Business Intelligence (BI) is the adeptness to transform abstracts into advice and advice into knowledge, so as to optimize the business controlling process. A set of strategies and accoutrement focused on adeptness conception and administration through the assay of absolute abstracts from an alignment or business.
From the point of appearance of advice technology, we can say that BI is a set of methodologies, applications and technologies that acquiesce a business to the accumulation and transform the abstracts acquired from structured advice systems to do assay and advice bearing and convalescent the action controlling of the business. It covers both accepted compassionate of the activity of the business as able-bodied as an apprehension of approaching events, in adjustment to accommodate a physique of adeptness to abutment business decisions.
Referring to business intelligence, we can differentiate the concepts of data, advice and knowledge. Abstracts is something that is vague, for example, the amount 10, while the advice is added accurate, such as April sales were 10. Finally, adeptness is acquired by allegory the information.
Data are the minimum semantic assemblage and are the primary elements of information. These abandoned are extraneous to the controlling process. A buzz amount or a name of a being are examples of data.
The abstracts can appear from alien or centralized aggregation sources, can be cold or subjective, qualitative or quantitative.
Moreover, the advice can be authentic as a set of candy data, which are accordant and accept a purpose and context. The advice is advantageous for decision-making, as it allows abbreviation uncertainty. The abstracts is adapted into advice to add value.
The advice is able of alteration the way the receiver perceives something, impacting on their amount judgments and behaviors.
Information = Abstracts + Ambience (value added) + Utility (reduce uncertainty)
Knowledge can be authentic as a admixture of experience, values, advice and know-how, that anatomy a framework to absorb new experiences. The adeptness acquired from the advice and advice from data. In adjustment that advice becomes adeptness is all-important to accomplish accomplishments such as:
· Comparison with added elements.
· Prediction of consequences.
· Searching for connections.
· Talk with added carriers of information.
By accepting adeptness of the business already the advice is captured from all areas in the business, you can set strategies and ascertain what are the strengths and weaknesses of the business.
Business Intelligence is the broader abstraction of the use of intelligence in organizations. This has emerged from the contributions of the assorted areas of advice such as bazaar intelligence, aggressive intelligence and business intelligence.
Market Intelligence corresponds to the cardinal administration conduct aural companies that acquiesce a added acutely apperceive of the bazaar and the company’s accomplishment aural it, through a connected breeze of information.
Competitive Intelligence is authentic as the action of accession and allegory advice on the activities of competitors, so as to abutment the accomplishment of the goals of the business. Through a connected breeze of information, allows a business to apperceive what the competitors are accomplishing in the commercial, financial, and authoritative aspects.
Finally, Business Intelligence refers to the set of accoutrement to abstract business experience. A set of systems to abut activating chump base, such as sales trends, alcove value, chump churn, advantage segments.
Intelligence accoutrement are based on the use of advice systems that accompany calm abstracts from assembly processes, advice apropos to the business and bread-and-butter data.
Using the techniques to extract, transform and amount (ETL), abstracts extracts from altered sources, are antiseptic and able for a amount them into a abstracts repository.
This toolkit has the afterward features:
• Admission to information. The abstracts are the primary antecedent of this process. Systems accept to ensure user admission to abstracts behindhand of the antecedent of these.
• Abutment the accommodation authoritative process. Beyond the presentation of information, users charge admission to assay tools, and baddest the abstracts that absorption them.
• Orientation to the end user. Independent adeptness of users, these systems, have to accommodate accessories that acquiesce users to use these tools.
Business intelligence acts as a cardinal agency for a business to body aggressive advantage, by accouterment advantaged advice to acknowledge to business problems: entering new markets, artefact promotions or offers, eliminating islands of information, ascendancy finances, amount optimization, assembly planning, chump profiling analysis, advantage of a authentic product.
The capital business intelligence articles that abide in the bazaar are:
• Balanced Scorecards (BSC) are accoutrement to authorize and adviser the objectives of the business and its altered areas or units.
• Systems Accommodation Abutment (DSS) corresponds to alternate advice systems that advice companies accomplish decisions, application abstracts and models to break baggy or semi-structured decision. Supports accommodation authoritative by breeding a analytical appraisal of altered alternatives or scenarios for decision.
• Executive Advice Systems (EIS), are systems that accommodate top admiral simple admission to centralized and alien advice that is accordant to their analytical success factors. The Executive Advice Systems abutment the accommodation authoritative action of chief admiral of an organization, presenting accordant advice and application beheld aids and simple to interpret, in adjustment to accumulate them informed.
In advertence to the agent of the data, absolute apparatus are: Datamart and Datawarehouse.
A Datamart is a authoritative database, abnormally in autumn the abstracts that is specific to the business area. It is characterized by accepting an optimal abstracts structure, to assay advice from all perspectives that affect the department.
Moreover, a abstracts barn is a accumulated database, characterized by amalgam and alter advice from one or added sources in adjustment to acquiesce assay from abounding perspectives.
On the added hand, a Business Intelligence band-aid establishes a aeon from the afterward activities:
• Observe: what happens?
• Understand: Why is it?
• Predict: what will happen?
• Collaborate: what accomplishments you should yield the team?
• Decide: which way forward?
Why is it so important Business Intelligence?
For a business to be successful, it is actual important the adeptness to accomplish authentic and quick business decisions. Acceptable advice systems tend to be adamant structures, authoritative it difficult to acclimate to the abstracts abduction processes of the business, and accelerated bearing of advice for decision-making.
To affected the limitations of these systems, business intelligence relies on a set of accoutrement that facilitate the processes of extraction, purification, assay and accumulator of data, with adapted acceleration in adjustment to abutment the accommodation authoritative action of the business.
We cannot say that BI articles are bigger than acceptable applications, but they are developed for a altered purpose, and accordingly are added able for the controlling process.
Business Intelligence solutions accredit companies to:
• Action requirements quickly, intelligently and efficiently.
• Acknowledge bound and calmly to alteration altitude affecting the company.
• Authorize advice as the capital asset of the business.
• Transform business abstracts in automatic graphical letters that can be analyzed bound and easily.
Intelligence is the Key to Success. The Business Intelligence systems are now accessible to everyone. The well-designed BI applications can action advisers the adeptness to accomplish bigger business decisions quickly, accept the assorted “information assets” in their business and how they interact.
We achieve that the key to advancing in a aggressive exchange is blockage advanced of the competition. Authoritative complete business decisions based on authentic and accepted advice takes added than intuition. A Business Intelligence arrangement appropriately becomes a free agency for the success of the business.