Business Intelligence and Analytics a needed tool for small and micro business
by WeeTech Solution Pvt Ltd Best Mobile App Development CompanyConceptualized and
developed in mid 1980s, modern BI is in the market since 1960s era. But due to
its certain complications, the acceptance level of BI was not much till 1990s.
But after 2000, people started to understand its utility well based on which they
welcomed BI as a core part of their business management.
Business Intelligence is used for computer technologies with the purpose of identification, discovery and analysing the business data including the products, costs, sales revenue and income. BI serves with varied softwares and services which then helps in the transformation of the data converting it into actionable intelligence that assists in taking the decisions pertaining to organizations strategy ad tactical business.
BI technologies provide the current, past and even future
view of data that has been structured internally for the products and services
of the firm. It also aids in organizational functions like analyzing the data
sets, presenting analytical reports, dashboards, graphs, charts, summaries,
etc. All these functions help the users with the information on the
intelligence about the state of business.
Many types of business
tools are available in the market to make the business implementations more
effective. The types of BI available in the market are as follows:
1. Spreadsheets help in the management of visual
format and organization of rows and columns.
2. Data Integration Tools, that aids in integration the data
altogether.
3. Reporting and Querying Softwares that helps in the
extraction, sorting, summarizing and presenting the data well.
4. Process Mining helps in determination of business
processes and serves with the tools for discovering control, data, process and
social structure from the event logs.
5. Online Analytical Processing answers all the questions
pertaining to multi dimensional analytical queries.
6. Digital Dashboards informs us on single page interface
in the real time.
7. Data Mining bridges the gap between statistics
and computer science and is useful in uncovering large sets of data.
8. Data Warehousing is useful for reporting or analysing
the data.
9. Business Performance Management helps in achieving long
and short term goals of the business by managing the business performance.
10. Decision
Engineering aids business in making the right decisions based on varied business
approaches.
Business Intelligence is
no doubt an important part of business now. BI models are simple and easy to
use. Considering which BI models have got its own importance and use as stated
below and all this makes it core need of a business:
1. It helps in
minimising the guessworks and focuses more on accuracy of the information.
2. It
investigates on the insights of the customer’s behaviour.
3. It leads
towards the development of business and improving its efficiency.
4. All your business related queries gets quick
and instant response.
5. It increases
selling opportunities and also brings up the cross selling opportunities.
6. It can obtain
important business reports as and when needed.
7. It helps in
streamlining the operations and making the necessary changes when needed.
8. It helps in
identifying the actual manufacturing costs of your business products and allows
changes to be made as per the needs.
9. It gives you a
better understanding of your past, present, and future business prospects.
10. It well manages the inventory serving the
goods to the customers just when they need without maintaining excess
inventory.
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Created on Nov 15th 2017 23:21. Viewed 1,236 times.
Thank you for posting an interesting blog on business intelligence. This is an interesting article on analytics.
Jul 13th 2018 05:32