What is Business Intelligence?
Business
intelligence is a term that refers to a variety of software applications which
are used by organization to analyze their raw data. Business Intelligence as a
field of discipline is made up of several inter-related activities which
include online analytical processing, data mining, reporting
and querying.
Companies
use Business Intelligence to improve their decision making, cut costs and to
identify new business opportunities by analyzing data. Chief Intelligence
Officers of companies use Business Intelligence to identify the business
processes which are inefficient that are ready for re engineering.
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With today’s Business Intelligence tools business organizations
can jump in and start analyzing data themselves rather than waiting for IT to
run complex queries. Executives have to ensure that the data which is used as
an input in Business Intelligence applications is clean and consistent so
that users can trust it.
Generally Business Intelligence is made up of an components and
these components are as follows are:
- Open item management
- Version control and process management
- Probabilistic simulation and Statistical inference
- Interface with unstructured data source
- Real time reporting with analytical alert
- Multidimensional allocation and aggregation
- Standardization, Denormalization and tagging
- Key performance indicators optimization
Business Intelligence can be used for following business purposes
to drive our business
- Measurement
- Analytics
- Enterprise Reporting
- Collaboration Platform
- Knowledge Management
Business Intelligence Software is developed with the primary goal
of fetching important data from an organization’s raw data, analyze the data
and indirectly it helps a business to take faster and more accurate decisions.
Business Intelligence software uses following analytics features
- Statistics
- Data and Text Mining
- Predictive Analytics to reveal platform
- Turn Information into insights
In the
current market scenario according to the top market research firm
MarketsandMarkets which has recently conducted a study on the Business
Intelligence Market. The study reports that the global Business Intelligence
Market is expected to grow from $5.25 billion in 2013 to $16.52 billion by
2018, at an estimated growth of 25.8% during this forecast period.
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