|
|
Business
Intelligence – an indispensable
tool for modern Business |
|
A rich database
or knowledge bank is a pre requisite
for any successful business.
Historically one of the key
issues faced by any Business
organization was the scarcity
of data or poor access to data.
But in today’s World,
where sophisticated systems
& softwares, have become
an integral part of the Business
system, data is flowing from
different sources. Now the situation
is exactly the reverse of what
it was a couple of years ago.
Today the main concern is filtering
and processing of the ever-expanding
database. After all a well organized
and a well maintained database
is as important as a rich database.
|
Business is also not the
same as it used to be a few
years ago. Ruthless competition
is mounting in the field and
this imparts huge pressure
on the key players. The situation
warrants more sophisticated
tools and approaches to decision-making
and data processing. A well-crafted
Business Intelligence system
is the only solution for the
concerns.
|
|
What
is Business Intelligence? |
|
Business Intelligence
is an interactive process of
analyzing and exploring structured,
domain-specific information
(often stored in a data warehouse)
to discern trends or patterns,
thereby deriving insights and
drawing conclusions. The BI
process includes communicating
findings and effecting change.
BI domains include customers,
products, services or competitors.
|
| Why
Business Intelligence? |
|
Business Intelligence
helps the business people to
understand faster and help them
take quicker and better decisions.
This system help companies to
understand what makes the wheels
of the business turn and help
them predict the future impact
of current decisions. These
systems can play key role in
strategic planning process of
the organization.
|
|
Business
Intelligence can make the flow
of information inside the organization
faster and can increase the
efficiency of outward communication.
It organizes the database and
processes it according to the
needs of the organization. It
can eliminate the entire steps
involved in a traditional business
making process and can create
new capabilities and thereby
can contribute to organizational
efficiency and effectiveness.
|
|
Some of the
areas where Business intelligence
can bring revolutionary changes
include medical research, customer
profiling, market analysis,
customer contact analysis, market
segmentation, scoring, product
profitability, and inventory
movement.
|
| How
it works? |
|
OLAP is combination
of software tools that enable
users to analyze different dimensions
of multidimensional data It
allows fast and efficient analysis
of data by turning raw data
into information that can be
understood by users and manipulated
in various ways.
|
|
Some BI tools
are backend, infrastructure
tools that deal with extracting
data, cleaning it up, transforming
it, re-organizing it, and optimizing
it for use in decision making.
These backend tools include
data warehouses, data marts, |
|
