Business Intelligence (BI) is all about managing data to bring out information that helps in decision making reducing risk. In this age, business is all about huge amount of data that is never ending. The reality is the struggle to make sense of it all by managing these information in a timely manner. Business intelligence just provides assistance to make the whole process easier. (Dempsey, 2004) It can even be said that "Business Intelligence has been raised in enterprise architecture as a new approach which helps managers for making accurate and intelligent decision for business in the shortest possible based on speed in data analysis. (Zamani, Maeen, & Haghparast, 2017)
Organization feed data into software which is a part of BI string. These software over time help generate reports and specific details on demand. For example accounting software that are used for business enter every day transaction of sales, purchase, payables, bad debts, depreciation etc. These data at the end of the year helps generate final reports where managers can interpret if the company is performing well as compared to previous years and what needs to be improved. This decision making power is the result of classified information the software helped generate.
There are a lot of benefits from BI. Benefit generation in a company is usually understood as reduction in cost from scale of production, simplified and effective management, maintenance and reduction in training cost. But what is missing in this picture is that better competitive use of resources comes from integrated operational information or intelligence. Intelligence that come from a single source that clarifies customers demand, supply chain and helps decision makers. (Kellett, 2006)
Saman Krish Electronic Payment Company with the use of BI has been able to deliver contactless payment for their clients. In addition they can now evaluate and analyze research variables, which will facilitate the decision making, strategic business intelligence, and operational intelligence, improve quality of business and give effectiveness in decision making. (Zamani, Maeen, & Haghparast, 2017)
Staffs in big organization are managed with the use of HRMS (Human Resource Management Software). These software are updated with details about staff, their qualification, specialization, experience, years worked, training received, salary being paid etc. which helps organization better utilize HR and take better decisions.
These are some benefits and how BI is used in business today.
References
Dempsey, M. (2004, June 9). Sense from nonsense The decision-making process depends on relevant, timely information, but extracting the right data from dozens of IT systems is rarely easy. Michael Dempsey finds out if business intelligence is the answer to the data conundrum: [SURVE. Financial Times , p. 6.
Kellett, A. (2006, March 16). BUTLER GROUP: The isolated, tactical use of Business Intelligence tools is outdated, inefficient and needs rapid closure; Future value of Business Intelligence to organisations will come from the extended use of enterprise intelligence services. M2 Presswire; Coventry , p. 1.
Zamani, M., Maeen, M., & Haghparast, M. (2017). IMPLEMENTATION OF BUSINESS INTELLIGENCE TO INCREASE THE EFFECTIVENESS OF DECISION MAKING PROCESS OF MANAGERS IN COMPANIES PROVIDING PAYMENT SERVICES. Journal of Internet Banking and Commerce , 1-24. Retrieved from proxy.lirn.net/MuseProxyID=mp01/Mu...
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Business Intelligence (BI) is all about managing data to bring out information that helps in decision making reducing risk. In this age, business is all about huge amount of data that is never ending. The reality is the struggle to make sense of it all by managing these information in a timely manner. Business intelligence just provides assistance to make the whole process easier. (Dempsey, 2004) It can even be said that "Business Intelligence has been raised in enterprise architecture as a new approach which helps managers for making accurate and intelligent decision for business in the shortest possible based on speed in data analysis. (Zamani, Maeen, & Haghparast, 2017)
Organization feed data into software which is a part of BI string. These software over time help generate reports and specific details on demand. For example accounting software that are used for business enter every day transaction of sales, purchase, payables, bad debts, depreciation etc. These data at the end of the year helps generate final reports where managers can interpret if the company is performing well as compared to previous years and what needs to be improved. This decision making power is the result of classified information the software helped generate.
There are a lot of benefits from BI. Benefit generation in a company is usually understood as reduction in cost from scale of production, simplified and effective management, maintenance and reduction in training cost. But what is missing in this picture is that better competitive use of resources comes from integrated operational information or intelligence. Intelligence that come from a single source that clarifies customers demand, supply chain and helps decision makers. (Kellett, 2006)
Saman Krish Electronic Payment Company with the use of BI has been able to deliver contactless payment for their clients. In addition they can now evaluate and analyze research variables, which will facilitate the decision making, strategic business intelligence, and operational intelligence, improve quality of business and give effectiveness in decision making. (Zamani, Maeen, & Haghparast, 2017)
Staffs in big organization are managed with the use of HRMS (Human Resource Management Software). These software are updated with details about staff, their qualification, specialization, experience, years worked, training received, salary being paid etc. which helps organization better utilize HR and take better decisions.
These are some benefits and how BI is used in business today.
References
Dempsey, M. (2004, June 9). Sense from nonsense The decision-making process depends on relevant, timely information, but extracting the right data from dozens of IT systems is rarely easy. Michael Dempsey finds out if business intelligence is the answer to the data conundrum: [SURVE. Financial Times , p. 6.
Kellett, A. (2006, March 16). BUTLER GROUP: The isolated, tactical use of Business Intelligence tools is outdated, inefficient and needs rapid closure; Future value of Business Intelligence to organisations will come from the extended use of enterprise intelligence services. M2 Presswire; Coventry , p. 1.
Zamani, M., Maeen, M., & Haghparast, M. (2017). IMPLEMENTATION OF BUSINESS INTELLIGENCE TO INCREASE THE EFFECTIVENESS OF DECISION MAKING PROCESS OF MANAGERS IN COMPANIES PROVIDING PAYMENT SERVICES. Journal of Internet Banking and Commerce , 1-24. Retrieved from proxy.lirn.net/MuseProxyID=mp01/Mu...