In the past, businesses made decisions based on previous experience today, their decisions are data-driven. You may wonder how data can be a challenge if it is a weapon toward strategic business opportunities? Indeed. Earlier, it was in the domain of IT staff, but now business team is also independently handling business intelligence.A big challenge for businesses nowadays is data. The importance of business intelligence is growing, and its usage has proliferated across various types of users. This process of highlighting key projects is called business intelligence governance. Business intelligence supports usage of best practices and identifies every hidden cost.īusiness intelligence usage can be optimized by identifying key projects on which company would like to focus.Business intelligence provides a facility of assessing organizations readiness in meeting new business challenges.Business intelligence improves profitability of the company.Business intelligence provides timely information for better customer relationship management.Business intelligence facilitates better and efficient decision-making process.Business intelligence is faster more accurate process of reporting critical information.The benefits of Business intelligence are as follows: This business performance is then broadcasted to an executive decision-making body through dashboards and share-point. Data mining is also another important aspect of business analytics.īusiness performance management is a linkage of data with business objectives for efficient tracking. The internal sources include various operational systems.īusiness analytics creates a report as and when required through queries and rules. The main components of business intelligence are data warehouse, business analytics and business performance management and user interface.ĭata warehouse holds data obtained from internal sources as well as external sources. Business Intelligence Architecture and Components These data results can be published through dashboards or share points. This result than are shared to executives for decision-making process. Authorized users can access this data and work on it to get desired results. This data is capture in the data warehouse where it is stored, organized and summarized as per further utilization. Business receives data from various sources. Organizations require correct information for any decision-making process.īusiness intelligence combines data warehousing, business analytics, performance, strategy and user interface.
This data is at the core of business success. Organizations are forced to capture, store and interpret data. The reason for this movement is the business environment. More and more businesses are moving towards business intelligence. Business analytics forms an integral part of business intelligence. This framework combines architecture, database, analytical tools and applications. Business intelligence helps organization achieve commercial success along with sound financial management.īusiness intelligence is framework designed to support decision-making process.
The main objective of business intelligence is to bridge the gap between organization current status and its desired position. This support is in form of decision support system, business analysis, etc. Today most of the businesses are having a computerized business support. For this, organization can develop a new strategy, get into partnership, etc. The organization can be reactive, anticipative, adaptive, or/and proactive. In such a business environment, organization basically has four action steps. The factors affecting business environment are consumer needs, globalization, and government policies, etc. The global economic scenario is providing opportunities as well as challenges. The current business environment is constantly evolving.