Evolution Of Business Intelligence Pdf – Business intelligence (BI) is a technology-driven process that analyzes business data to provide actionable information to help executives and managers make more informed business decisions.
Business intelligence is a broad term that includes data mining, process analysis, performance benchmarking and descriptive analysis. BI analyzes all the data generated by a company and presents easy-to-understand reports, performance metrics and trends that serve as the basis for management decisions.
Evolution Of Business Intelligence Pdf
The need for BI was derived from the idea that managers with inaccurate or incomplete information tend, on average, to make worse decisions than if they had better information. Financial model creators recognize this as “garbage in, garbage out.”
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BI attempts to solve this problem by analyzing current data, ideally presented on a dashboard with quick metrics to support better decisions.
Most companies can benefit from integrating BI solutions; On average, managers with inaccurate or incomplete information tend to make worse decisions than if they had better information.
These requirements require finding more ways to capture information that has not yet been recorded, checking the information for errors, and structuring the information to allow comprehensive analysis.
However, in practice, companies have data that is unstructured or in different formats, making it difficult to easily collect and analyze. Software companies therefore offer business intelligence solutions to optimize the information obtained from data. These are enterprise-level software applications designed to unify an organization’s data and analytics.
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Although software solutions continue to evolve and become more sophisticated, data scientists still must navigate the trade-offs between speed and depth of reporting.
Some of the insights gained from big data force companies to capture everything. However, data analysts can typically filter out sources to find a selection of data points that can represent the health of a process or business area as a whole. This can reduce the need to capture and reformat everything for analysis, saving analysis time and increasing reporting speed.
BI tools and software come in a variety of forms. Let’s take a quick look at some common types of BI solutions.
There are many reasons why companies adopt BI. Many use it to support functions as diverse as hiring, compliance, production and marketing. BI is a core business value; It’s hard to find a business area that doesn’t benefit from better information.
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The many benefits that companies can achieve after adopting BI into their business models include faster, more accurate reporting and analysis, improved data quality, higher employee satisfaction, lower costs, increased revenue and the ability to make better business decisions.
BI was designed to help companies avoid the “garbage in and out” problem that results from inaccurate or inadequate data analysis.
For example, if you are responsible for the production schedules of several beverage factories and sales in a particular region are experiencing strong month-over-month growth, you can approve additional shifts in near real-time to ensure your factories can meet demand.
Likewise, you can quickly shut down the same production if a cooler than normal summer impacts sales. This manipulation of production is a limited example of how BI can increase profits and reduce costs when used correctly.
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Coca-Cola Bottling had a problem with its daily manual reporting processes: they limited access to real-time sales and operational data.
However, by replacing the manual process with an automated BI system, the company was able to fully streamline the process and save 260 hours per year (or more than six 40-hour workweeks). Now the company’s team can quickly analyze metrics such as delivery operations, budget and profitability with just a few clicks.
Power BI is a business analytics product from the software giant Microsoft. According to the company, it enables both individuals and businesses to connect to, model and visualize data through a scalable platform.
Self-service BI is an analytics approach that allows people without a technical background to access and explore data. In other words, it gives control over data to employees across the organization, not just those in the IT department.
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The disadvantages of self-service BI include a false sense of security for end users, high licensing costs, lack of data granularity, and sometimes too much accessibility.
One of IBM’s key BI products is the Cognos Analytics tool, which the company touts as a comprehensive, AI-powered BI solution.
The responsibilities of executives and managers include making their companies more efficient, profitable and competitive while improving the work environment for employees. Companies can achieve this with technology-driven processes, so-called business intelligence, and thus achieve these goals faster and more correctly.
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