Business intelligence (BI) is an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance. This multiyear shift of focus from IT-led reporting to business-led self-service analytics passed the tipping point in 2016, which has forced a new perspective on the definition of a BI and analytics platform, and consequently, has significantly re-ordered the vendor landscape as represented in the Magic Quadrant.
Using the Panorama bi dashboard and business intelligence reporting tools will ensure you understand what you need to about what makes people buy more, how you can produce your product or service more cheaply and deliver the most value to your customers profitably.
Business intelligence acts as a strategic factor for a business to build competitive advantage, by providing privileged information to respond to business problems: entering new markets, product promotions or offers, eliminating islands of information, control finances, cost optimization, production planning, customer profiling analysis, profitability of a particular product.
You buy a system like this because your organisation has made a strategic decision to understand its business better, to measure activity and performance, to seek out inefficiencies and wasted resources or use of time; to understand, measure and refine its processes or proposition to its customers.
A really good BI consultant will know how to apply their skill set to your requirements and will also bring a wealth of knowledge from other business sectors that can be translated and applied to your company, things that a sector expert is usually too blinkered to consider.