What is Business Intelligence?
Business Intelligence (BI) is defined as an “umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance” (Gartner IT Glossary).
What does this really mean? Businesses can make better and faster decisions in real time because they are able to identify algorithms and analyze data to identify trends which helps to position them to be competitive. BI tools help provide executives with a new set of eyes.
Business Intelligence (BI) tools are one of the fastest growing areas within the IT industry because small to larger companies can use this technology in various areas throughout their organization from Human Resources, Recruitment, Marketing, or Finance departments. Let’s look at these areas and determine how predictive analytics can be used.
Human Resources & Recruitment departments can use predictive analytics in their hiring process to determine what insights make a successful and unsuccessful employee. It can also determine the average time an employee stays at the organization. This not only saves many hours of time but also translates into cost savings. The cost to on-board and retain employees is an expensive process
The Marketing and Finance department and can use predictive analytics in “real time” to create more “targeted” campaigns based on behavior and spending patterns which include social media. This is huge for companies because it opens the doors to much more effective campaigns which translate into dollars. Every company wants to know what their customers are spending their dollars on.
Is your organization staying ahead of the curve? BI tools have too many benefits for any company not to take advantage of. Choose the best option that works for you and your business while maintaining a competitive edge within your industry.
Beringer Technology Group is always here to provide assistance with any questions or concerns you may have. Contact us today!
Beringer Technology Group, a leading Microsoft Gold Certified Partner specializing in Microsoft Dynamics 365 and CRM for Distribution. We also provide expert Managed IT Services, Backup and Disaster Recovery, Cloud Based Computing and Unified Communication Solutions.