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Business Intelligence

Business Intelligence

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Published by Anuj Chhabra

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Published by: Anuj Chhabra on Apr 09, 2010
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05/09/2013

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2008-10
BUSINESS INTELLIGENCE
 
BUSINESS INTELLIGENCE
Business Intelligence (BI) refers to skills, processes, technologies, applications and practicesused to support decision making.BI technologies provide historical, current, and predictive views of businessoperations. Common functions of Business Intelligence technologies are reporting, OLAP,analytics, data mining, business performance management, benchmarking, text mining, andpredictive analytics. Business Intelligence often aims to support better business decision-making. Thus a BI system can be called a decision support system (DSS).Business intelligence connects people with information in an easy-to-use way so they canmake better decisions. With BI software you can:
y
 
Set targets, see results and understand what drives the numbers.
y
 
Identify trends that may be benefits or threats.
y
 
Take action with a common context for decision-making across every department.
y
 
Identify and analyze opportunities and trends.
The best business intelligence software:
y
 
Delivers trusted information for a single version of the truth.
y
 
Lets you work with information the way you wantreports, dashboards, andscorecards.
y
 
Puts tools in your hands to author and share information as you require.
B
usiness intelligence applications can be:
y
 
M
ission-critical and integral to an enterprise's operations or occasional to meet aspecial requirement
y
 
E
nterprise-wide or local to one division, department, or project
y
 
Centrally initiated or driven by user demandBusiness Intelligence helps organizations to leverage technology and best practices todeliver management insight from enterprise applications and data. Combining businessintelligence tools and applications with effective structure, quality improvement andinformation governance and learn to maximize payback while minimizing risk.
 
Business Intelligence is a broad field of study. The major thrust of business intelligencetheory looks at certain factors to make high quality decisions. These factors includecustomers, competitors, business partners, economic environment and internaloperations. Here is some more information on how these factors help businesses makequality decisions.
C
ustomers:
Without customers a business can't survive. Businesses need to sell theirproducts and services. Business intelligence helps businesses understand their customersbetter, looking at their preferences, helping businesses adapt to their customers demand.Business intelligence is used to collect data from customers usually within the marketplace.There are many ways to collect data from your customers; it can be as easy as a POSsystem (point of sale), collecting data on what customers are buying and which products theyare not interested in, collecting data on customer habits and preferences by asking themin surveys or polls. There are even marketplace specialists that watch customers behaviorin the marketplace and report back to the companies giving them insight into how theircustomer respond to stores, personnel and product and services that a business sells.Once this data is collected, it is up to an organization to use this data appropriately.Business intelligence is a process in which vast amounts of data can be viewed and vetted givingmanagers and business owner's important information that can be resourceful.
C
ompetitors:
Not only do businesses have to keep customers satisfied buying theirproducts, they also have to compete with competitors that are constantly looking to poacha businesses customers and make them their own. Businesses today must constantly evaluatethe effectiveness of their competitors and choose smart strategies that not only hold theircompetitors at bay, but also grow their own businesses market share. Business intelligence canhelp a business determine the strategies that your competitors are using to steal customersaway, as well as help your own business to differentiate itself from others, effectivelygrowing a larger and more profitable customer base.
B
usiness Partners:
Business partners are essential to any business, whether it issuppliers, payment processing companies, customer support companies or deliverycompanies that help your business throughout its cycle, it is important to make sure thatall businesses partners associated with your business are in balance with you. Having asupplier that isn't able to keep up with your demand or having a customer servicecontractor that is unable to help you with certain support problems can cause yourbusiness to fail. If you want your business to work smoothly and effectively, all business

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