BUSINESS INTELLIGENCE (BI) enables the corporate executives, managers and other employees to take improved and informed business decisions. It is very useful in data analysis of business information. BI provides relevant historical, current, and future information about the operations undertaken in a business. There are certain business intelligence software tools that will present complex data in the form of simple reports. During the crisis of COVID-19, the usage of business intelligence is in an increasing trend. The business is exposed to risks and uncertainties. In such a situation BI provides clearer and relevant data in uncertain times. Currently, the world of Business Intelligence & Analytics is changing quickly. ETL(Extract, Transform, Load), CDC (Change Data Capture) & Data Deduplication are the key technologies that support a wide range of goals within the organization.
In peacetime the pros of business intelligence are interpreting big data, uncover insights, effective presentation of business and market forecasts, driving competitive advantage, and long term success. In 2020 there are 12 BI tools but it is not easy to choose the best one that serves the purpose of the business. There is a set of question which will pop up in the minds of a business manager or an executive. Which is the best BI tool? What are the criteria to be considered important when comparing the BI tools? The market is in a declining stage due to the pandemic. The buying behaviour of the consumers is reducing, the business has to improve and optimize with the activities they are engaged in. Augment the utilization of limited resources in order to survive in the competitive marketplace.
The business of all sizes must exhibit an interest and optimism to maximize their effective application in technologies like data analytics. These technologies guide them in critical decision making. Business Intelligence and Data Analytics improved clarity in a time of uncertainty. It was found that small businesses began adopting these technologies. They are outpacing larger companies in the use of analytics. Robust use of data analytics is considered as a crucial quality for the success and even survival of most companies. Companies use business intelligence to cut costs, identify business opportunities, and business processes that are not efficient for the company.
The features of BI software are highlighted: integration, reporting & querying, data visualization. There are certain potential BI issues or disadvantages which should be avoided- inaccuracy of data, unused expensive BI tools. The rapid change and growth will enable businesses to adopt the increasing use of BI tools and data analytics in the future.
