Data is increasingly important for large companies and medium-sized organizations. Business moved towards an online environment and organizations invest in replacing non-digital processes with digital technologies. More and more data is being generated via online platforms such as social media and corporate websites, but what can an organization do with this data?
Organizations can collect data and turn it into useful information, a process known as Business Intelligence. The term Business Intelligence refers to technologies, applications, and practices for business information collection, integration, analysis, and presentation. Transforming raw data into business information can make organizations work more intelligently, and lead to a competitive advantage. Business Intelligence allows companies to have an understandable overview of the company data, and to use this data overview to make decisions, reduce inefficiencies and to be able to adjust to changes in the market.
As mentioned above, Business Intelligence platforms interpret past data and provides an overview with business information. This past data could become even more valuable, by adopting Artificial Intelligence to analyze underlaying variables in the data that could potentially explain certain trend or patterns. Thus, where Business Intelligence interprets past data, Artificial Intelligence analyses this data to make future predictions.
Over the last years, Artificial Intelligence became a collective term for applications that used to require human input, but now perform complex tasks with the help of data. Artificial Intelligence can bring together implicit and explicit know-how by expanding the Business Intelligence past data into the future.
The image below shows the differences between Business Intelligence and Artificial Intelligence. When adopting Business Intelligence most organizations choose to additionally implement Artificial Intelligence. Nonetheless, a shortage of data or a lack of added value are reasons not to employ Artificial Intelligence.
Business Intelligence platforms enable organizations to gather, understand and visualize their data in an efficient manner. Examples of such platforms are Microsoft Power BI, Qlik Sense and Tableau Desktop.
When implementing Business Intelligence platforms, it is important to first specify the challenges and needs, then gather data and finally create a dashboard where this data can come together to form a clear overview. When done correctly, this dashboard will provide valuable insight for the management team.
In conclusion, before you start with Artificial Intelligence data is necessary, and Business Intelligence can offer a great step in preparation for that. Moreover, Business Intelligence is increasingly shifting towards predictive analytics, and can offer highly valuable insights.
Dashboard (data is deceived)
Squadra Machine Learning Company is mostly known for their applications of Data Science and Machine Learning, however, they have helped multiple clients with the integration of Business Intelligence platforms. Recently, Squadra Machine Learning Company supported BCC with implementing a Business Intelligence Dashboard, as shown above, to enable them to gain insight into the actual experiences of its customers per domain. The newly arrived KTOs are analyzed every week and are presented to BCC in a clear interactive dashboard. Do you want to know more about the BCC-case? Click here.
Squadra MLC has also delivered a Business Intelligence-related service to Woningbelang, a Dutch housing corporation that owns almost 4.000 buildings. If you want to know more about this case, click here.