What Is Business Intelligence? (BI Explained)

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Business Intelligence is the ultimate goal of any analytical project. To move from simply having information, consisting in facts and data, to reaching valuable insights. The idea is to gain a deep and accurate understanding of a company’s business through business intelligence. In other words, this is an exercise of applying the available knowledge and skills within an organization to predict and prescribe the firm’s performance.

There are two approaches to business intelligence:

The qualitative analyses is when we consider and identify a firm’s opportunities and risks. This presents a diagnostic and descriptive environment. For example, a risk for a bottling company like Coca cola would be if authorities decide to increase tax on plastics, which also presents the opportunity to introduce healthy drinks.

Once the risks and opportunities report has been created, we can then turn towards the quantitative approach. Since the customer is going to pay for a higher priced drink, because of the tax increase on plastic bottles, we need to quantify the magnitude of the risk of lower sales. We also need to quantify the investments needed for the opportunity of switching to alternative packaging and recycling practices and the impact it would have in future sales.

Watch till the end of the video to find out how we can obtain BI insights, by stepping on the underlying data, understanding it, and making informed conclusions. We will go deeper on the coca cola plastic packaging example to underline the marketing and business strategies we can use.

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