Performance BI - Marketing

Performance BI - Marketing

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(BI) is a technology-driven process for analysing data and presenting actionable information to help executives, managers and other business end users make informed business decisions.

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Business Intelligence

(BI) is a technology-driven process for analysing data and presenting actionable information to help executives, managers and other business end users make informed business decisions.

Business intelligence can be used by companies to support a wide range of business decisions ranging from operational to strategic. Basic operating decisions include product positioning or pricing. Strategic business decisions involve prioritiesgoals and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a complete picture which, in effect, creates an “intelligence” that cannot be derived from any singular set of data.

BI technologies provide historicalcurrent and predictive views of business operations. Common functions of business intelligence technologies include:

  • reporting
  • online analytical processing
  • analytics
  • data mining
  • process mining
  • complex event processing
  • business performance management
  • benchmarking
  • predictive analytics
  • and prescriptive analytics.

BI technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.

A typical BI platform will provide a select subset of all common functionalities of a BI but not all. Each platform focuses on a set number of areas to position the platform to stand out from other competitors and appeal to a specific market segments, therefore it is important to look at the main business objectives as the main criterion for choosing a BI platform or solution.

1. Reporting

A BI platform provides various visual to display your reports. Tabular reports, columns, bars, pie charts, heat maps, tree maps, and geo maps are example of such reports. The collection of those reports we call a Dashbaord. A dashboard is a single view that will give you all the reports associated with a given area in your business. It allows you to get an instant insight on how that area of the business is performing.

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