Should I Begin with Business Intelligence?

Data is becoming increasingly crucial for large enterprises and medium-sized companies. As businesses transition to an online framework, organizations are investing in upgrading traditional processes to digital technologies. The influx of data generated through online platforms like social media and corporate websites raises the question: how can organizations effectively utilize this data?

Organizations have the ability to gather data and convert it into actionable information, a process known as Business Intelligence. The term Business Intelligence encompasses a range of technologies, applications, and practices for collecting, integrating, analyzing, and presenting business information. By transforming raw data into actionable insights, organizations can enhance their operations and gain a competitive edge. Business Intelligence provides companies with a coherent overview of their data, enabling informed decision-making, minimizing inefficiencies, and adapting to market changes.

As previously mentioned, Business Intelligence platforms analyze historical data and deliver a summary of business insights. This historical data can become even more valuable by incorporating Artificial Intelligence to identify underlying variables that might elucidate certain trends or patterns. Essentially, while Business Intelligence interprets historical data, Artificial Intelligence analyzes that data to make forecasts about the future.

In recent years, Artificial Intelligence has come to describe applications that previously required human involvement but are now capable of executing complex tasks driven by data. Artificial Intelligence combines both implicit and explicit knowledge by extending Business Intelligence’s historical data into predictive insights.

The accompanying image illustrates the distinctions between Business Intelligence and Artificial Intelligence. When implementing Business Intelligence, most organizations opt to incorporate Artificial Intelligence as well. However, insufficient data or a lack of added value can be reasons to avoid utilizing Artificial Intelligence.

Business Intelligence platforms allow organizations to efficiently collect, comprehend, and visualize their data. Notable examples of these platforms include Microsoft Power BI, Qlik Sense, and Tableau Desktop.

To successfully implement Business Intelligence platforms, it is essential to first identify the specific challenges and requirements, gather relevant data, and then design a dashboard that consolidates this data for a clear overview. If executed properly, this dashboard will deliver valuable insights for the management team.

In summary, before diving into Artificial Intelligence, having sufficient data is crucial, and Business Intelligence serves as a valuable preliminary step. Furthermore, Business Intelligence increasingly leans towards predictive analytics, providing significant insights.

Squadra Machine Learning Company is primarily recognized for its applications of Data Science and Machine Learning; however, they have also assisted several clients in implementing Business Intelligence platforms. For example, Squadra Machine Learning Company supported BCC in the creation of a Business Intelligence Dashboard, displayed above, which helps them understand their customers’ experiences by domain. The newly received Key Task Overviews (KTOs) are analyzed weekly and presented to BCC through an intuitive interactive dashboard. Interested in learning more about the BCC case?

Squadra MLC has also provided a Business Intelligence service to Woningbelang, a Dutch housing corporation managing nearly 4,000 buildings.