Business Intelligence FAQ

By Jake Peterson February 28, 2021
business intelligence strategy

What is business intelligence?

While it’s difficult to pin down an exact definition, business intelligence is the practice of transforming large amounts of information and data to help identify new business opportunities and areas of improvement. It involves strategy, analytics tracking, tools, and software to help business intelligence professionals make decisions for future growth.

What are the benefits of business intelligence?

By using business intelligence, you can analyze your competitors better, improve data quality, increase revenue, improve business insights, and more. With business intelligence, you can become smarter and make better decisions with your data.

How does business intelligence work?

Business intelligence’s main function is to serve as the analytical side of business decisions. While gut feelings and experience certainly play a role in business, hard data and statistics can play just as important, if not more important, a role. Business intelligence is a collection of data across multiple facets put into one place. This helps decisions be made more easily.

What are some of the most common business intelligence techniques?

There are a number of business intelligence techniques we use. The most common are:

  • Data visualization
  • Statistical analysis
  • Benchmarking
  • Data preparation
  • Data mining
  • Querying
  • Reporting

Each of these processes is part of the continual process to help us better understand your business and make suggestions or changes.

What problems can business intelligence solve?

There are a number of issues business intelligence can solve. By combining analytics and data, one can improve performance management, improve business organization, and improve your overall market response. You can also bring multiple analytics tools together and put them in one easy spot instead of trying to analyze reports separately. Business intelligence makes it easy to create and read reports, limiting your dependence on a tech team.

What’s the difference between business intelligence and analytics?

Truth be told, there is not a clear line to differentiate the two. They are both connected through their common goal to resolve business issues, examine data, and assist in future decisions. The one key difference that many point out is analytics focuses on predictive measurements while business intelligence focuses on present and historical data.

What’s the difference between business intelligence and data science?

While both services offer data-interpretation methods, the primary difference is in the type of questions they ask. Business intelligence looks at past data and provides information on past events. Data science, like analytics, is more about predictive analytics. A data scientist will ask, ‘What happens if we try X?’ while a business intelligence analyst will ask, ‘Why did Y happen and what should be changed?’

How does data analysis help solve business problems?

Businesses use data analysis in many ways, such as increasing efficiency, identifying new opportunities, or identifying a new customer base. In reality, data analysis can be used for just about anything. However, it shouldn’t be your ‘be-all, end-all’ with decisions and must be used in tandem with the human element.

What are some of the tools Atiba uses?

Here at Atiba, we use a number of tools but some of our favorites are Power BI, Tableau, and Google Data Studio. We’re also proficient with the Google Cloud Platform, which is a popular choice for handling data from outside sources such as Google Analytics. With these tools, we can help you analyze data and set business goals.

Why should we choose Atiba for our business intelligence partners?

We’ve been working as business intelligence professionals for over a decade now and can help you examine your business data. As part of our half geek, half human team we can break down your business data into digestible bites and help you take actionable steps.

 

Want to talk about our business intelligence services or have a question not listed above? Reach out and give us a shout!

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