BUISNESS INTELLIGENCE BY MANSI PARMAR

What is Buisness Intelligence? The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. The purpose of Business Intelligence is to support better business decision making. Essentially, Business Intelligence systems are data-driven Decision Support Systems (DSS). Business Intelligence is sometimes used interchangeably with briefing books, report and query tools and executive information systems.

Importance of Buisness Intelligence Business Intelligence systems provide historical, current, and predictive views of business operations, most often using data that has been gathered into a data warehouse or a data mart and occasionally working from operational data. Software elements support reporting, interactive “slice-and-dice” pivot-table analyses, visualization, and statistical data mining. Applications tackle sales, production, financial, and many other sources of business data for purposes that include business performance management. Information is often gathered about other companies in the same industry which is known as benchmarking.slice-and-dicepivot-table business performance management.

Questions BI is used to answer Human Resources- Are our most satisfied employees the highest paid employees? What percentage of our current employees are actively disengaged from work? How effective are our learning programs? Does employee behavior change as a result of training? Supply Chain- How frequently are the same inspection errors being logged year over year? How long does it take us to process paperwork and work through procurement processes relative to the time it takes to deliver the goods? Do partners value improvements in process reduction time relative to our peers? What is the monetary impact of delays or missed deadlines?

Questions BI is designed to answer Sales- On average how long do leads stay in the opportunity stage before making a purchase? Does the speed at which we reach out to a new lead impact the ability to have a sales conversation? What are our top three most profitable customer segments? Does my current commission structure motivate my sales reps to their full capacity? Executive Strategy- Can I reduce my operating expenses by 10%? If so, what should we cut? How much more would I have to invest in marketing to drive a 30% increase in sales next year? How many of my direct reports are consuming BI reports and analytics each month?

Applications of BI Business intelligence can be applied to the following business purposes: [23] [23] Performance metrics and benchmarking inform business leaders of progress towards business goals (business process management). Performance metricsbenchmarkingbusiness process management Analytics quantify processes for a business to arrive at optimal decisions, and to perform business knowledge discovery. Analytics may variously involve data mining, process mining, statistical analysis, predictive analytics, predictive modeling, business process modeling, data lineage, complex event processing and prescriptive analytics. Analyticsdata miningprocess miningstatistical analysispredictive analyticspredictive modelingbusiness process modelingdata lineagecomplex event processingprescriptive analytics Business reporting can use BI data to inform strategy. Business reporting may involve data visualization, executive information system, and/or OLAP Business reportingdata visualizationexecutive information systemOLAP BI can facilitate collaboration both inside and outside the business by enabling data sharing and electronic data interchangecollaborationdata sharingelectronic data interchange Knowledge management is concerned with the creation, distribution, use, and management of business intelligence, and of business knowledge in general. Knowledge management leads to learning management and regulatory compliance Knowledge managementlearning managementregulatory compliance