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Business Intelligence is a concept that typically involves the delivery and integration of relevant and useful business information in an organization. If you want to improve your control over various important processes in your organization, you should consider investing in a good business intelligence system.
One of the most important reasons why you need to invest in an effective business intelligence system is because such a system can improve efficiency within your organization and, as a result, increase productivity. You can use business intelligence to share information across different departments in your organization. This will enable you to save time on reporting processes and analytic's.
Business Intelligence (BI) should be an integral part of business development and process improvement. Explain?
Whether they involve distributing goods to customers, collaborating with suppliers or coordinating the efforts of employees, business processes are the foundation on which rest a business’s products, services and brands. They are the essential underpinning of an organization’s ability to function. In successful companies, business processes align resources to support the achievement of goals.
Today’s economic climate means businesses need to be as effective and efficient as possible, and to make the smartest possible decisions. The way to achieve this is by integrating Business Intelligence (BI) and Business Process Management (BPM) – a combination that is a prerequisite of Intelligent Business Operations.
BPM on its own is not enough because you can’t see the dynamic context of processes. By adding BI you can achieve closed loop performance management, where metrics are compared with business objectives and the results fed back to improve processes and decisions. Client experience confirms that BI and BPM are far more powerful when integrated together than individually.
According to Wikipedia,Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance,management, benchmarking, textmining, predictiveanalytics and prescriptive analytics.
BI can be used to support a wide range of business decisions ranging from operating to strategic. Basic operating decisions include product positioning or pricing. Strategic business decisions include priorities, goals and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an "intelligence" that cannot be derived by any singular set of data.
Undertaking a process reengineering initiative without a business intelligence team introduces a significant risk to the project’s success..Analytics are everywhere in logistics, transportation, customer contact, websites, fraud detection and more.
To assure that process performance is connected to results, organizations need to include BI at each stage of the process performance life cycle. That life cycle includes process planning, execution and management. Process managers analyze process outcomes and process behavior data for deviations from the performance plan and to determine what action needs to be taken. This action can be corrective, preventive or sustaining. Typically, business process managers give feedback to the process participants about the execution, and the process is changed as appropriate to pursue the targeted outcomes more effectively.
As business development and process improvement involves potential scope of improvement in all the functional areas of the business entity, BI provides useful information to achieve the same.
Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are:
1. Reporting
2. Online analytical processing
3. Analytics
4. Data mining
5. Process mining
6. Complex event processing
7. Business performance management
8. Benchmarking
9. Text mining
10. Predictive analytics
11. Prescriptive analytics.
BI can be used to support a wide range of business decisions ranging from operating to strategic. Basic operating decisions include product positioning or pricing. Strategic business decisions include priorities, goals and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with date from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an "intelligence" that cannot be derived by any singular set of data.
AGREED WITH MR.ADIL ,,, KRISHNA & IRPHAN GHANI BHAI,,,,,,,,,,,,,,,
I can't add more than what is already mentioned.
Good Day......
Agreed to all .......
The all kind of useful information and data of business is called Business Intelligence tool,because of the business intelligence techniques provide the opportunities to make the new business strategy and new area of business,likewise for setting their new goal of company.
Is not BI is the only way to get your SWAT right? That is, BI is the starting point for any business development and process improvement plans.
In other words, poor BI may lead to a poor input for your planning objectives and targets. You know what is next J
collect data to measure the key factors and improve them .. example CRM manger can calculate the percentage of customer calls answered in the first minute and manage toward improving that KPIs
