Business Intelligence (BI) is a business management, technical process for the correct evaluation of company data. Important usable information is analyzed and processed accordingly to provide executives, managers and other end users with significant support in making targeted business decisions.
The term "Business Intelligence" first appeared in the 1958 technical paper "A Business Intelligence System" by Hans Peter Luhn. It is ultimately thanks to the well-known Gartner Group that the general term Business Intelligence (BI) then established itself worldwide in the early 1990s.
The goal of Business Intelligence is to recognize the constantly growing connections between all areas of a company by means of the integration of data in order to be able to draw business conclusions.
Business data is extracted and read in from the existing base systems
In the case of a data warehouse, data from various sources are combined and stored in a database for subsequent processing
Analysis and evaluation of company data
Feeding the results back into the business operational processes
Where it makes sense, we use AI algorithms and create a special benefit with our Business Intelligence software.
Due to the continuous development of Business Intelligence Software in the last years, many advantages for usage have arisen. Accelerating and improving decision-making is key, as well as optimizing internal and external business processes, increasing efficiency, and gaining competitive advantage over competitors in their own industry. Business Intelligence systems also help to identify market trends or to identify business problems early to solve them.
The good old industry experience and the classic decision from the gut is increasingly replaced by well-founded, data-driven decisions. Business Intelligence Software helps to analyze big data (big data) to give people a huge overview. Furthermore, predictive decisions can be made with new statistical methods, pattern recognition, etc.
CoPlanner develops software for modern controlling and corporate management and implements it with the aim of enabling management and specialist departments to keep an eye on their company's development and the associated figures on a daily basis. The Business Intelligence software has an enormous range of functions, including the following tasks:
- Comparison of results via A/B or multivariate tests
- Predict results through predictive modeling
- Display and provide insight into patterns and relationships
- Demonstrate cause-and-effect scenarios
The different perspectives on the company in the area of Business Intelligence enable differentiated views of the processes and provide an overview of the customers and the current market. The aim is to constantly observe and analyse developments in one's own company, competitors and the market, so that conclusions can be drawn about the possibilities and alternatives for action. Through the business insight into the company and the market, operational and strategic measures can be implemented to reduce costs and improve processes or products.