Everything about Business Intelligence
Basically, business intelligence (BI) has two definitions related to intelligence. However mainly, it’s human intelligence capacity that implements in business activities. This technology is a new field that combines human cognitive ability with artificial intelligence (AI) to manage and support business decisions. Second, intelligence can be defined as valuable information about the currency and its relevance. Business intelligence concepts have been used by Gartner Group since 1996. It is defined as the application of a set of methodology and technology such as J2EE, XML, DOTNET, Web Service, OLAP, data mining, and so on. By using technology, companies can make their operations more efficient and enhance their competitiveness. According to Stackowiak (2007), business intelligence is a massive collection of data, analyzing it, visualizing it in a series of reports that makes data essence to be the base of business activities, allowing management to make business decisions. On the other hand, Zeng (2006) categorizes business intelligence technologies based on information delivery method, report, statistical analytic, ad-hoc analysis, and predictive analysis. However, please note that Business intelligence needs software in order to perform data analysis and reports. The use of BI can assist management in decision-making to achieve the goals.The Component of Business Intelligence
Business Intelligence consists of several components, each with a distinct function. The tool is used in business intelligence often known as an intermediary in the transaction application and decision-making application. Here are the components of business intelligence:- OLAP (On-Line Analytical Processing)
- Advanced Analytics
- Corporate Performance Management (Portals, Scorecards, Dashboards)
- Real-time business intelligence
- Data Warehouse and Data Mart
- Data sources
The Benefit of Business Intelligence
Business intelligence offers many benefits for companies. It can reduce errors made by humans, increasing communication between departments while performing coordination activities. In addition to that, companies can also give a quick response if there is a change in financial, customer preferences, and supply chain operations. Generally, business intelligence enhances the whole company’s performance. Business intelligence has become a crucial part of companies’ performance. Here are the benefits of using Business intelligence:- Fast and accurate reports
- The valuable business insights
- Competitive analysis
- A better data quality
- Improving customer satisfaction
- Identify market trends
- Increase business operation efficiency
- A better and more accurate decision making