What Is Business Intelligence?
The existence of business intelligence in a company is highly crucial. The thing is, the existence of business intelligence will help decision makers to make decisions based on data that they have in a period of time. However, the question remains, what is business intelligence?
Definition of Business Intelligence
Despite its relative fame within the society, nobody knows what the deal with business intelligence is. Business intelligence, simply speaking, is a business function to perform business analysis by gathering, analyzing, and managing business data to procure a useful information for its users.
The term business intelligence has existed long before the digitalization process started and it does not have to be based on digital technology. Several sources mentioned that the use of business intelligence was started in 1865 by Richard Millar Davens to explain how a banker, Sir Henry Furnese, managed to earn profit based on the information about his surrounding environment.
Nevertheless, as technology keeps on progressing, the term business intelligence can no longer be separated from digital technology. Because of that reason, it is not entirely wrong that the term business intelligence can also be defined as a digital technology-based business process to present a result of business data analysis for a better decision making.
Difference between Business Intelligence and Data Science
Business intelligence and data science, at least in the surface, are not different from each other. Both are intended to perform data analysis, visualization, and mathematical and statistical calculations.
Despite their similarities, business intelligence and data scientist have a very noticeable basic difference, and that is their analysis focus. Business intelligence is a business focus intended for retrospective analysis, whereas data science is used for predictive analysis.
For further comprehension, let us have look at this simple illustration below.
Case : Late for school
Business intelligence will focus on things that have transpired, such as the cause behind the lateness (waking up late, the road traffic is too crowded, etc.). At the same time, data science instead will focus on things that needs to be done in the future to prevent such lateness (time management, cleverness in choosing alternative roads, etc.).
Benefits of Business Intelligence
Based on the illustration above, generally speaking, the benefit of business intelligence is a basis of business decision making to maintain the continuity of said business. Moreover, business intelligence can also provide other benefits such as:
- Assisting user in identifying new opportunities based on the analyzed data
- Increasing time, manpower and cost efficiency since the final report can be more easily made and supervised
- Allocating resources more cleverly and more focused to reach the business goal
- Assisting in managing the business supply management.
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Using Software to Support Business Intelligence
As mentioned before, business intelligence in the modern times is inseparable from multiple digital technologies such as software and many others. This is particularly unavoidable, given the existence of the Industrial Revolution 4.0. As a result, business intelligence process will become quicker and more practical.
AdIns offers many services such as CONFINS and many others to support other companies’ business intelligence process needs to support your business. CONFINS has decades worth of experience in their helm to assist multiple major companies with high traffic levels through an integrated core system multifinance system.
About 69% of financing companies in Indonesia with assets of more than 10 trillion rupiah and 55% of financing companies in Indonesia with assets of between 5 and 10 trillion rupiah have entrusted their business processes to Confins. Now, your time has come to accelerate your business through business intelligence process along with us.