What is Business Intelligence? Benefits, workflows and examples
If you are interested in exploring the world of business and data, becoming a business intelligence is one of the professions you can choose.
But what is business intelligence?
Calm! In this article we will explain it to you. Starting from the definition, advantages, necessary skills, workflow, up to examples of business intelligence application in the company.
Come on, look to the end!
What is Business Intelligence?
Business intelligence is the person in charge of analyzing and presenting data to assist companies in business decisions.
A business intelligence will collect and analyze certain data to uncover business problems that occur. For example, the cause of business losses.
In order to make it easier for companies to make the right decisions, business intelligence will present the results of its analysis as a report in an easy-to-understand visual form.
Taking on a business intelligence job isn’t easy because the company needs its role in determining the future of the business.
That’s why more and more companies need business intelligence. According to the data, 2.72 million job offers in 2020 are for this profession.
Not only that, the salary of business intelligence is quite high. The average salary for a business intelligence analyst is 12 turns million / month.
The advantages of Business Intelligence for companies
The benefit of business intelligence for companies is that it helps companies make profits based on the results of accurate data analysis.
In addition, other advantages of business intelligence, namely:
- Helping companies make decisions quickly and accurately
- Recognize market trends and patterns to determine promotional strategies
- Simplify employee workload determination so they are more productive in increasing business income
- Simplify operational cost planning for companies
- Help determine the right marketing strategy
- Finding opportunities to increase profits
- Determine long-term strategies so that the company can continue to be sustainable
Skills that a Business Intelligence must have
To become a business intelligence analyst, you need to have the following skills:
Data processing using Microsoft Excel
The first skill business intelligence must possess is the ability to process data using Excel. The reason is that Excel is a widely used tool in various companies to process data, both large and small.
In addition, Excel also allows business intelligence analysts to perform simple presentations and visualizations of data. Therefore, it is important for you to master Excel if you want to become business intelligence.
Data processing via SQL
Working as a business intelligence analyst requires you to manage large amounts of data either big data. Even so, you don’t need any data.
Therefore, if you are good at SQL, you can easily select or extract the data type you need. For example, filtering different data or combining similar data and so on.
Data visualization through Tableau
The next skill business intelligence must possess is the ability to visualize data. The goal is that the data of the presented analysis can be easily understood by users.
Well, in general, business intelligence will use Tableau. These tools can help visualize visual data more easily and quickly. Additionally, Tableau supports the integration of large data sources such as SQL and Google Data Studio.
Business intelligence process workflow
In general, the workflow of the business intelligence process starts from searching for data, from processing the data, to viewing the results of the analysis.
For more details, below is the business intelligence process workflow:
- A business intelligence will take raw data or raw data from various sources. For example, from excel files, SQL, CRM and so on.
- The data is then processed through the ETL (Extract, Transform, Load) process. At this stage, business intelligence will select, modify, and clean only the data it needs. In addition, the selected data will be transferred to data storage or data warehouse.
- Data that have been entered data warehouse it will be broken down into small named parts date mart. Business intelligence will usually store data marts with special patterns. For example the star or snowflake pattern.
- Data from business intelligence processes will be used for various purposes. For instance:
- For a deeper analysis using the Dashboard application
- For use as a report in the form of a graphical display
- For data extractionthat is, extract the data again to display data models that can be used as predictions, and so on.
Examples of application of Business Intelligence in companies
There are many examples of business intelligence being applied in companies. One of them is to increase sales using market trend data.
For example, at the end of the year, companies often offer shopping promotions for Christmas and New Year preparations. This requires a good business intelligence process so that the results can be optimal.
An example of the application of business intelligence in a real company was made by the online store Lotte.com. The company was able to increase sales using data on customer habits.
What happened at the time, the company had website visitors reaching one million people every day. However, many end up not completing the transaction. This is certainly a problem that needs to be addressed.
Finally, Lotte.com has begun to analyze the user experience when shopping on its website. Starting from the pages visited, to their activities on the site.
Conditions have been found that prevent visitors from completing transactions. They fixed it and the company managed to increase sales to $ 10 million later.
Ready to become a Business Intelligence?
Business intelligence is a very necessary role in business development, large or small.
A business intelligence will analyze the data and present the data to help the company solve business problems, such as increasing sales.
Well, if you are interested in working as a business intelligence then you must have difficult skills as we have explained.
Plus, you also need to supplement your hard skills with broader business insights. This will help you better analyze business problems.
One of the insights you need to have is about strategy to win online business competition. You can know how to identify the competitive map, understand competitors, business strategies.
Fortunately, all these discussions are complete, we present you in the form of an ebook, which you can download download for free. Interested? Download your ebook now!
