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Benefits of BI:

• The right information reaches the right people quickly and efficiently.;
• The employees can realize their full potential.;
• Make your business more efficient;
• Analyzing data can lead to new insights;
• Company information is available for your entire organization.

Are you interested in a BI system? Then request the free BI-guide today

Business Intelligence

Business intelligence (BI) is a set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI can handle large amounts of information to help identify and develop new opportunities. Making use of new opportunities and implementing an effective strategy can provide 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, text mining, predictive analytics and prescriptive analytics.

Business intelligence can be applied to the following business purposes, in order to drive business value.

1. Measurement - program that creates a hierarchy of performance metrics and benchmarking that informs business leaders about progress towards business goals (business process management).
2. Analytics - program that builds quantitative processes for a business to arrive at optimal decisions and to perform business knowledge discovery. Frequently involves: data mining, process mining, statistical analysis, predictive analytics, predictive modelling, business process modelling and complex event processing.
3. Reporting/enterprise reporting - a program that builds infrastructure for strategic reporting to serve the strategic management of a business, not operational reporting. Frequently involves data visualization, executive information system and OLAP.
4. Collaboration/collaboration platform - program that gets different areas (both inside and outside the business) to work together through data sharing and electronic data interchange.
5. Knowledge management - program to make the company data driven through strategies and practices to identify, create, represent, distribute, and enable adoption of insights and experiences that are true business knowledge. Knowledge management leads to learning management and regulatory compliance.

In addition to above, business intelligence also can provide a pro-active approach, such as ALARM function to alert immediately to end-user.

BI-guide

The proper integration of the various departments, a good BI solution and the software makes it easier for everyone in the organisation to collaborate, share information and take appropriate action when needed. They will be able to work more timely and effectively. It is therefore important to choose the right BI software which best suits your organisation.