Business Intelligence (BI) encompasses methods, technologies and processes for the systematic collection, analysis and visualisation of business data. The aim is to enable data-driven decision-making rather than relying on guesswork.
BI systems help companies to analyse large volumes of data from various sources and transform them into meaningful information, for example through dashboards, reports or visualisations.
Typical components of business intelligence include:
- Data collection from internal and external sources
- Data preparation and modelling
- Analysis of trends, patterns and key performance indicators
- Visualisation in dashboards and reports
- Deriving recommendations for action
BI is used to achieve the following objectives, amongst others:
- to make well-informed strategic decisions
- Optimising business processes
- Gaining a better understanding of customer behaviour
- Identifying risks at an early stage
- Making performance and growth measurable
Through the structured analysis of data, business intelligence helps companies to respond more quickly and accurately to changes in the market and to gain a competitive advantage.
For start-ups and growth-oriented companies in particular, the use of BI is a key component in understanding key performance indicators and making data-driven decisions. innoWerft helps companies to develop data-driven business models, define relevant KPIs and derive concrete insights from data for product development, sales and scaling.