Business Intelligence

A computer based techniques which is used to spotting, digging-out and examine business data is a good example of Business Inelegance. This technique is frequently used for online analytical processing, benchmarking, corporate performance management and data mining.

Online Analytical Processing: OLAP (online analytical processing) is computer processing that enables a user to easily and selectively extract and view data from different points of view. For example, a user can request that data be analyzed to display a spreadsheet showing all of a company's beach ball products sold in Florida in the month of July, compare revenue figures with those for the same products in September, and then see a comparison of other product sales in Florida in the same time period. To facilitate this kind of analysis, OLAP data is stored in a multidimensional database. OLAP can be used for data mining or the discovery of previously undiscerned relationships between data items. An OLAP database does not need to be as large as a data warehouse, since not all transactional data is needed for trend analysis. Using Open Database Connectivity (ODBC), data can be imported from existing relational databases to create a multidimensional database for OLAP.

Benchmarking: Webster defines benchmarking as “the study of a competitor’s product or business practices in order to improve the performance of one’s own company”. Benchmarking is a process by which you can find answers to questions regarding the performance of your business, such as how your business is doing compared to other businesses, whether you are gauging your performance based on the most appropriate measures, and whether you are using the best practices. By means of benchmarking, you can collect data that will help you answer these questions, and that will show you what you can achieve and how you can achieve it.

BI, Business Intelligence, Business Intelligence System

Corporate Performance Management: Corporate performance management (CPM) is the area of business intelligence (BI) involved with monitoring and managing an organization's performance, according to key performance indicators (KPIs) such as revenue, return on investment (ROI), overhead, and operational costs. For online businesses, CPM includes additional factors such as page views, server load, network traffic and transactions per second.

Data mining: Data mining is sorting through data to identify patterns and establish relationships. Data mining techniques are used in a many research areas, including mathematics, cybernetics, genetics and marketing. Web mining, a type of data mining used in customer relationship management (CRM), takes advantage of the huge amount of information gathered by a Web site to look for patterns in user behavior.

An excellent designed BI application can useful to make quick and better decision by quickly understanding the various dimensions of business and information assets. These assets can be customs data, manufacturing or sales data and marketing movement. BI software allows you to integrate these disparate data sources into a single coherent framework for real-time reporting and detailed analysis by anyone in your extended enterprise – customers, partners, employees, managers, and executives.

Business Intelligence is a broad field of study. The major thrust of business intelligence theory looks at certain factors to make high quality decisions. These factors include customers, competitors, business partners, economic environment and internal operations. Here is some more information on how these factors help businesses make quality decisions.