- October 4, 2021
- Posted by: Tanu Shyara
- Categories: Blog, Blog SEO, Business Intelligence
It is the process of converting related business data into information, information into knowledge and knowledge into intelligence with iterative identification.
Data: It is a raw data that represents the reality, facts and figures.
Information: It is a data that is processed and interpreted.
Knowledge: After the information is processed, it becomes more intelligible with some meaning and understanding.
Business intelligence (BI) is a broad range of applications and technologies for collecting, storing, analyzing and providing access to data to help enterprise users make better decisions. business Intelligence Support systems from the point of view of business intelligence activity, inquiry and reporting, online analytical processing (OLAP), statistical data analysis, forecasting and data mining.
Business information is a set of methods, processes, architectures and technologies that transform raw data into meaningful and useful information that is used to enable effective strategy, tactical and operational insights and decision making.
A set of methodologies, processes, architects and technologies that leverage the outputs of information management processes for analysis, reporting, performance management, and information delivery.
Business intelligence is neither a product nor a system. It is an architecture and a collection of integrated operational as well as decision support applications and databases that provide the business community with easy access to business data.
BI provides accurate, useful information to decision makers within the required time frame to enhance decision making.
BI printed reports and computer screens are not just some facts and figures. BI provides the basic information on which to make a decision. BI also provides feedback information that can be used to evaluate decisions.
BI systems enable the organization to provide users with insights into the information assets of the company.
5 Key Stages of Business Intelligence
1. Data Sourcing:
Business intelligence data is about extracting information from multiple sources, which can be text documents such as memos, reports and email messages, photos and images, sounds, formatted tables, web pages and URL lists. The key to data sourcing is to obtain information in an electronic form. So sources of data include: scanners, digital cameras, database queries, web searches, and computer file access, etc.
2. Data Analysis:
Business intelligence is about synthesizing useful knowledge from a collection of data. It is about estimating current trends and summarizing and integrating various information, understanding valid models and missing information or predicting future trends. We also call this process of data analysis as data mining or knowledge discovery.
3. Situation Awareness:
Business intelligence is about filtering out irrelevant information and setting up the rest of the information in the context of the business and its environment. Users need to summarize the items to have relevant information about their needs. And all the relevant data (market forces and government policies etc.) is synthesized.
Situational awareness is the understanding of the context in which to make and understand decisions. Algorithms for position evaluation automatically provide such synthesis.
4. Risk Assessment:
Business intelligence is about to figure it out. which can be worked at different times. What other decisions can be taken? It’s about helping you decide on the present and future risks, costs, and risks of taking one action over another, or making one decision versus the other. It’s all about your best options, options, and how to summarize them.
5. Decision Support:
I am going to use Business Intelligence wisely, its purpose is to give you important events. Like acquisitions, market changes, poor performance of employees so that you can take preventive measures. It seeks to help you analyze and make better business decisions to improve sales or customer satisfaction or employee morale. It presents the information you need, when you need it.