Business Intelligence Change Business
What is Business Intelligence? Business Intelligence (BI) 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. Business Intelligence encompasses a vast array of information sources that can contribute to better decision making ,along with the software applications, technologies , and practices used to analyze it. There are several levels of decision making that draw on different types of information sources include operational, tactical, and strategic. Business Intelligence as a discipline and as a technology driven process is made up of several related activities, including : Data Mining , Online Analytical Processing , Querying and Reporting.
How Business Intelligence Works? Business Intelligence works through a data capture process. The information is acquired from any system and recorded in a database specifically modeled for your business. With this modeling , knows as “dimensional modeling” , it is possible to work with a large mass of data keeping a high performance. Dimensional modeling can show us different dimension of data. For the example, we want to know sales trend from product A from year 2015-2019 in Jakarta, we can have it directly in our dashboard by using BI
The Benefits of using Business Intelligence.
Business Intelligence application enables the organization to manage your information in a smart way. Business Intelligence tools also help the company to quantify the relationships with suppliers and customers. Other benefits include insight and optimization of business processes through indicator analysis.Business Intelligence is more than just gathering and interpreting information. It is also about the best practices that govern a Business Intelligence Program. The potential benefits of Business Intelligence programs include :
· Accelerating and improving decision making.
· Increasing operational efficiency.
· Driving new revenues
· Gaining competitive advantages over business rivals.
· Identifying market trends.
· Spotting Business problems that need to be addressed.
How Business Intelligence Change Business?
Business Intelligence help corporate executives , business manager and other operational workers make better and more informed about business deisions. Companies also use Business Intelligence to cut costs, identify new business opportunities , and spot inefficient business processes ripe for re-engineering. Business Intelligence has put the tools in excecutive hands to make data-led decisions based on sound information. According to a
survey of decision makers, Business Intelligence made positive contributions to these integral areas :
· Customer Support
· Competitive Intelligence
· Sales Process
· Cost Management
· Product Development
The Highlights include improvements in :
· Data Visibility
· Speed to decision
· Performance Measurement
· Knowledge sharing or Collaboration
· Predictive Modelling
Business Intelligence as part of a business management system , like an ERP by connecting business talent with relevant data. Designed and implemented the right way , Business Intelligence can guide the decision makers towards their goals.
How To Choose The Best Business Intelligence Software?
1. Analyze how executives make decisions.
2. Consider what information excecutives need in order to facilitate quick.
3. Pay attention to data quality.
4. Devise performance metrics that are most relevant.
5. Provide the context that influences performance metrics.