 Business Intelligence
Business Intelligence is a process for increasing the competitive advantage of a business by intelligent use of available data in decision making. Business Intelligence is about extracting information from multiple sources of data. The data might be: text documents - e.g. memos or reports or email messages; photographs and images; sounds; formatted tables; web pages and URL lists. The key to data sourcing is to obtain the information in electronic form. So typical sources of data might include: scanners; digital cameras; database queries; web searches; computer file access; etcetera.
Business Intelligence is about synthesizing useful knowledge from collections of data. It is about estimating current trends, integrating and summarising disparate information, validating models of understanding, and predicting missing information or future trends. This process of data analysis is also called data mining or knowledge discovery. Typical analysis tools might be probability theory, operations research, artificial intelligence etc.
Business Intelligence is about filtering out irrelevant information, and setting the remaining information in the context of the business and its environment. The user needs the key items of information relevant to his or her needs, and summaries that are syntheses of all the relevant data (market forces, government policy etc.). Situation awareness is the grasp of the context in which to understand and make decisions. Algorithms for situation assessment provide such syntheses automatically.
Business Intelligence is about discovering what plausible actions might be taken, or decisions made, at different times. It is about helping you weigh up the current and future risk, cost or benefit of taking one action over another, or making one decision versus another. It is about inferring and summarising your best options or choices.
Business Intelligence is about using information wisely. It aims to provide warning you of important events, such as takeovers, market changes, and poor staff performance, so that you can take preventative steps. It seeks to help you analyse and make better business decisions, to improve sales or customer satisfaction or staff morale. It presents the information you need, when you need it.
The benefits of using Business Intelligence in a working environment can be:
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A way to access data in a common format from multiple sources
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A way to measure business goals by analysing cross-departmental data
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See who the good, bad and ugly customers are at a glance
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Track customer behaviour to improve service and relationships
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Track specific product sales across regions and distributors to improve production and supply
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Track internal business trends to improve processes
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Track external market trends to improve competitiveness
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Fine tune pricing and marketing policies
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