| What is Business Intelligence? |
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Business Intelligence(BI) is a terminology representing
a bunch of processes, tools and technologies useful in reaching more profit
by considerably increasing and improving the productivity, sales and service
of an enterprise. With the help of BI (Business Intelligence)methods,
the corporate data can be organized, analyzed in a best way and then converted
into an knowledgebase needed to initiate a profitable business action.
Thus its about turning a raw, collected data into an intelligent information
by analyzing and re-arranging the data according to the relationships
between the data items by knowing what data to collect and manage and
in what context.
Importance of Business Intelligence:
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A company''s collected raw and core data is an important asset
where one can find solutions to many of an organisation''s
critical questions like ''what was the net profit for a particular
product last year and what will be sales this year and what are
the key factors to be focussed this year in order to increase
the sales?''. So there arises a necessity of a well planned BI
system which can lead to a greater profitability by reducing
the operating costs, increasing the sales and thereby improving
the customer satisfaction for an enterprise.
With the help of a Business Intelligence System, a company may improve
its business or rule over its competitors by exploring and exploiting
its data to know the customer preferences, nature of customers,
supply chains, geographical influences, pricings and how to increase
its overall business efficiency.
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Who can Use Business Intelligence?
In its inception, Business Intelligence was accessible only
to larger corporations. Advances in the industry have lowered the
barriers to entry, allowing small to midsize organizations to capitalize
on the BI advantage.While most companies stand to benefit
and would generate ROI through BI, specific examples of those
- Businesses that are data intensive
- Experiencing rapid growth and expansion
- Already in the possession of, or with the intent to procure,
best of breed disparate programs
- Looking to improve general report analysis capabilities
- Stretching common analysis tools to their limits poised for
gain are those
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Benefits of Business Intelligence:
Business Intelligence is really more of a concept than a product
or service. As such, the benefits of a well-planned BI implementation
are going to be closely tied to the business objectives driving
the project. With that said, there are some commonalities that tend
to ring true.
- Identify trends in business operations more quickly, allowing
for more accurate and timelier decisions.
- Deliver actionable insight and information to the right place
with less effort
- Identify and operate based on a single version of the truth,
allowing all analysis to be completed on a core foundation with
confidence
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Companies which Offer Business Intelligence
Products:
- Actuate
- Business Objects
- Cognos
- HummingBird
- Hyperion
- Information Builders
- MicroStrategy
- ProClarity
- Siebel
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