The relevance of business intelligence to a modern-day organization
BI technologies offer current, historical as well as predictive views about business operations
. The most common functions of BI technologies are online analytical processing, data mining, reporting, analytics, business performance management, text mining, predictive analytics and text mining.Business Intelligence extends its support to organizations and aims at better decision-making. Therefore, a Business Intelligence system can also be referred to as decision support system or DSS. The term business intelligence is synonymous with competitive intelligence since both of them support decision-making. In addition, BI utilizes processes, applications and technologies for analysis of structured, internal data as well as business processes. However, competitive intelligence focuses on collection, dissemination as well as analysis of information in the presence or absence of technical support. It also concentrates both on external as well as internal all-source data (structured or unstructured) and information.
Business Intelligence can also be utilized for various business purposes with the aim of driving business value. These include measurements, analytics, enterprise reporting, and collaboration platform as well as knowledge management. Measurement encompasses programs that help in creating a hierarchy of performance metrics as well as benchmarking that provides information to business owners about achievement of business goals. Likewise, analytics establishes quantitative processes for businesses that help them arrive at optimum decisions. In addition, it also helps in carrying out business knowledge discovery. Analytics incorporates statistical analysis, predictive modeling, predictive analytics and business process modeling.
Enterprise reporting builds infrastructure to address to the strategic requirements of a business. It includes OLAP, executive information system and data visualization. Moreover, collaboration platform involves the collaboration of various areas through electronic data interchange and data sharing. In addition, knowledge management makes a company data-driven through various practices and strategies that identify, represent, create, distribute as well as enable adoption of experiences and insights that is business knowledge in the true sense. Knowledge Management also facilitates regulatory compliance and learning management.
There are several factors that are critical to the implementation of business intelligence. These include vision and planning, quality and data management, mapping solutions as per the requirement of users, performance considerations, expandable and robust framework, project management and business-driven methodology.
The relevance of business intelligence to a modern-day organization
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