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5 Types of Business Intelligence To Optimize Your Company

Have you ever thought of how great you could be at running a business if you could read minds, predict the future, and get all your supplies and equipment for the best prices? Who couldn't be a business magnate with all that information at their fingertips, right? Well, what if we told you the right business intelligence tools can help you predict the future, get better insights into customer behavior and preferences, and optimize your supply chain?

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With the right BI tools, you can improve business process efficiency, cut costs, and build better customer experiences. Furthermore, you can get all the insights you need to make quicker and better business decisions. So, let's delve deeper into some of the different BI applications and how they can optimize your small business or large enterprise.

1. Predictive analytics give you a glimpse into future events.

If you're not a data analyst or scientist, right about now, you might be asking yourself, "What is business intelligence?" In short, BI is an umbrella term for BI systems, best practices, and data sources that provide or help companies find actionable information to give themselves a competitive advantage and make business decisions. TIBCO is an industry leader in business intelligence systems, and their business intelligence platforms set the gold standard for excellence.

2. Data virtualization makes data integration and management more efficient.

One of the major challenges for small businesses is integrating data from their legacy systems into new ones. Data virtualization is a vital BI solution that makes data integration processes much simpler. Before virtualization, data scientists and data management teams had to manually transfer data from one physical location to another via a process known as extract, transfer, and load (ETL). The biggest problems with ETL are that it's time-consuming and expensive. Data virtualization tools enable data management teams to perform data integration in a fraction of the time and convert data from disparate sources into a single format.

3. Machine learning enables data-mining automation.

Data mining tools are another critical BI solution. Data mining is all about finding data you can use for analytical processing. However, some data is more valuable than others, and data mining tools use machine learning to find the most valuable actionable information. Indeed, data mining prioritizes actionable intelligence over compiling mountains of data.

4. Data visualization makes business analytics easier for business users to understand.

Data visualization is another valuable business intelligence solution. Advanced analytics provide insightful performance metrics and customer data, but metrics aren't particularly easy on the eyes. Data visualization enables data analysts to see raw data in more palatable forms such as line and pie graphs. Most people are visual learners, so putting your business intelligence reports in stunning visuals makes it easier for your entire organization to understand the stories behind the numbers.

5. Supply chain management analytics enhance supply chain efficiency.

Supply chain management is something every company would like to optimize. After all, who wouldn't want to spend less money on better materials and other supplies? Many companies use prescriptive analytics to find solutions within their supply chain, helping them plan their production and inventory based on real-time analytics.

So, there are lots of ways business intelligence can improve your business operations. You can institute data analysis to get actionable insights into everything, from future events to customer relationship management to supply chain management. Many BI software programs use artificial intelligence and automation to streamline workflows and free up time for your data scientists to focus on other critical tasks. Moreover, data virtualization tools make it easy to capture and process data for analytics and create data warehouses to store data and analytics for future use. As you can see, the smart money is on business intelligence.

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