What is Business Intelligence?
What is Business Intelligence?
In the late 90s, business organizations or corporations found a strategy which worked like a charm in improving the overall operational efficiency of their company and it also helped in enhancing the business decision making processes. This miracle strategy that was helping business executives to make intelligent decisions so as to transform the way they manage business processes came to be known as “Business intelligence”.
The man behind proposing this idea, Howard Dresner, defined it as an umbrella category that involves a wide range of tools and software solutions that helps the corporations to analyze the available data and get insight into the important information. This gained information in turn helps them reach well informed decisions.
These business intelligence tools are simple and extremely user friendly. They are based on the concept of “self-service” .i.e. the business users need not go to an IT expert to get reports on the data that is being collected in the company. It’s possible for one to self-examine the data and reach important conclusions based off of that data. The way this “self-service” scheme works is that it helps the employees of the corporation to make progress in their individual work practices thereby helping improve the overall performance of that specific organization.
But business intelligence is not limited to just reporting information and getting access to the data. It has a lot more to it than that.
Business intelligence makes use of different data analysis features namely data mining, text mining, ad hoc reporting, predictive analytics, statistical analysis and big data analytics which helps provide high quality business decisions. Big data is amply used in conjunction with the business intelligence technology to gain the maximum helpful output for the company. Using these different analytics features has definitely made a huge difference in how information is being used to upgrade the performance of a corporation.
To quote Peter Sondergaard from Gartner research “Information is the oil of the 21st century, and analytics is the combustion engine.”
Business intelligence also helps the corporations to figure out what is working in the benefit of their company and what is not. This in turn helps them make strategically important decisions to boost the growth of their company. It also makes the company aware about the latest marketing trends thereby helping the corporation to get edge over their competitive business rivals.
Business intelligence team in any corporation involves combination of different BI aficionados. It encompasses of BI managers, BI developers, BI architects, business analysts, data management execute and business users.
Business intelligence uses the data warehouse system to produce accurate and credible information. It is made sure that the data which is going to be crammed into the data warehouse is not incoherent and unnecessary instead it should gathered in an effective and clean manner. This stacking up of only important data into the data warehouse helps produce quality and valuable information to make tactful choices for the betterment of the corporation. It is very important in data warehouse building to keep an integrated approach in mind from the beginning itself. Figuring out a strategy that is secure in all aspects is a great way to avoid a chance of failure.
One thing to remember while implementing a business intelligence system is to implement it in a manner such that the end-users do not end up feeling bogged down by it. Proper level comprehension of the technology by the users is very central for the BI system to produce successful results.
Unlike what a lot of people think business intelligence is not meant just for bosses and top level business executives. When these business intelligence tools are introduced to the different level employees of a corporation these business intelligence tools helps the users improve their overall performance thereby helping the corporation yield more successful results in terms of profit.
Given the innumerable amount of benefits that the business intelligence tools provide an organization, it is no wonder that companies and industries across diverse sectors are using this technology to leave an impact on this market.
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