to buy in the future, or another one in addition to the one you are looking at to complement it and add both to the shopping cart.
  2. Supply Chain Optimization: You can monitor inventories, delivery times and production costs to ensure that you are operating efficiently and profitably. For example, is there a location where supplies are always delivered late? Is there a more optimal route for delivery? Is the delivery time of the merchandise the most optimal?
  3. Customer satisfaction analysis: Analyze customer satisfaction surveys and gain a deeper understanding of customer opinions and needs.
  4. Competition Monitoring: monitor and compare our performance with that of our competitors, and use this information to inform the strategy of our main competitors.
  5. Financial analysis: We can also use Business Intelligence to analyze our financial status and monitor income and expenses to improve these figures every quarter, so that the benefit is greater and greater.

What to study to work in Business Intelligence?

For work in business intelligenceDifferent university majors can be studied, depending on the desired specialty, but here are some common options:

  • Computer’s science: This major teaches how to design, program, and use technologies to analyze and present data.
  • data engineering: Focuses on how to collect, organize, and analyze large amounts of data to gain valuable insights.
  • Statistics: This major focuses on how to analyze and present data, and is essential to many aspects of Business Intelligence, such as predictive analytics.
  • Business: A career in business provides a solid understanding of how organizations work and how to use data to improve business decision-making.

In addition to studying a specific career, it is important to have skills in programming, data analysis and visualizationand be familiar with data visualization and processing tools, such as SQL, Looker Studio, Tableau or Power BI. It is also useful to have communication skills and slide design to be able to present clear and concise information to managers or any other team member.

If you are interested in training in the digital sector, we also recommend that you take a look at our Digital Marketing Master, with face-to-face classes in Valencia but also online, to open the doors to the world of work in the online sector.

And you, what do you like the most? Business Intelligence?

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