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Business Intelligence is essential, but Automated Business Analysis is a competitive advantage

What is Business Intelligence?

Business intelligence (BI) is a strategic, technology-driven process for analyzing your business data to make more informed business decisions.

Business intelligence is presented to business users via reports, dashboards, and data visualizations to help your team make more informed business decisions. Global companies use business intelligence for strategic planning and daily decision-making.

In the simplest of terms, business intelligence is the visualization of your business data.

Business intelligence tools only go so far.

BI tools turn raw data into helpful dashboards, graphs, and charts. Over time, a business can drill down into data sets by audience and channel. An organization can request a business intelligence tool to visualize a key metric.

But an organization that relies on business intelligence loses sight of subtle changes in its data, and dashboards don’t guarantee insights. To pull insights out from a business intelligence tool, you need to know what you want to look for.

The achievement of a business intelligence tool is also its greatest weakness.

It only goes as far as the business asks of it, revealing only part of its story. Business intelligence tools can only view a visualization of data alone without identifying the significance of an increase or decrease in activity because there is no context or expectation beyond what is being visualized.

Business intelligence tools were not made to autonomously uncover unusual, unexpected, or interesting activity in data, surfacing actionable insight to analysts. You are left with fancy-looking charts on dashboards that do not tell a business’ full story of underlying challenges or opportunities.

 


Why is business intelligence important?

Teams at data-driven organizations make use of business intelligence solutions to visualize key metrics in large, consolidated data sets which allows you to see a more clear picture of the health of your business. However, it has limited capability in identifying trends or changes in data. The deeper businesses dive into their data, the more they realize there is so much more to learn than a business intelligence tool can reveal, such as what insights are hiding in your data that your dashboard is not telling you?

AI-driven automated business analysis tools understand and use business intelligence data to solve business problems.

To immediately surface business changes to analysts, marketers, or other business decision-makers, Artificial intelligence-driven automated business analysis (ABA) platforms, also known as augmented or advanced analytics, are designed to run parallel with business intelligence tools.

Automated business analysis platforms automatically sift through data to discover patterns and quickly find unexpected changes. The platform can be set up in minutes by directly connecting to where your data is stored.

With automated business analysis, your analysts make more informed business decisions – at a moment’s notice – by focusing on their business’s distinct KPIs. Automated business analysis uncovers opportunities for improvement and growth to immediately impact your business’s performance. From marketing to supply chain to merchandising and other business lines, managers can understand and leverage these insights and stories in their daily planning.

While business intelligence tools can paint one part of the business picture, automated business analysis platforms can tap into organizations looking to up their business insights and value, making for a more agile marketing environment and competitive advantage.

Imagine you had a simple message that told you every day where you need to take action to address emerging issues or capture new growth opportunities – without having to sift through endless dashboards and reports. You would be able to:

  • Detect issues on your website, e-commerce, or supply-chain funnel as soon as they occur.
  • Uncover unexpected growth or decline in the effectiveness of your marketing channels.
  • Rapidly identify shifts in your best-performing campaigns or top products.

You can do all this, and more, with Outlier’s automated business analysis platform.

 

Find out how much further Business Intelligence takes you when paired with Automated Business Analysis