Business Intelligence guide

Business Intelligence guide

Business intelligence is a term that can be defined as a suite of techniques and methods that are aimed at obtaining business insight. It is a large classification of application of programs providing access to information in order to help entrepreneur in business decision, query and reporting task, online analytical processing (OLAP), statistical analysis, forecasting and data mining. 

Marketing research, industry research and end competitive analysis are activities that assist large and small companies in collecting data about the business environment in order to form a sustainable competitive strategy within the business environment. Each of the business intelligence tools has some specific aim (whether it is a short aim or a long term aim) which is aimed at fulfilling some broad vision or objective of the organization. 

Business Intelligence encompasses a number of disparate approaches in terms of techniques and processes deployed in data processing and management. The BI task can be addressed through the use of certain application software. Application software is a broad class of computer software which allows a computer to be used as the user wishes. The application software is different from system software which is used for combining multiple features of a computer but these functionalities are not applied directly for the user’s benefit.

The application software facilitates people in making wise decisions by providing them reliable, timely and necessary information. This is probably the reason why business intelligence is also called a ‘decision-support system’ or DSS. 

There are many important factors when formulating and executing a business intelligence strategy. 

a) The end result or the intention of the program, 

or simply the objective of the organization that the said program seeks to achieve will have to be taken into consideration. There should be a rough idea of how can the program will lead to better results. 

b) Another point which may be considering is cost of implementation of a new business intelligence program. 

And along with this an assessment of the risk involved in the business intelligence program should be made and so a plan made for this. s. 

c) One must also have an idea as to who the sponsors will be, 

who the possible and actual users are, and who will be the ultimate pay off of the effort put in. Also determine the quantitative and qualitative given to employees, shareholders, distributional channels etc. 

d) The data collected should be fitted into well defined measures. 

One should feel confident about the type of metrics used, the degree of customization, and its effectiveness. 

e) This person must find the appropriate approach for assessing the required metrics.

In this context, it is necessary to specify what measures are to be taken and within what timeframe the data will be gathered. Seek information on what industry standards are there, if any, and on proper measurement procedures as well. 

f) It is necessary to set clear boundaries and restrictions on the business intelligence so that the targets indicated are subsequently achieved. 

In the course of time you may find it necessary to reorganize the program or change its focus. Further, the business intelligence program has to be presented as to its accuracy, reliability and validity. Also, it is possible to examine how the business intelligence project changed the objectives regarding targets and what amount of variability could be due to the luck factor.

Berbagi :