strategy planning of a corporation – Business Intelligence
Business Intelligence or simply BI is often referred to as ‘the set of tools and techniques employed for the conversion of raw data into meaningful information that can be used for business purposes. These tools and systems play an important role in the strategy planning of a corporation. Also, these systems help an organization to collect, store, access and analyze the data to improve its decision-making processes.
Moreover, these systems will demonstrate business intelligence (BI) in the areas of customer support, customer profiling, market segmentation, market research, statistical analysis, product profitability and distribution analysis, to name a few.
An organization gathers a large amount of data from all its business operations. And to record that information, it is required for that organization to use a variety of software programs, such as Access, Excel and multiple database applications for all the departments. Using various software programs pose a difficulty in timely retrieval of information and in performing analysis of data. A BI (business intelligence) solution substitutes those multiple tools that were used to gather and analyze the data.
BI combines a wide range of data analysis applications such as querying and ad hoc analysis, enterprise reporting, real-time BI, mobile BI, open source BI, operational BI, collaborative BI, OLAP and location intelligence.
Benefits of Business Intelligence
The benefits of a business intelligence program includes improving and accelerating decision-making process of a company, optimizing the internal business operations, driving new revenues, increasing operational efficiency and gaining competitive advantage over opponents. Business intelligence systems can also help an organization in finding out problems responsible for its weakness and in identifying various market trends.
Business Intelligence Data
Business intelligence (BI) data can consist of historical information, as well as raw data collected from various source systems, allowing BI analysis to support both tactical and strategic decision-making operations/processes.
BI data is generally stored in a data warehouse or data marts which hold subsets of an organization’s information. This data is sorted with the help of multiple data analysis tools and software programs to identify hidden patterns and establish relationships.