Business Intelligence
- What
is Business Intelligence
Business Intelligence is a form of business management that takes business forward by the proper use of available information and data. Getting ahead in the competition requires essential analysis of the fact-based data associated with a particular industry then this suggests the necessary action for driving the business towards profit oriented. So it?s the ability to use existing information i.e. the data the company already owns in a productive manner.
- History
of Business Intelligence
The 20th and 21st century are known as the information and technology (IT) age where everything depends on the availability of information and innovation of new technology. This is so in the case of business as technological innovations like World Wide Web and Internet has provided a broad and open platform to the business conducted in all over the world. As developing any successful business strategy requires information and adequate knowledge about market status, the innovation of new technology and concepts like BI made it easy to access and manage all kinds of information.
- Business
Intelligence Tools
We have already discussed that Business Intelligence is a process to collect data and extract information and then analyzing them in developing new and innovative business ideas but the whole method is based on different computing tools. These BI tools are kinds of application software assist in collecting, analyzing and presenting data. Different business intelligence tools addresses different factors and aspects in different ways but all are useful in overall function of BI.
- Business
Intelligence Value Chain
In competitive marketplace it is vital for every business enterprise whether small or big to cope with the pace of the market growth. Intelligence is the ability to learn and understand new situations by updating yourself with current information. This is why organizations are becoming more dependent on data or information for improving development of product and services that can outsell their competitors. So, they are primarily relying on analytical database solutions like data warehouses. However, in the entire process these information and later applying them in action describes a chain of methods called value chain. Value chain is the process that converts data into information and then applies that knowledge in taking productive business decision, and the outcome is the ultimate value.
- Business
Intelligence in Decision Making
Today Business Intelligence is the primary tool to collect and analyze information for developing a successful business strategy. This is the age of information, technology and communication age it?s important to have full knowledge about all the strengths and weakness of your business plan and that can be possible only by analyzing available data. These data generally include quantities of product, customer, sales, market demand, customer service, and technical support system etc., that are useful in critical decision-making.
- Privacy
and Security Issues in BI
With the growth of Business Intelligence market, the privacy and security issues are also growing concern over business community. It is everyone?s right to control information about them and there are laws and policies to safeguard individual right but are ineffective. Companies use BI to collect and analyze data for improving their performance, therefore it becomes important to access and maintain secure information. Though, on one side technological developments make it easy to access information freely from various sources on the other hand it becomes essential to develop system that can secure that information from misuse by outsiders.
- The
Future of Business Intelligence
Information and communication technology has offered a single platform to world market irrespective of geographical position. Growing number of consumers with varied demand and expectation make it very difficult to conduct any kind of business. To stay competitive, meet customer?s needs are now the primary concern for every organization. However, the adoption of Business Intelligence system is supporting to stay ahead from the market trends and expectation of the customer. It assists in preparing business strategies keeping in mind the future events by analyzing available data. Data analysis and decision making has made the use of BI inevitable and hence is going to be a major part of in all kinds of business.
- Business
Intelligence in Healthcare
To make a profit driven business decision, every company depends on their strategic planning and decision-making ability and that depends on the kinds of information available and the ability to sort out the relevant ones for analysis. Business Intelligence (BI) is solely offers solution to data warehousing and data analysis and hence is now the most talked about technology in the world business arena. BI is now used in various sectors for increasing productivity by carefully studying data, sharing and extracting value from it so in the case of hospital management or health sector.
- Business
Intelligence in Insurance
Success in today?s business world is defined by the ability to access sophisticated data and derive information that is now primary need to survive in the competitive market place. This is also true in insurance business that deals with rich and complex data structure and most of them are real-time. So to compete in the volatile market place with high customer demand information is pre-requisite. This makes insurance companies using Business Intelligence tools like data warehousing, data mining and OLAP. Use of BI supports in targeting right customer and the reason for customer depreciation.
- Business Intelligence for Telecommunications
The telecommunication market is growing rapidly with new technological innovation and new service providers thereby creating a competitive platform. Revolutionary changes are taking place with acquisition, consolidation, new regulations and most importantly privatization that make customer satisfaction the primary object of every service provider. New regulations are making more and more pressure and creating avenues for new opportunities.
- Business Intelligence in Retail
Today in every business the most challenging job is to make yourself efficient enough for surviving in this volatile market place. The only solution to this problem is to have as much actionable information of the respective field that gives an insight to the current market trend, thereby advocating an intelligent business decision.
- BI: Improving performance in financial service
Financial service industry generally includes banking, security exchange and international finance like currency exchange and foreign investment. The chief banking sector is the major field with savings, loans, commercial banks, credit unions and banks for mortgage. In all these business, the primary focusing point is management of finance.
- Business
Intelligence: Power to gain competitive advantage
With the development of Business Intelligence technology companies of all sectors are increasingly depending on different Business Intelligence tools and software for better information management. Making the right decision for your company requires better analysis of the available data but discovering the right knowledge among those tides of information flow is the key behind the success of every corporation.
- BI: Key for building profits in B2B
In business you need to find out answers to questions like why one product is bought more by customer and others not? What is the best market for a particular product? What are the basic customer?s needs for a product? Here, Business Intelligence can answer such questions effectively and this article throws light on some aspects that are vital for your profitability.
- Business Intelligence Solutions in India
In this globalize world everything has just come into a single platform and so the business that has created an imminence competitive environment in every sector. This competitiveness has created a new kind of business arrangements with collaboration in terms of merger and accusation between companies.