Knowledge is profit. As a general rule, the most successful man in life is the man who has the best information. It is the same in case of business organizations; the business which has the best available information always has a sustainable competitive advantage. But there is so much information available and very little time.
Business Intelligence helps organizations to make better, faster decisions about their customers, partners, and operations by turning mountains of data into valuable business information. It helps to bring together information, people, and technology to create successful business strategies and helps to execute those strategies with confidence.
Business Intelligence is a broad category of application programs and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions. Its application includes decision support, query and reporting, online analytical processing (OLAP), statistical analysis, forecasting, and data mining.
Business Intelligence is the process of enhancing available data into information and then into knowledge. It uses knowledge management, data mining and business analysis to identify, track and improve the key processes and data. Business Intelligence is carried out to gain sustainable advantage and also provides valuable core competency in some instances.
Companies use Business Intelligence to improve decision making, cut costs and identify new business opportunities. Business Intelligence is more than just corporate reporting, it’s a set of tools to extract data out of enterprise systems Business Intelligence is used to identify inefficient business processes that are appropriate for re-engineering.
Although Business Intelligence holds great promise, implementation of it is very challenging. Executives have to ensure that the data feeding Business Intelligence applications is clean...