Friday 23 February 2018

A Short Overview of Business Intelligence by Kranti Gaurav




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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