Traditional business intelligence systems have evolved into web and
mobile-based systems that go beyond simple reporting and analysis. They include
advanced analytical functionality, as well as data integration and cleansing,
providing a single, robust framework for making enterprise information readily
available to executives, managers, and employees—even customers and business
partners. Business intelligence (BI)
represents the tools and systems that play a key role in the strategic planning
process within a corporation. These BI systems allow a company to gather,
store, access and analyze corporate data to aid in decision-making.
Generally these systems will illustrate business intelligence in the
areas of customer profiling, customer support, market research, market
segmentation, product profitability, statistical analysis, and inventory and
distribution analysis to name a few.
Keeping Track of Business Data
Most companies collect a large amount of data from their business operations. To keep track
of that information, a business and would need to use a wide range of software programs, such as Excel, Access
and different database applications for various
departments throughout their organization. Using multiple software programs
makes it difficult to retrieve information in a timely manner and to perform
analysis of the data.
Business Intelligence Software
Business intelligence software is designed with the primary goal of
extracting important data from an organization's raw data to reveal insights to
help a business make faster and more accurate decisions. The software typically
integrates data from across the enterprise and provides end-users with
self-service reporting and analysis. BI software uses a number of analytics
features including statistics, data and text mining and predictive analytics to
reveal patterns and turn information into insights.
What is Business
Intelligence or BI?
Business
intelligence (BI) is a
technology-driven process for analyzing data and presenting actionable
information to help executives, managers and other corporate end users make informed business decisions. The term Business Intelligence (BI) refers to
technologies, applications and practices for the collection, integration,
analysis, and presentation of business information. The purpose of Business Intelligence is to support better business
decision making.
What is a report in
BI?
Business
intelligence combines a broad set
of data analysis applications, including ad hoc analytics and querying,
enterprise reporting,
online analytical processing (OLAP), mobile BI, real-time BI, operational BI, cloud and software-as-a-service BI, open source BI, collaborative BI, and location intelligence.
Why do we need
business intelligence tools?
Companies need to
translate data into information to plan for future business strategies. Hence
data can help maximize revenues and reduce costs. A Business Intelligence (BI)
solution helps in producing accurate reports by extracting data directly from
your data source.
What is the BI
process?
Using a broad
definition: "Business Intelligence is a set of methodologies,
processes, architectures, and technologies that transform raw data into
meaningful and useful information used to enable more effective strategic,
tactical, and operational insights and decision-making."
Why is business
intelligence so important?
One of the
most important reasons why you need to invest in an effective BI system
is because such a system can improve efficiency within your organisation and,
as a result, increase productivity. You can use business intelligence to
share information across different departments in your organization.
How can business
intelligence be used for decision making?
Business
Intelligence Helps in Strategic Decision Making. Business
intelligence helps extract crucial facts from a vast amount of
unstructured data and transform them into actionable information that enables
companies to make informed strategic decisions, improving operational
efficiency and business productivity.
What is the role of
a business intelligence analyst?
Business
intelligence analysts gather this data through a number of ways, from
mining a company's computer data through software, looking at competitor data
and industry trends to help develop a picture of where the company stands in
the industry, where they can improve and where they can reduce costs.
What is the role of
a BI developer?
A BI
developer spends a lot of time researching and planning solutions for
existing problems within the company. BI developers also are
responsible for building OLAP, or online analytical processing. They also work
with databases, both relational and multidimensional.
What is an example
of a business intelligence system?
The company
has business intelligence software that allows them to determine
which of the new items had the most success. Business intelligence (BI) is
a variety of software applications used to analyze an organization's raw data.
BI can include data mining, online analytical processing, and business reporting.
Benefits and
Advantages of Business Intelligence Systems
There are many
reasons why organizations adopt business
intelligence and analytics tools, and many ways these solutions are
put to work to benefit the organization. All projects, however, have the common
goal to use business intelligence software to turn data into insights and
action.
As the primary
competitive advantage business intelligence should deliver an increase in the
understanding of the forces shaping markets and businesses and help companies
to act on that knowledge.
Ultimately, the
hope is to be able to outsmart and out-deliver competitors, while proactively
addressing customer needs.
· Faster reporting, analysis or
planning
· More accurate reporting, analysis or
planning
· Better business decisions
· Improved data quality
· Improved employee satisfaction
· Improved operational efficiency
· Improved customer satisfaction
· Increased competitive advantage
· Reduced costs
· Increased revenues
· Saved headcount
Above all else,
BI and IT managers see their tools and platforms as a means to deliver faster
and more accurate information to decision-makers. Faster and more accurate
reporting, analysis or planning; better business decisions; improved employee
satisfaction and improved data quality top the list.
Benefits
achieved least frequently include reducing costs, increasing revenues and
reducing IT headcount. With growing efforts to monetize data by improving
commercial offerings, we might see the “increased revenues” outcome rising in
frequency in the future.
Thank you so much Guys.
Stay Fit, Take Care & Keep Smiling :-)
Kranti Gaurav
XLRI Jamshedpur
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