Business Intelligence and Decision Making_Part 2
Subtopics 2 : Source of Business Intelligence
In part 1, we already talked about business intelligence (BI) definition and level of decision making. Now, in part 2, we will talk more about several sources for business intelligence (BI) and how to manage the data as sources of BI.
1. Internal data sources: Information generated within the framework of the collaboration such as personnel, maintenance, personnel and finance.
- The heart of BI are the transaction systems that are used for daily operations.
- The company’s own databases contain a wealth of data about customers, employees, suppliers and every financial transaction.
- To avoid slowing operating systems, most organizations create data warehouses by extracting some or all of the data from these databases and moving them to another server.
2. External data sources: Information generated from outside the company, from the market including customers and competitors.
- External databases that are either bought or publicly available are also great sources of business intelligence.
- Websites, blogs, wikis, social networks, photo sharing websites, video repositories, discussion forums, and text messages may contain insights, and business intelligence may come from these sources. Technological advances give these sources more structure and facilitate access to and analysis of these sources.
3. Intelligence agents: Companies use Intelegence agents to extract data from online sources, and these Intelegence agents typically come in the form of “bot” that comes from software
Key for managing data (which comes from internal or external data)
- Secure your data: Protect data, especially sensitive data, and limit access to sensitive data.
- Make it accessible: so that data can be easily used if it ever becomes necessary.
- Create backup data: So if we ever lose data, we can still use emergency data
- Decide what kind of data you need: Too much information can overwhelm your company
- Train your team: The team needs to know what to do and what not to do.
How to make decision based on data that gathered by business intelligence
After using Business Intelligence, companies can make better decisions because they provide company data (customer data, current data, production data, financial data). By using this information, the company can decide where to target its market, analyze trends, decide when the right time to advertise, and simply make a better decision if it is implemented correctly.
There are many large companies that benefit from the intelligence of the business, especially in technology companies (any technology giants you can imagine will likely benefit from this technological breakthrough like Google, Facebook and many others). Data is becoming increasingly valuable nowadays and is even considered by some people to be new oil because it can provide information and business opportunities are one way to get that information.
References:
Managementstudyguide.com. (2020). What is Decision Making ?. [online] Available at: https://www.managementstudyguide.com/what-is-decision-making.htm [Accessed 5 Jan. 2020].
OLAP.com. (2020). What is Business Intelligence? BI Definition. [online] Available at: https://olap.com/learn-bi-olap/olap-bi-definitions/business-intelligence/ [Accessed 5 Jan. 2020].
Wilma Slenders, P. (2020). Why is decision-making so hard? – Transcend Management – Calgary coaching, strategy & planning, helping executives, their companies and their employees perform better, grow faster, and achieve more.. [online] Transcend Management. Available at: http://transcendmgt.com/self-management/decision-making-hard/ [Accessed 5 Jan. 2020].
SearchEnterpriseAI. (2020). What is intelligent agent? – Definition from WhatIs.com. [online] Available at: https://searchenterpriseai.techtarget.com/definition/agent-intelligent-agent [Accessed 5 Jan. 2020].
Zendesk. (2020). 8 ways to effectively manage your customer data – Zendesk. [online] Available at: https://www.zendesk.com/blog/8-ways-effectively-manage-customer-data/#information [Accessed 5 Jan. 2020].
