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Business Intelligence

BI is a combination of the tools and systems that are required in enterprise's strategic planning. Business Intelligence (BI) systems are used to improve an enterprise's decision making by combining tools for gathering, storing, accessing, and analyzing business data. Core focus of these tools are the traditional features like querying, reporting, and analytics, BI has evolved in recent years to become comprehensive, enterprise-wide platforms, and newer trends, such as self-service BI, have helped to continue interest in this technology.

Outcome of these solutions are single source through which to analyze a company's disparate data sources. The resulting single source offers not only current, but also historical and predictive views of operations. This help user to run queries without assistance of technical staff. In past several years, it has overcome as enterprise-wide platforms.

Knowledge is power

In current economy, companies are trying to understand the meaning of these words. What consumers want, what they need, how they want to get what they need…these are all pieces of information that businesses look toward to sell more goods and services. But amidst so much competition, how then can one company attract the interest and maintain the loyalty of the consumer? The key is to understand your consumer better than your competition does.

While applicable to organizations of any size, business intelligence solutions are most relevant to industries with large numbers of customers, high levels of competition (with the resultant need for differentiation), and large volumes of data. Common business intelligence functions include, but are not limited to, the following:

  • Managing finances.

  • Evaluating sales and marketing campaign effectiveness.

  • Tracking customer buying habits.

  • Analyzing vendor relationships.

  • Predicting market demand.

  • Assessing staffing needs and performance.

  • Analyzing sales trends.

  • The ability to access meaningful data in a timely, efficient manner through the use of familiar query and analysis tools is critical to realizing the competitive advantages of this weapon. Equally important is moving and sharing data throughout the organization, between departments, offices and business partners. But with the proliferation of mixed system environments that must somehow be integrated with decision support systems, data marts and warehouses, electronic business solutions, and enterprise applications, the challenges increase. When customer information is disjointed and spread through the organization, how can you win?

    Your business may boast to have the best data integration technology in the world, but it is of little value if you cannot use it to provide quality service to consumers. The new economy is based on experience as much as it is on information and technology. Giving consumers the most advantageous customer experience not only means gaining their business, it also means gaining an advantage over the competition.

    Sometimes referred to as decision-support software, BI applications analyze patterns in sales, trends, pricing, and customer behaviour to assist in the business decision-making process. The expanded use of data warehouses, e-commerce tools, CRM packages, and other enterprise software has created a proportional need to easily view and use the information stored within these systems.

    The continued evolution of this software genre encompasses new trends, including self-service techniques, and ongoing acquisitions that represent a major market consolidation. The major players in the sector range from a dwindling supply of pure-play vendors to enterprise software suppliers that include Tally, Microsoft, Oracle, and SAP.

    Copyright 2011, All Right Reserved. Basicsofmanagement.com is for educational purposes only. We do not guarantee the correctness of the content. The risk of using this content remains with the user.