Business Intelligence (BI) Software for Revenue Generation
Business Intelligence, or BI, is a system that collects, manages and interprets business information in order to make important business decisions. By using a combination of advanced tools and techniques including database management, decision support systems, data mining and statistical analysis, BI can monitor operational and service level information of an enterprise and amplify its prospects of revenue generation.
Is BI a decision support system?
BI is more comprehensive than a decision support system. A decision support system is usually focused on one or a few specific decision making scenarios whereas a BI system deals with pretty much the entire operations of a company. And unlike most decision support systems, BI operates in a real-time fashion to provide ongoing, unified view of important information for a company for revenue generation. Additionally, a BI system is an intelligent software and therefore it is used not only to to make decisions but also to gain important industry and competitive information.
Gain Business Insights
In today’s business world, business intelligence software is like a magic wand, especially for revenue generation. The BI software enables business users to access unlimited data whether it is structured, historical, or unstructured data or residing in silos or social media. It is amazing how a single software can scan information faster and help gain key insights into how the business is currently functioning.
Although business intelligence software does not indicate users to perform a specific action or tell the next course of action it displays invaluable insights. It is our intelligence from where we can understand trends and service critical insights. We can use these insights provided by BI to make informed business decisions, spot risks in advance, find revenue streams or hidden opportunities lurking in the business and resultantly surge revenue generation.
Business operations, whose primary aim is revenue generation, are getting more complex with the passage of time which give very little time for research and innovation. Bigger enterprises are rushing toward winning the competition which will ultimately require lots and lots of meaningful insights. However, with the increasing extent of untidy data, it becomes difficult to analyze it in real time. That is when the firms desperately need technologies using which they can analyze and predict the market trends with a simple click, and Business Intelligence serves this purpose.
Microsoft Power BI
Microsoft Power BI for revenue generation is a collection of software services, apps, and connectors that work together to turn your unrelated sources of data into coherent, visually immersive, and interactive insights. Your data may be an Excel spreadsheet, or a collection of cloud-based and on-premises hybrid data warehouses. Power BI lets you easily connect to your data sources, visualize and discover what's important, and share that with anyone or everyone you want.
Power BI consists of:
- A Windows desktop application called Power BI Desktop.
- An online SaaS (Software as a Service) service called the Power BI service.
- Power BI mobile apps for Windows, iOS, and Android devices
These three elements—Power BI Desktop, the service, and the mobile apps—are designed to let you create, share, and consume business insights in the way that serves you and your role of plumping revenue generation most effectively.
A fourth element, Power BI Report Server, allows you to publish Power BI reports to an on-premises report server, after creating them in Power BI Desktop. Read more about Power BI Report Server.