Making Inroads With Business Intelligence

The recipe for success in business is none other than business intelligence. Success has been very elusive for numerous businesses worldwide. They have been squeaky in welcoming strategic information allowing internal and external functions to improve. They are seldom unable to take intelligent information from their present information systems. The electronic businesses can become a mighty force, if they take in their web resources seriously. Business intelligence can play a huge role in making businesses more profitable.

Definition of Business Intelligence

Business Intelligence

Business intelligence takes into consideration information, which needs to be analyzed and accessed in order to take versatile business decisions. It assists the companies in taking the information into consideration for:

• Marketing efforts
• Improving customer relationship
• Combat fraud
• Cut expenses
• Streamline functions

Business intelligence has adequate influence on making and prioritizing decisions. Business intelligence evolves maturity in business. Business intelligence passes through many stages. Here is a small prelude to business intelligence. These elements make up the business intelligence:

1. Analytical application
2. Database and tools for managing information
3. Servers are needed
4. Storage plays a pivotal role here

A business intelligent solution consists of:

Data warehouse

It is a central repository structured from present and previous data of the company. It contains operational and recorded data.

Data mart

The data mart is a subpart of a data warehouse. It has been chosen for a purpose. They are made and destroyed while data warehouses are not. They are permanent records.

Data mining tools

Navigation tools are included in data mining tools and they evaluate data warehouses. They also shorten the contents of information in the data warehouse under a set boundary. The tools which relate the different data items are evaluated.

These mining techniques are used in data mining tools:

Probability theory

It involves clustering, classification and Bayesian networks.

Statistical methods

It involves regression.

Operations research

It involves queuing and scheduling.

Artificial intelligence

It involves fuzzy logic and neural networks.

Prediction tools

The predictive modeling tools are employed in prediction tools. It designs excellent and diversifying business models for making sure that companies make the right decisions. The decisions should be profitable and noteworthy. It can predict levels of sale from elements such as:

• Competitor’s activity
• Ad spend
• Price
• Season

hese are the elements of a business intelligence model. Business intelligence is further diversified into real stages. There are at least five stages for any typical business intelligence exercise.

Business Intelligence Reporting

Business Intelligence

Business Intelligence Reporting 2

Business Intelligence