What is Business Intelligence? Enhance comprehensive administration features through BI Dashboard
24 Oct, 2023
In the era of digital transformation, Business Intelligence (BI) tools are no longer a strange concept for businesses. Up to 50% of global businesses have been applying BI tools, bringing about continuous growth. We will help readers clarify all information surrounding Business Intelligence. What is the concept of Business Intelligence? How do businesses improve comprehensive management efficiency through the Business Intelligence Dashboard tool?
1. What is the definition of Business Intelligence?
Business Intelligence is a form of technology that synthesizes and analyzes data from events that have occurred. Through that, it becomes an effective tool in business management, helping users make decisions, take actions and predict the future in the most accurate and appropriate way. BI is a system that exploits, queries, analyzes available data and presents it in visualization form to help users make strategic decisions quickly.
2. Components of Business Intelligence:
A complete BI system will fully include all 3 of the following components:
Data Warehouse: is a place to store original data in many formats, unprocessed and collected from many different sources.
Data Mining Tool: This tool is used to analyze raw data in the total data warehouse in the form of classification, clustering or prediction to find relationships or meanings of data. .
Data Analysis Tool: This is a tool that transforms data into the most specific and clear form so that users can view, analyze and evaluate the data. From there, it creates a basis for making strategic decisions for operations, production and business activities.
3. The role of Business Intelligence for businesses
Business Intelligence helps businesses control data sources quickly and accurately. This is the core foundation of every correct strategy in a fiercely competitive market. Some clear effects that BI tools bring to businesses include:
Maximum support for administrators in making business decisions faster, more timely and more accurately.
Measure the market position and competitiveness of the business. Accurately assess who your business is and where it is located?
Analysis determines customer purchasing behavior. From there, come up with strategies to retain old customers and reach potential customers effectively.
Determine goals, build appropriate marketing strategies and measure effectiveness accurately.
Quickly respond to the need to synthesize and collect reporting data for each department.
Save time and effort of many personnel. Thereby minimizing costs and increasing profits in production and business results.
Support internal assessment, thereby improving and optimizing the organization's operating processes and mechanisms.
4. Distinguish between Business Intelligence (BI) and Business Analytics (BA)
Business Intelligence (BI) and Business Analytics (BA) are both named when mentioning data management solutions for businesses. And both tools have the ability to collect, analyze and process information to provide secondary data that brings great value in business management activities. However, in many specific aspects, BI and BA have clear differences:
Business Intelligence (BI)
Business Analytics (BA)
Process data that occurred in the past to provide factual information such as what problem happened, what was the cause...?
Process data that has occurred in the past and have analytical results. From there, make future predictions such as how long this problem will continue, or what changes will happen in the future, etc.
Level of concentration
Focus on analyzing data related to functions and operating processes
The tool is used to capture trends and predict future risks
Subjects of use
For large-scale businesses whose operating models have not yet gone into orbit
Applies to all types of businesses
5. What do businesses need to keep in mind when applying Business Intelligence?
Like many other IT systems, when applying Business Intelligence, businesses also need to be carefully prepared with the following important notes in order for the project to be successful:
Investing in upgrading IT infrastructure to meet the smooth operation of BI applications both now and in the future.
Clearly define the goals of installing a BI solution and the priority order of each goal. Only then can we proactively work with suppliers so that they can provide accurate quotes and most accurately meet the business's administrative requirements.
Building a data culture within the business: This means that training and communication activities are needed so that the organization understands the value, role and usage of the data system. Having a positive perspective will help businesses effectively absorb and recognize the new process during the deployment process.
Establish a project team with direct responsibility for implementation issues: A leader alone cannot cover all issues in an organization. Therefore, giving project supervision authority to people with sufficient expertise and capacity (usually senior officials) will help facilitate the BI solution implementation process. In addition, people also feel their role in an organization and actively contribute to the company.
Continuously improve and enhance BI solutions: Technology is constantly developing, IT solutions will become outdated over time. Therefore, improving and enhancing BI solutions to adapt and suit the new technology market will be an inevitable trend for all businesses.
6. Optimize business management problems through the Business Intelligence Dashboard feature (ERP-VN)
There are many ways to analyze data as well as ways to display the results of the analysis. One of them is data visualization, which helps users easily grasp the results of analysis to quickly make judgments and decisions. This method is called: BI Dashboard. Data is displayed in BI Dashboards vividly and intuitively with diverse charts so users can gain insights from the data. Visual Dashboards use technology to be structured into complete charts and real-time updated data. The charts in the Dashboard are "like a picture" made up of a combination of compatible fields (dimensions) and metrics (metrics). This "picture" can be monochromatic with data streams following a separate topic (such as retail, price, etc.), but it can also be a story that leads from the general overview to the details of each issue. topics (such as Dashboards for purchases, sales, etc.). These "pictures" are flexibly "drawn" by software according to the needs and business characteristics of each department and each business.
BI Dashboard is an upgraded tool that has recently been integrated into the management software solution system (ERP-VN). Through this feature, applying the system will optimize the overall business management problem. In particular, the BI Dashboard tool of software has two outstanding features compared to similar analysis tools on the market:
Realtime data analysis tool
Data analysis tools currently push data into the tool for analysis on reporting interfaces. Most of this information is smoothed historical data fed into tools for analysis so freshness is not guaranteed. With Dasboard tool, it is completely different. BI Dashboard is directly connected to ERP system data that is continuously updated immediately. Dashboard can provide intelligent real-time data mechanisms using a flexible Pushserver mechanism for each problem.
Data analysis tools are object-oriented and decentralized
The fact that the ERP system is integrated with data analysis tools helps the BI Dashboard tool inherit almost all of the flexible decentralization mechanism of the ERP software. In addition to the decentralization mechanisms for each control (each block of images, information, etc.) on the Dashboard screen, users can also combine the decentralization mechanisms for roles, user groups, etc. so that the same design can Can be applied to different objects instead of having to design multiple screens.