Business Intelligence is one of the strongest trends in analysis in recent years, with no end in sight. While senior executives nod cognizantly when it comes to the topic, everyone else is still wondering what exactly that is and how useful it can actually be.
Well, let’s start at the very beginning: Business Intelligence deals with all the strategies and technologies that help to interpret data and generate important insights from them. This data may be of historical, current or predictive nature, coming from internal and external sources. Internal company data such as finance and operations are combined with data, resulting in a very powerful overall picture.
Common functions within BI tools are for example:
- analytical processes
- data mining
- business performance management
- statistics and many more
Now that we know what it is, let‘s take a look at the actual use.
Performing all these strategies and functions yourself would come close to a temporal disaster. Therefore we are lucky that there are ready-made Business Intelligence tools from well-known brands. They provide clear and useful visualizations and can be fed with own data. Dashboards can usually be personalized and thus adapted to the user‘s needs. This creates a bright spot in the data jungle and the key figures can be recognized at first glance.
Experience from the past and results of combined data make decisions in the future much more informed. Classic examples of this are the raising/lowering of prices or location decisions.
The input of external data is not only a valuable tool for the interpretation of changes in the company but also a particularly important factor for forecasting. Often it is unexpected influences that cause movements in the market and thus also in one’s own company. Therefore, it is crucial to have the most comprehensive package of data available.
Here, eMM takes up the task of being the first provider of broadcast data as a Data Cube for all commercially available business intelligence tools. As a result, real-time information from all over the world is part of your business analysis. Political events, natural disasters, economic changes or changes on the stock market price are just a few examples of broadcast data that can have a significant impact on international companies.
This data makes business intelligence even smarter – and your decisions the best-informed you’ll ever make.
To learn more about the eMM BI Data Cubes, click here.