Business Intelligence a smart tool for intelligent businessby Raj Kamal so cool Today’s competitive business world doing business is not as easy as it was before. If you want to increase your business you can’t just rely on the old way of conducting business coz there are a number of competitors in the market who are not sitting idle. So to be in market you should make some new strategy so that you could be able to leave your competitors behind. We often heard that doing business is an art but it is not just remain art any more, to grow you should apply some organized scientific techniques. Business Intelligence is the name given to such a system to run your business in systematic way using computers that are an essentiality for modern business.
BI is a discipline made up of several related activities, including data mining, online analytical processing, querying and reporting. The term Business Intelligence (BI) denotes the tools and methods that is a key to smart business that supports in the strategic planning process of the corporation. These systems facilitate a company to collect, store, access and evaluate corporate data to assist in decision-making. Generally this system elucidates business intelligence to do many things such as;
•To create a portrait of your customers to help you make design decisions concerning your service, a small group of customer profiles or 'personas' are then used to make key design decisions and all this is done after conducting a proper research about customers.
•Customer support to assist customers in correct use of product and also in customer relationship management
•To gather information about market and customers that is a very important for planning that will ultimately help in making strategies i.e. in market research and segmentation.
•To statistically analyze the profitability of business product
•Inventory and distribution analysis
•To improve decision making
•To help in cost cutting
•To identify inefficient process that is of no importance and not contributing in business at all.
In whole it helps in identifying new business opportunities and thus making business strategies accordingly.
A large amount of data is associated from any type of business operations. A business need to analyze all its data along with this you have to keep track of all the necessary information that is related to your business. To help you in this work there is a wide range of software programs, such as Excel, Access and different database applications for various departments throughout your organization. But you should use a single software program for easy and systematic retrieval of information for data analysis.BI tools have brought a revolutionary change in the way of thinking about business. It provides a completely new vision of running business. Now you have not to wait expert advice to run complex reports. You have no need to take decision on previous experience as now you have a report based on complete data analysis. Although BI holds great promise, implementations can be determined by technical and cultural challenges. Executives have to ensure that the data feeding BI applications is clean and consisten
t so that users trust it.Etl Tools
BI is equally helping big as well as small business, so don’t think so much adopt it for your business and watch the improvement.
Created on Dec 31st 1969 18:00. Viewed 0 times.