Business Intelligence Overview

Generating data for business benefit is termed business intelligence (BI). Taking data and converting the same into information for creating knowledge is business intelligence. Data should reach people at the right time, place and format in order to make better decisions for driving business benefits.

There have been tremendous mergers and acquisitions in the business intelligence space over the past few years. Large-scale software developers have adopted pure-play providers of business intelligence services. Over the past years, business intelligence was ineffective in delivering what users wanted, but with the mergers and acquisitions of bigger companies, there has been much potential in the technology space for delivering information. As a result, the scenario has changed completely and technology is able to deliver more than what is expected to deliver most users ask before starting a project.

Producing appropriate data for projects is not that easy. Obtaining data and turning it into productive information for business benefit is a very responsible job. There can be different types and ways information can be arranged for concluding best decisions which will help to gain knowledge and information by a business.

For instance, two-dimensional reports or reports with graphics can be printed or sent by email or presented using office applications such as Outlook, Word, or Excel. A presentation can be made through dashboard tools or through PowerPoint presentations to audiences. It helps to give a snapshot of the kind of analysis that is done. Analysis can be done in the form of different colors. These kinds of reports with scorecard information in red, amber, and green colors are called RAG reports. They make it easier for audiences to see the project's performance according to the target decided in the form of Red, Amber, and Green color.

Red indicates bad performance.

Amber indicates average performance.

Green being the best among the others.

Business Intelligence is a broad term and used in various ways. Once you get the information, it's important to monitor how the information is used and its impact on business. Tracking these changes in the business management process into a business strategy can mold people's businesses and behaviors.

The first thing an individual should do once business needs are decided based on business intelligence solutions is to create a tool to implement solutions. One common mistake that most companies make is to, approach several companies and vendors for different kinds of presentations. By doing this, the overall objective of the process gets distracted by different technologies. The main criterion for business intelligence is focusing on the most productive information. In other words, what exactly is required to expand the business needs to be achieved? The vendor should be educated on how technology will benefit businesses in various ways.

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