Business intelligence (BI) uses technology to analyze data and transform it into practical information that assists companies in making well-informed business decisions. Business intelligence tools include reports, dashboards, data warehouses, cloud data services and data discovery tools. These services make it possible to draw out details and insight to make data-driven decisions.
An online Master of Business Administration in Business Analytics from Texas A&M University-Corpus Christi will enable you to build and enhance business intelligence potential using technology and software. As a result, organizations can expedite growth and earn higher profits by improving business operations and making decisions that increase efficiency and revenue.
Without business intelligence, companies are unable to utilize data-driven decision-making. By analyzing important customer data, businesses can create effective marketing, customer service and sales campaigns. Using business intelligence services, professionals can: be more efficient, improve decision-making, earn higher sales, spot business problems, identify market and business trends, develop strong business strategies and gain a competitive edge.
Current Trends in Business Intelligence
The business intelligence landscape is constantly changing. BI managers, developers, architects, analysts and specialists all work closely with data engineers, architects and management professionals to detect current trends and work with them to make sure business needs are met. Some notable business intelligence trends are:
- Predictive analysis. Predictive analytics uses statistical and data techniques, such as predictive modeling and machine learning (ML), to forecast business outcomes. Predictive analysis professionals can identify customer behaviors, spending habits and trends within an industry and recommend insights for better-informed investment and business decisions. For example, manufacturing and healthcare are two large industries that use predictive analysis to enhance efficiency and growth.
- Use of artificial intelligence (AI). Artificial intelligence in the business world is used more often than the average consumer realizes. Spam filters; voice-to-text features; automated responses to online customer support; smart email organization; sales forecasting; smart personal assistants such as Alexa, Cortana and Siri; security surveillance and smart devices that learn the users’ behavior are examples of AI. Process automation, cognitive insight and cognitive engagement are all AI technologies companies use to optimize business operations.
- Data mining. Data mining is the method businesses use to convert raw data into beneficial information to learn more about their customers. Data mining pulls out valuable information to assist a business in making informed decisions based on patterns in the data. This information mining and its focus on patterns, correlations and trends are integral to business intelligence.
- Information systems management. Information systems management focuses on supporting intelligence, IT and operations. The systems manage data and information to produce data reports that aid businesses in making the right decisions at the right time. This helps senior management, marketing teams, sales teams, customer service, financial departments and human resources track information and utilize data.
How an MBA in Business Analytics Can Help
Numbers and data drive business. This makes analytics a crucial part of how businesses function and make decisions. For those who want to further their business knowledge base and gain a thorough understanding of business intelligence, an online MBA in Business Analytics from Texas A&M University-Corpus Christi will enhance leadership skills and build data collection capabilities. As a business intelligence and data analysis professional, you’ll be able to apply the techniques and principles of database design, implementation and administration to strengthen data collection to support businesses to make the right decisions to increase efficiency and profit.
Some career paths open to those with an MBA in Business Analytics include operations manager, data scientist, corporate strategist, insights and analytics manager and data analytics consultant, to name a few.