What is it?
Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information which helps executives, managers and other end users make informed business decisions. BI encompasses a wide variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against that data and create reports, dashboards and data visualizations to make the analytical results available to decision-makers.
Why is it important?
The proper BI portfolio leads to faster and more accurate reporting, analysis or planning; better business decisions; benchmarking; and improved data quality. By tracking, analyzing, and visualizing data the legal team can make better informed decisions which can yield previously unknown cost savings, and operational efficiencies, as well as analysis of internal and external trends.
What to look for in BI tools?
When selecting a BI tool, consider your companies security and privacy requirements including whether IT should be involved at an early stage. Additionally, consider reporting and analytic capabilities of the tool. As well as integration with existing technologies.