The terms Business Intelligence and data analytics are often used interchangeably. But the utility of both is different. If you are confusing BI with data analysis with data cleaning and presenting. You have it wrong too because business intelligence analyzes data and drives insights that could boost business performance. Unlike data analytics, which is the process of data analysis as a whole.
Here in this piece of writing, you will find a brief introduction on the process and utility of business intelligence AKA BI. Along with a short description of how business intelligence is different from data analytics. And, lastly, you will find how Odoo ERP’s BI can help your business leverage past data archives.
What Is Business Intelligence?
The best way to understand the concept of business intelligence (BI) is by its process.
It is a process of data analysis that collects business data to spot trends, create benchmarks, and help businesses in increasing compliance. Moreover, business intelligence is focused on improving business in every aspect.
Odoo, as you may know, is a sophisticated ERP that can manage a company’s business operations at all levels of operation. It has grown to become one of the most popular ERP solutions available. With more than 5 million customers dispersed across numerous industries and levels of corporate operation.
Odoo is a sophisticated business administration software with sophisticated tool integration and functionality. Additionally, because business intelligence is an unavoidable aspect in today’s business world, the Odoo platform has integrated it into its operations.
Unlike data analytics, the process of business intelligence involves data mining, reporting the facts and trends, descriptive analysis of data, querying or pulling insightful answers from the data by using statistical analysis. The last step of business intelligence involves data visualization and data preparation for the sole purpose of presenting data in a readable format.
How Is BI Different From Data Analytics?
Whenever it comes to business intelligence, many executives and business managers use the terms ‘data analytics’ and ‘business intelligence’ interchangeably. But these two terms are not the same. The prior technique is used to analyze companies’ data and help the managers in spotting trends and outcomes of past campaigns. Besides, it also uses predictive modeling, descriptive analytics, and predictive analytics.
However, the latter uses conventional data analysis techniques that cleanse data transform it and organize it for presentation. It also includes the processing of a massive amount of data from multiple sources, e.g., cloud-based repositories and archives for trend identification. Unlike business intelligence, this technique is used across all disciplines to uncover trends, identify anomalies, and measure performance.
Odoo ERP And Business Intelligence
Odoo ERP is a tool that helps small to large-scale business enterprises in automating recurring business processes ranging from Human Resources to Accounts and Customer Support to Sales & marketing.
Another thing that sets Odoo ERP apart from other SaaS software is an open-sourced solution that can integrate with any third-party application.
However, for integration to run smoothly, it is essential to consult certified Odoo Partners and Odoo Consultants. You must be wondering why Right? One word answer is ‘access,’ which other non-certified Odoo consultants do not have.
Since Odoo ERP link all departments to one central system, therefore, it makes team collaboration, document sharing, and data sharing easy.
On the other hand, when it comes to data visualization, reporting, driving value from unstructured piles of data, conducting a simple data analysis is not enough.
In this situation, Odoo ERP’s business intelligence comes in handy; in this quest, only a certified Odoo Partners can help you. It is similar to AI but, the only difference between these two is, the first analyze data and spot trends, along with the potential for future growth. Besides, it is powerful enough to spot hidden values. With few strokes, users can create readable and insightful data visualization reports. However, the prior one performs the recurring task through machine learning and ensures zero to non-error.
Ways Businesses Can Leverage From BI and Data Analytics
The First thing is Spreadsheet Integrations that allows Odoo ERP to read and modify data present in an Excel spreadsheet. Not just that, it can utilize all features of Excel, ranging from the pivot table to formulas, and formatting, etc., and much more than a regular spreadsheet.
The report created with Odoo is not only detailed but also contains deep insight into data. Hold on! You can use multiple data visualization techniques to present data, share reports with prospects, employees, executives, team members, clients, etc., and simultaneously collaborate.
The second thing is the ability of Odoo BI to generate insights from the Marketing Campaign and Salesanalysis. Unlike in the past, regular reports on key metrics that answer only what’s and how’s, businesses need much more to survive.
Sales and Marketing with Oddo CRM
This includes what customer likes, future forecast, the avenue to invest in and new product ideas. All of these objectives are now achieve through BI. As it can pool data from 5 resources and by using Zia, you can get contextual answers to your verbal search commands in a matter of seconds.
With Odoo CRM, the sales and marketing department can provide contextual support either in the form of product description or deals that contributes to conversion. Unlike regular CRM, Odoo AI-powered Chabot can be deployed that aims to provide contextual support by address pressing issues using a Knowledge base and send potential queries to the support team with intuitive labels.
The last thing on our list is inventory and stock analysis. Nowadays, even small eCommerce businesses need comprehensive inventory support. By support, we mean automatic price adjustment whenever the stock price increase. And Odoo BI can do that for you as it not only keep track of stock price but also monitors the inventory, analyze sale trends and user behavior to proactively send a notification to admin for inventory replenishment.
To strengthen your business, use our Odoo ERP development services
Oodles ERP offers end-to-end Odoo application development services to handle challenging business problems in a variety of industries. Our development team thoroughly examines your business requirements and develops efficient tactics to ensure that Odoo application development delivers optimum benefits.
We also offer full-scale BI software development services to help you implement advanced data analytics features that help you deliver individualized user experiences. We’ve executed several full-scale Odoo ERP development projects for startups and small-to-medium businesses all over the world.
The data and insights derived from the Business Intelligence are like a gold mine for enterprise as they answer. What customers are looking for, how they have interacted with your product, and based on their chat history and purchases, the BI can spot future trends. However, the BI powered with deep data analytics can further enrich data quality as it pools data from all available resources and analyzes it to produce a quality outcome.
For quick Odoo CRM integration, it is advised that you should consult certified Odoo Partners and Odoo Consultants, as they have access to the source code and offer comprehensive solutions.
We, ERP Cloud, provide end-to-end Odoo ERP development services to tackle complicated business difficulties for cross-industry use cases. To get optimum benefits, our development team carefully examines your business requirements & formulates successful strategies using Odoo Business Intelligence application development.
We also provide full-scale Odoo Business Intelligence product development services in order to incorporate unique data analytics technologies. These will help deliver tailored user experiences. We’ve successfully completed many full-scale Odoo ERP development projects for start-ups and small-to-medium businesses all around the world.