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Importance of Business Intelligence in Today's World

Nikhilesh Tiwari, Co-Founder, Helical IT Solutions
Wednesday, August 31, 2016
Nikhilesh Tiwari, Co-Founder, Helical IT Solutions
Headquartered in Hyderabad, Helical IT Solutions is an IT software company specializing in Open Source Data Warehousing & Business Intelligence. It integrates disparate data sources and enables users with powerful interactive tools like balanced scorecards, personalized dashboards, key performance indicators, automated alerts, and more.

It is noticed that on an average, a manager spends more than two hours per day of his working trying to do data analysis, and later half of that information turns out to be useless, as per Cindi Howson in her book on BI in 2007. We are living in an era where the amount of data generated per day is humongous. There are challenges in terms of volume of data as well as its variety. There are myriad data sources and types like personal, financial, sales data and many others, and organizations are using various softwares like ERP, HRM, CRM, and Tally for this purpose. Databases are many, like MySQL, Oracle, DB2, Postgres and lately big ones like MongoDB for managing the huge data.

Data generated today is in a highly unstructured format, so decision makers struggle a lot in extracting right information and make good business decisions. Here, Business Intelligence plays pivotal role in providing accuracy in information and showing a profitable path.

Business Intelligence (BI) refers to technologies, applications, and practices for collection, integration, analysis and presentation of data in a human understandable format. A rightly implemented BI system can provide you right information at right time and in right format. Any department or industry which generates data and wants insight of it, a BI tool is relevant to them. Here are few examples of BI use in various departments:

1. Marketing Department - Analyze the campaigns' performance, allocate budget to campaigns yielding better results, view promotional yield, social media benchmarking and many others.

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