Business Intelligence – How It Transformed the Business World

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Business Intelligence (BI) is a set of tools and methods that process the source data into meaningful information and useful statistics for analytical purposes can help more and more positive results.

If we truly understand the term “business intelligence”, perhaps this little piece will help from history. The term was originally compiled by Richard Miller Devens in 1865 in his reference to Sri Henry Furnese, the prominent government sponsors in England between the years 1705 and 1710. Description Furnese wrote business acumen and his accurate interpretation of the monetary situation in Devens, “he argued that a complete and perfect train of business intelligence. Here he was, of course, refers to the ability Furnese to collect information, correlate the information received and to respond based on accurate and collected information. This is the essence of true “Business Intelligence”.

In today’s highly competent business-driven outlook developed and competition, BI facilitates the processing and interpretation of large amounts of unstructured data or the input of large amounts of information to identify, create and develop strategic and long-term business opportunities, and at the same time plug the holes on the slide and strengthening the system. For commercial companies throughout the world, is the key to implementing effective strategies based on actual data, to win, to win a competitive market advantage and long-term stability.

Business Intelligence technologies provide a wide range of information views of current business current, historic and promising. Common functions of BI include:

• Analysis
• Benchmarking
• Business-performance-management
• Complex event processing
• Data-mining
• Online analytical processing
• Predictive analytics
• Prescriptive Analytics
• Process mining
• Reporting
• Text mining

Business solutions supports BI-methods, which include operational, strategic and many others.

• Operational decisions cover market positioning of products and services, and rates

• Include strategic decisions, directions, goals and priorities on a large scale

All business analysts, most of them can only be effective when it comes to combinations of data that are out of the market-segment in which the company operates, which are classified as “external data” will be classified with the data from the corporate areas as Finance and activities as ‘internal data’. Neither set of data, which can be either external or internal, “intellect”, which is required for a full analysis of business functions and results.

Business Intelligence Software

BI-software refers to programs that can analyze data and organize information for better decision-making. Since you first introduced in 1960-ies as ‘systems of decision support, Business Intelligence software is rapidly gaining momentum in the business world with several software companies that collect business intelligence tools for specific types of data.

One of the most fashionable trends in the business intelligence domain is a striking shift in software architecture and design, you will find that more user-oriented applications. Business users are increasingly using these apps to analyze and verify the specific data sets through departments such as Finance, business, manufacturing, marketing, procurement, retail etc. with the growth of technology and the Internet have increased demands on the business intelligence tools that can analyze massive amounts of data obtained.

For a successful data driven-the organization of business requires a combination of analysis and forecasting. In recent decades, ‘data’ moved from customer based on the query that companies need to stay ahead of the competition. 2015 predicted a big change in corporate information management, Analytics, and the seller is trying to predict what the market should continue.

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