Business Intelligence (BI) refers to tools and processes that collect, analyze, and visualize business data to better support decision-making. It helps organizations understand what's happening, dig out possibilities on why it's happening, and make decisions on actions they should take next.
Some examples of business intelligence applications include: Analyzing which product and sales person performs best, evaluating customer service response times and customer satisfaction, monitoring cash flow and detecting anomalies, analyzing production efficiency and optimizing supply chain, among others.
Business Intelligence (BI) tools are usually used alongside ERP systems and other sources such as CRMs and databases, and present them into visual formats like dashboards, charts, and reports for easier interpretation.
Commonly used business intelligence tools include Microsoft Power BI, Google Looker Studio, and Tableau, among others.
Using business intelligence tools can reduce manual processes and automate reporting and data visualization. When integrated with a system like Ragic, organizations gain access to live dashboards that facilitate immediate performance tracking without manual work like updating, organizing, and uploading data into the BI tool. The data-driven insights from BI tools can then replace guesswork from business decisions.
