Shawana Patterson | Business Intelligence: Technique To Grow A Business With A Plan
Shawana Patterson working on a complex IT project. Advisors working in this area assess the success/failure probability and advise clients on how to manage and reduce the risk that the project successfully and provide the expected benefit to the organization.
Business Intelligence (BI) is a way of technology-driven analysis of information and to provide documents an action that helps executives, managers, and other users to make business decisions informed discontinue business. BI incorporates a wide type of tools, applications, and methodologies that enable organizations collect facts from internal structures and external sources, set up to analyze, develop and execute queries in opposition that files and create reports, dashboards and visualizations made to the analytical results available to corporate decision-makers, in addition to operational workers.
Business Intelligence
Business Intelligence (BI) combines business analysis, data mining, visualization of statistics, information material and infrastructure, and quality practices to help companies make better decisions on focus statistics. In practice, you know you have advanced business intelligence when you have an overview of your organization's statistics and use that information to change, eliminate inefficiencies, and adapt quickly to market or deliver change.
Importance of Business Intelligence:
The role of business intelligence is to improve every part of a company by improving access to corporate data and using that data to increase profitability. Companies that employ BI practices can transform their data into insight into their business processes. Ideas can then be used to create strategic business decisions that improve productivity, increase revenue and accelerate growth.
Importance Of Business Intelligence
Other potential benefits of business intelligence tools include:
- · Accelerate and improve decision-making;
- · Optimizing internal business processes;
- · Increased operating efficiency;
- · Driving new revenues;
- · Gain a competitive advantage over their commercial rivals;
- · Help companies in identifying market trends;
- · Detection of business problems that need to be addressed.
BI data can include historical information stored in a data warehouse, as well as new data from the source systems as it is generated, allowing BI tools to support both strategic and tactical decision-making.
Business Intelligence Process:
Business Intelligence has evolved to include more processes and activities to improve performance. These processes include:
- · Data mining: Using a database, statistical and machine learning to find trends in large data sets.
- · Reporting: Sharing of data analysis to stakeholders so that they can draw conclusions and make a decision.
- · Performance metrics and benchmarking: Comparing the performance data current to historical data to track performance against goals, usually using a customizable dashboard.
Business Intelligence Process
- · Descriptive analysis: Using the initial data analysis to find out what happened.
- · Query: Asking questions specific data, BI draws answers from the data set.
- · Statistical Analysis: Taking the results of descriptive analysis and further explore the data using statistics such as how this trend is happening and why.
- · Data visualization: Changing the analysis data into visual representations such as charts, graphs, and histograms to more easily consume the data.
- · Visual analysis: Exploring the data through visual storytelling to communicate insights quickly and stay in the flow analysis.
- · Data preparation: Prepare a variety of data sources, identify the dimensions and measurements, prepare for data analysis.