Business intelligence platforms have become an increasingly valuable asset to successful business management. It can also be defined as ability to apprehend the interrelationships of presented facts as a guide for achieving the desired goals.
Business Intelligence includes following elements:-
- Reporting: It is a process for data to be accessed and to deliver it inside the organization for internal and external purpose.
- Analysis: Identifying the relations and patterns.
- Data mining: Extraction of data from the information provided
- Predictive analysis: a branch of data mining, it attempts to predict probabilities and trends.
- Reporting and analysis are important features of business intelligence.
It involves the users and top management. The top management set the goals but BI will become more effective if the inputs are taken from users by which they will likely use it and also promote it as inputs taken from them.
The general process of business intelligence is as follows:
- Gathering data and organizing it through reporting
- Turning it into meaningful information through analysis
- Making actionable decisions aimed at fulfilling a strategic goal
There are some benefits which can help you to achieve the new opportunities and add values to the business.
The benefits for BI are as follows:-
- Increase transparency.
- Save time.
- Provide access to real time information and present a uniform set of facts, guidelines and policies to the entire organization as all data required for making decisions and policies are at one place.
- It is a combination of skills, processes, technologies, applications and practices
- It contains background data along with the reporting tools
- It is a combination of a set of concepts and methods strengthened by fact-based support systems
- It can be defined as an extension of Executive Support System or Executive Information System
- It is an environment in which business users get reliable, secure, consistent, comprehensible, easily manipulated and timely information
BI is also used to make improving the decisions, cut costs to extract new business opportunities also to understand. It also helps to identify the weak processes of the organizations so processes can be re-engineered for making it more effective processes and business to expand with new opportunities.
Following needs to be checked for BI to be introduced in the organization:-
- To make sure that data is proper to give the results.
- User should be trained properly to use BI.
- Not required to get a perfect report as needs may change as the business grows. And deliver the reports those are providing more values to the system.
- Take an integrated approach to building your data warehouse from the beginning.
- Need to check the data every six months.
- Focus on business objectives.
For most companies it is not possible to implement business intelligence system at point of time.