BI includes data analysis for businesses and enables analyzing, discovering, and reporting on data and may include data modeling and data mining. A vital component of any BI tool is the ability to deliver data visualization through dashboards, charts, and other graphical output. Analytics and BI turn raw data into actionable insights.
Benefits of Analytics and BI
The top benefits of data analytics and BI are decision support, business performance, adaptability, and innovation.
Smarter business decisions
Advanced analytics and BI drive better decision-making, whether strategic or operational. Capturing and analyzing customer data from your properties, such as self-service apps, monitoring, and social media, among others, can help you better understand your customers, which contributes to customer retention and customer-base growth.
BI and analytics, combined with best data warehousing practices, provide new ways to improve business performance, drive operational efficiency, and improve productivity. In particular, systems that generate or handle data in real-time or near-time (e.g., stream analytics, in-database analytics, and in-memory functions) can help you innovate by monitoring and responding quickly to a wide range of business entities, including customers and partners.
Quicker responses to change
Advanced analytics and BI provide greater agility in development than ever before. This is especially true of platforms and systems that support self-service, data exploration, and on-the-fly data preparation, which in turn can accelerate your response to business change.
Analytics and BI promote innovation in general, address new business needs, and help you imagine new applications. They can also help with finding new customers, designing new products, and developing new services that generate new revenue streams.
Analytics and BI Strategy
With cloud-based data analytics gaining acceptance, a cloud BI strategy is increasingly important for companies. A cloud BI approach allows for scalability and flexibility in a cost-efficient model.
Implementation of the appropriate analytics and BI tools empower users to improve business decisions, optimize efficiency, identify new business opportunities and industry trends, and deliver accurate data-driven feedback on business initiatives.
In an increasingly granular analytical environment, you can find competitive advantages anywhere. The right BI tool can bring those opportunities to the forefront.
With Snowflake, you can support a virtually unlimited number of concurrent users and queries with near-unlimited, dedicated compute resources. Query semi-structured data directly with SQL and with your favorite analytics and BI tools. From data management to analytics, our partnerships and data software integrations enable customers to leverage Snowflake’s flexibility, performance, and ease of use to deliver more meaningful data insights.