Business intelligence continues to be among the most high-demand services in the Business Builders’ Network.
One aspect of BI&A that’s particularly popular is automation.
The founding partner of one of our BluWave service providers says BI automation is essential to modernizing data analysis.
“A lot of times the process involves people pulling data into spreadsheets manually, analyzing, cleaning, doing stuff with the data and then giving it to their bosses or whoever downstream needs them,” says the partner, who we’ll call Mike Datus. “That’s usually a very error-prone process because it’s done by humans.”
BI automation can change all that, and make life much easier for both the analysts as well as those downstream superiors.
Let’s talk in more detail about BI automation tools, their benefits as well as potential drawbacks.
Business intelligence and analytics is a key facet of modern-day business building.
Leaders at private equity firms, portfolio companies and private and public companies use data to answer questions about their business. This could give them a better understanding of their customer base or product, for example.
What is Business Intelligence and Analytics?
“It’s using very large amounts of, and sometimes real-time data to paint a whole picture of your customers, your business and your products or services,” the founding partner at one of our expert service providers says. “The difference between business intelligence and analytics and maybe traditional financial analysis is the scale at which it happens.”
In the past, business leaders would get information from an old database and manual analyze it in a spreadsheet program. That very spreadsheet fundamentally limits the analysis, according to the data firm’s founding partner, who we’ll call Mike Datus.
“Once you enter the realm of business intelligence or analytics, or data science is sometimes used synonymously, you’re talking about a bigger, more comprehensive, more real-time picture,” Datus says.