What is Business Intelligence?

Every company has data. Making that data understandable so that you can make informed decisions is what Business Intelligence is all about. With a Business Inteliigence solution, you can look at your Key Performance Indicators quickly to be able to determine the health of your business. You can then drill in to see what things are working well and what things are not.

Data Analysis

By analyzing your data with the help of a Business Intelligence solution, you can get useful information about where your money is being spent and where it is coming in from. If you can collect the data, a Business Intelligence Solution can help you understand the data.

Take the following example of a fictitious company called Hargrofto which makes stuffed animals. Hargrofto sells these stuffed animals throughout the United States. Hargofto has a Business Intelligence solution developed by insquare and knows that their revenue is increasing 10% each quarter. However, their Business Intelligence solution helps them to identify that they are losing money trying to sell their stuffed armadillos in Alaska and making small profits in almost every state but they cannot keep up with the demand for them in Texas. Hargrofto executives then take that information and divert all stuffed armadillo efforts in Texas.

Data Mining

You can use a Business Intelligence solution to help predict what is going to happen based upon the data that you already have.

Take the example of our fictitious company Hargrofto who sells their stuffed animals on the Internet and has collected data concerning what their customers have bought. Their Business Intelligence solution built by insquare knows that females between the ages of 18 and 24 in Texas buy a stuffed horse 10% of the time when they purchase a stuffed armadillo during the month of November. By utilizing this information to suggest a stuffed horse to that target audience during November when they attempt to purchase a stuffed armadillo has increased their sales of stuffed horses.