Business Intelligence (BI) – Backbone for Decision Making
Business intelligence is the combination of: -
• Data gathering
• Data storage
• Knowledge management
for analysis of complex corporate and competitive information for improvement of quality and achievement of desired goals.
In fact, business intelligence is getting right information in the right time, at the right location and in the right form.
1.2 How Business Intelligence help in Decision making process of an organization?
Business Intelligence is basically an IT enabled business decision making, which is based on simple to complex processes of data and information analysis. So it is better to say that the main objective of the business intelligence is to help and support in proper and targeted decision making process. To make more informed business decision, Business intelligence plays a vital role in following manners: -
• Different tools of Business intelligence support in monitoring the current and past activities of the organization.
• BI gives thorough overview on the strengths & weaknesses of the organization by analyzing available data. Therefore, company / organization can overcome its weaknesses and get the opportunities from the market.
• Business intelligence applications / tools point out the most constructive directions towards the future of the organization.
• BI gives real time information to managers or executives about the inner working of the organization. This gives power and authorizes them to make informed decisions for all the departments of the organization.
• After getting the statistics and information from business intelligence applications, executives and managers can guarantee that the organization is not running blindly.
• Business intelligence tools always enable decision makers to decide for future of the organization without wasting precious time.
• BI allows executives to make speedy decisions to achieve long and short...