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Business intelligence is a powerful tool for the modern business. Companies and organizations in different activity fields generate a huge data amount. This tool is a set of qualitative methods for obtaining the values ​​of the collected data. Business analysts’ task is to process, interpret and analyze information. Action and plan development, informed decisions making, current situation seeing – the result of business intelligence.

The main benefits of business analysis for companies:

1. Informed decisions making

Making strategically important decisions such as planning a marketing budget, predicting the most popular product or service, determining keywords for promoting a business is not complete without business intelligence. The tool provides an informed decision-making process, thereby improving results.

2. Increased efficiency

Business intelligence helps to identify all the shortcomings in the course of a specific task. This allows to reduce time, energy and resources costs which, as a result, leads to the optimization of all business processes.

3. Budget increasing

Small businesses have much less financial resources than large businesses. This tool usage helps to learn more deeply and understand customers’ behavior and needs, to gain competitive advantages. This leads to the maximization of budgetary funds.

4. Goals achievement

Every company must have short and long term goals. Data processing strategy and business strategy are built is consideration of these goals. Data visualization allows to track past and present performance information against KPIs. Detailed and easy-to-use diagrams, tables, graphs greatly simplify the decision-making process. This, in turn, leads to the achievement of business goals.

5. Revenue increase

Many companies that implement analytics technologies into operations have already benefited and experienced significant revenue growth. McKinsey (an international consulting company that specializes in solving strategic management problems) conducted a research. As a result, it was found that the average increase in the income of organizations that invest in big data is 6%.

6. Relevant information possession

A large number of proposals on the market contributes to the dynamic change in customers’ interests and needs. Analytics provides a detailed description of the target audience, their needs and actions. Companies can correlate product and services with analyzes and determine the relevance of their offerings, upgrades and new developments.