By,
Tanvi
Tanvi
Business Intelligence (BI) are the Combination of strategies, processes, applications, products, technologies and technical architectures which are used to support the collection, Collaboration, analysis, presentation and dissemination of business information. It is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business executives, business managers, and other end users make more informed business decisions. BI encompasses a wide variety of tools, applications and methodologies that enable organizations to gather data from internal systems and external sources, prepare that data for analysis, develop data, run queries against the data, and create reports, data visualizations and dashboards to make the analytical results available to corporate decision makers and operational workers.
Common functionalities of BI technologies includes are reporting, online analytical processing, analytics, predictive analytic, data mining, text mining, complex event processing, , Benchmarking, business performance management, process mining, s and prescriptive analytics and are capable of handling large amounts of structured and unstructured data to help identify, develop and otherwise create new strategic business opportunities. The target is to allow for the easy interpretation of these large data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
Components:
Components includes in Business intelligence are as follow:
· Real-time reporting with analytical alert
· A method of interfacing with unstructured data sources
· Key performance indicators optimization
· Version control and process management
· Renormalizations, tagging, and standardization
· Statistical inference and probabilistic simulation
· Multidimensional aggregation and allocation
· Group consolidation, rolling forecasts, and budgeting
· Open item management
Competitive Intelligence vs. Business Intelligence
Though the term business intelligence is sometimes a similar too competitive intelligence (because they both support decision making), BI uses processes, technologies, and applications to analyze mostly internal, structured data and business processes while competitive intelligence collects, analyzes and disseminates information with a topical focus on company competitors. If understood broadly, business intelligence can include the subset of competitive intelligence.
Business Analytics vs. Business intelligence
Business analytics refers to the Practice, skills, technologies for continuous iterative exploration and investigation of past performance of business to capture insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods.
Business intelligence and business analytics are sometimes used interchangeably, but there are alternate definitions. One definition contrasts the two, stating that the term business intelligence refers to collecting business data to find information primarily through asking questions, reporting, and online analytical processes. Business analytics, on the other hand, uses statistical and quantitative tools for explanatory and predictive modeling.
Business Intelligence portals
The BI portal is the user's first impression of the DW/BI system. It is typically a browser application, from which the user has access to all the individual services of the DW/BI system, reports and other analytical functionality.
Features of BI portal
· Usable
The User should easily find what they need in the BI tool.
· Current
The portal should be updated regularly.
· Clean
The portal should be designed so it is easily understandable and not over-complex as to confuse the users
· Value Oriented
It is important that the user has the feeling that the DW/BI application is a valuable resource that is worth working on.
· Content Rich
The portal is not just a report printing tool; it should contain more functionality such as advice, help, support information and documentation
· Interactive
The portal should be implemented in a way that makes it easy for the user to use its functionality and encourage them to use the portal. Scalability and customization give the user the means to fit the portal to each user.
Components:
Components includes in Business intelligence are as follow:
· Real-time reporting with analytical alert
· A method of interfacing with unstructured data sources
· Key performance indicators optimization
· Version control and process management
· Renormalizations, tagging, and standardization
· Statistical inference and probabilistic simulation
· Multidimensional aggregation and allocation
· Group consolidation, rolling forecasts, and budgeting
· Open item management
Competitive Intelligence vs. Business Intelligence
Though the term business intelligence is sometimes a similar too competitive intelligence (because they both support decision making), BI uses processes, technologies, and applications to analyze mostly internal, structured data and business processes while competitive intelligence collects, analyzes and disseminates information with a topical focus on company competitors. If understood broadly, business intelligence can include the subset of competitive intelligence.
Business Analytics vs. Business intelligence
Business analytics refers to the Practice, skills, technologies for continuous iterative exploration and investigation of past performance of business to capture insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods.
Business intelligence and business analytics are sometimes used interchangeably, but there are alternate definitions. One definition contrasts the two, stating that the term business intelligence refers to collecting business data to find information primarily through asking questions, reporting, and online analytical processes. Business analytics, on the other hand, uses statistical and quantitative tools for explanatory and predictive modeling.
Business Intelligence portals
The BI portal is the user's first impression of the DW/BI system. It is typically a browser application, from which the user has access to all the individual services of the DW/BI system, reports and other analytical functionality.
Features of BI portal
· Usable
The User should easily find what they need in the BI tool.
· Current
The portal should be updated regularly.
· Clean
The portal should be designed so it is easily understandable and not over-complex as to confuse the users
· Value Oriented
It is important that the user has the feeling that the DW/BI application is a valuable resource that is worth working on.
· Content Rich
The portal is not just a report printing tool; it should contain more functionality such as advice, help, support information and documentation
· Interactive
The portal should be implemented in a way that makes it easy for the user to use its functionality and encourage them to use the portal. Scalability and customization give the user the means to fit the portal to each user.
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