Business
Intelligence (BI) has become a huge term in the corporate world these days as
data becomes more and more valuable. As most enterprises go global, getting to
understand how the larger market really works is a huge challenge for many
today. This is where BI comes in, but, what is it really??
Put
in a layman’s language, Business Intelligence is basically the use of gathered market
and internal intelligence to make strategic and operational decisions. It
comprises of technologies and processes such us
data mining, online analytical processing, complex event processing, business
performance management, reporting, bench marking, text mining, predictive and
prescriptive analytics etc.
Some
of the advantages of BI to an enterprise include:
·
Informed
decision making
·
With
adequate market information, BI helps companies strategize
and come up with measures on how to beat their competitors (competitive
intelligence). This is also important in providing better goods and services to
customers.
·
Business
intelligence is also useful in goal setting and vision achievement in an
enterprise.
The
most important pillars holding BI together and upon which this technology rests
are:
Ø
Sources
of Data
Ø
Data
integration
Ø
Data
management
Ø
Reports
Ø
Dissemination
of information.
In
the business field, BI has found applications in many departments including
Business Administration, Marketing, Finance and business statistics. Business
intelligence is therefore important for students wishing to make a career in
such business fields. The students should understand how the various analytical
tools are applied in the real world and how the various processes under BI are
carried out. Some of these techniques are not easy to grab first hand and in
such scenarios, an online tutor come in handy to ensure you maintain good
grades even on tough Business intelligence assignments.
At
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Ø
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Ø
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Ø
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Ø
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