Making decisions is a big part of running a business, but relying solely on gut feelings can sometimes backfire. Back-end analysis allows business owners to gain insights they might not have considered. This can lead to more money through better sales, customer relationships, and efficiency. In today’s blog, we’ll discuss how AI enhances business intelligence.
What is Business Intelligence?
Business intelligence (BI) uses data to improve business understanding and decision-making. BI doesn’t predict the future or tell managers what to do, but it helps them understand how their business operates. This information can improve operations, marketing, sales, and customer support.
How BI Works
The key component of any BI platform is raw data. This data is collected from various sources to provide a true picture of the business. A BI platform processes this data to deliver useful information for decision-making. Here’s how it typically works:
- Data collection and storage – Data from different sources, both internal and external, is gathered and stored, often in a data warehouse.
- Data preparation – Data sets are prepared for analysis by creating models.
- Data analysis – Analysts run queries on these data sets or models.
- Data visualization – The results are displayed as charts, graphs, dashboards, and reports.
- Decision-making – Decision-makers use these visualizations and reports to make informed decisions and explore further insights through their BI dashboards.
Building a BI Platform for Small Businesses
Many tools offer analytics, often using machine learning or AI. The more a software tool can automate, the more beneficial it can be for a business. From websites and CRMs to standalone products, numerous tools with backend analytics can improve decision-making and efficiency.
If your business wants to unlock its potential using analytics and intelligence tools, contact North Central Technologies. Our experts can help you with every step, including setting up a data warehouse and suggesting the best tools for your needs. For a consultation, call us today at 978-798-6805.
