Table of Contents
- 1 What Is Business Intelligence (BI)?
- 2 BI Software or Business Intelligence Software is comprised of
- 3 How NetSuite Improves and Increases the Value of BI for Your Organization?
- 4 Where Is BI Used? Why Is It So Important For Businesses?
- 5 You Will Find These Teams or Departments using Business Intelligence
- 6 Value of Business Intelligence
- 7 The Benefits of Business Intelligence
- 8 Examples of Business Intelligence Trends
- 9 Why inoday way to Get NetSuite Business Intelligence Tools?
- 10 FAQs
Summary: This write-up explains about the NetSuite Business Intelligence tools; how Business Intelligence works for a business, its benefits, and how NetSuite helps businesses increase and improve the value of BI for their organization effectively.
Business Intelligence refers to the technology that assists businesses in organizing, analyzing, and contextualizing business data from around the company. For the most part, BI Solutions covers multiple tools and techniques to transform raw data into purposeful and actionable insights, helping business leaders make well-informed and data-driven decisions.
- A data warehouse that stores company data from a variety of sources in a centralized and accessible location.
- Business analytics or data management tools.
- Business performance management tools to monitor and analyze progress towards business objectives.
- A user interface with interactive, role-based dashboards and data visualization reporting tools to deliver quick access to information.
Business Intelligence Tools can have a significant impact on your business. These tools across business intelligence and analytics can help you improve your inventory control, enhance supply chain management, identify and remove operational bottlenecks, and steer automation around routine tasks.
For the most part, NetSuite business intelligence tools take the data stored in your enterprise resource planning (ERP) system and provide built-in, real-time dashboards. Interestingly, these interactive and intuitive dashboards come with power-packed reporting and analysis features. NetSuite business intelligence tools centralize data from your supply chain, warehouse, CRM, and other areas with an ERP. These capabilities help business leaders identify mission-critical issues, growth trends, and opportunities. Additionally, business administrators can make the most of NetSuite’s Business Intelligence and Analytics Tools to grab the ability to drill down to the underlying data.
Businesses in Sales, Marketing, Finance and Operations departments often use business intelligence. Most common tasks include quantitative analysis, evaluating performance against business goals, assessing customer insights, and sharing data to identify new growth opportunities.
For the most part, Data Analysts are BI power users. This is because they use centralized company data paired with power-packed analytics tools to comprehend the underlying opportunities for improvement and explore strategic recommendations to propose to company leadership.
Users in the finance team can blend financial data with operations, marketing, and sales to extract insights from which decisions can be taken and understand factors impacting business profit and loss.
Interestingly, Business intelligence tools assist marketers in tracking campaign metrics from a centralized platform digital. Also, BI Solutions renders real-time campaign tracking to help evaluate each effort’s performance and plan for future campaigns.
Sales data analysts and operation managers can make the best of BI dashboards and key performance indicators (KPIs) to quickly access to complex information. This may cover discount analysis, customer profitability, and customer lifetime value.
Business Managers can access and analyze data like supply chain metrics with NetSuite BI Solutions and save both time and resources. For the most part, Business intelligence and analytics ensure that service level agreements are met, processes are optimized effectively and help improve distribution routes.
To understand the value of Business intelligence, know that its highest value is evaluated by its ability to support data-driven decisions. Business Intelligence and Analytics transforms pools of raw data into actionable information and lets leaders make strategic and lucrative business decisions.
- BI and analytics reveal the event that happened or is happening and are part of dashboards, business reporting, data warehousing, and scorecards.
- Predictive Analytics are advanced analytics using data mining, predictive modeling, and machine learning to make projections of future events.
- Prescriptive analytics enable optimization, simulation, and decision modeling, and offer the best possible analysis for business decisions.
|Advanced interactive dashboard, simple user interfaces, graphical data visualization
|360-degree view of your business and your company that is not possible in a siloed data environment
|Data-driven improvements in marketing, finance, sales, operations, finance, support, HR and customer care
|Online and in mobile environments. Improves system performance, excellent query performance
|Scalability to support advanced reporting and analysis. Dashboards and reports are available to many users
|Speed and Competitive Edge
|Faster reporting, analysis, and planning because of access to global data.
|Trusted Data and Accuracy
|Customizable, real-time reports offering insights, access, accuracy, and relevance. KPIs are monitored using more than one data source.
|Analysis and Insights
|Processes massive amounts of data to forecast, budget, plan, and stay current. Enables product and service differentiation.
|Identify what services or products you are lacking Helps improve customer satisfaction Reports help understand customer behavior Use real-time data on the customer's feedback to make corrective changes
Business Intelligence is continually evolving and improving. However, four trends artificial intelligence, cloud analytics, collaborative BI, and embedded Business Intelligence are changing how business companies are using expansive data sets and making data-driven decisions far easier.
For the most part, AI and machine learning imitate complex tasks executed by humans. This capability steers real-time data analysis and dashboard reporting.
BI Solutions and applications in the cloud are replacing on-site installations. Many businesses are moving to this technology to evaluate data on demand and enrich their decision-making according to the evolving market landscape.
When Business Intelligence software is integrated into another business application, it is called embedded BI. Some of the key business benefits of embedded BI cover upgraded reporting functionalities. Additionally, it has shown extensive improvement across sales and increased customer retention.
Many businesses look to cloud-based or software-as-a-service (SaaS) instead of on-premise software to keep pace with the growing requirements and faster implementations.
A growing trend is the use of mobile Business Intelligence to take advantage of the proliferation of mobile devices and lead the competitive edge.
At inoday, a globally renowned, official, and #1 ORACLE NetSuite Channel Partner, offers everything across NetSuite solutions or SaaS applications to let a business unbox its growth potential and elevate its success trajectory.
Our certified NetSuite Consultants leverage 16+ years of experience, a proven methodology, and expertise in driving Digital Transformation via Cloud Computing Solutions. You can connect with our experts anytime to comprehend NetSuite BI solutions and tools and get these deployed within the stipulated time to take a competitive lead.
What are the 4 concepts of business intelligence?
The four concepts of business intelligence are
- Data Collection
What is the main purpose of business intelligence?
The purpose of Business Intelligence is to help improve business decision-making by making data simple and easy to interpret. While BI covers data collection and visualization, it also refers to the software tools that carry out these practices.
What are the 5 stages of business intelligence?
The five stages of business intelligence are
- Data Engineering & Analysis
- Data Sourcing
- Situation Awareness
- Decision Making
- Decision Support