What you Need to Know About Business Intelligence

By: Hall Andrew

Running your own business is simply put as enhancing information and turning it into vital knowledge. So it is not enough that you have the idea, you need to make use of that idea and put in other resources to transform your idea into a useful knowledge that can be the foundation of your business. With business intelligence, any business venture is able to gain advantage. This is because with business intelligence you will be able to determine how the customer's mind works-their needs, their decision-making processes, and their various cultural, technological, and economic trends. Business intelligence likewise studies and evaluates the entire industry as a whole. With the right utilization of business intelligence, any business will find it easy to realize its set goals.
Origin of Business Intelligence
The Art of War by Sun Tzu was the first to refer to business intelligence. Applied to the basics of war, business intelligence is said to have a close resemblance to how one wins in battle. Tzu explained that understanding the strengths and weaknesses of the enemy is the secret to winning a war. This is exactly the basic idea behind business intelligence. A company must also be fully knowledgeable about itself as well as its competitors and customers before it can fully grow and get the success it has set itself to attain.

Tools of Business Intelligence
As with any strategies and techniques, business intelligence likewise involves the use of various tools so it can be fully utilized.

All these tools are basically aimed at gathering information and evaluating them. Among these data tools are data mining, data warehouses, and data modeling. For organizational purposes, these tools are use, while the online analytical processing is used for the analyzing part of the strategy.
Other companies, on the other hand, opt to use software vendors for their business intelligence tools. This happens when the company itself is unable to provide itself with these tools; hence, they look up to software vendors to do so for them. Software vendors equip a business not only with these tools but sometimes even with professionals and some software support to aid the company in the analytical process of their organization.

Impact of Business Intelligence
The wide scope of business intelligence is a ready giveaway that its impact is all encompassing. Every aspect of a business will definitely feel its influence. From the non-technical end users to the IT department of the company, from the business analysts to the entire enterprise, business intelligence has a significant effect on them. And as such, it is the role of the software vendor to integrate all the elements of the company. This includes ensuring that everybody gets an updated and consistent flow of current and accurate data to get them to make the right decisions for the department with which they are part of. With this, a more coherent and organized company results with everybody being fully aware of their roles.
Conclusion
Like in battle, winning means everything. The same principle holds true for business intelligence. The role that business intelligence system plays in every company is vital. This is due to its responsibility to provide essential information to its constituents, to give access to all these information, and to enhance any timelines involving this information. A business intelligence system is, therefore, foreseen to improve the planning strategy regarding business changes, reduce unnecessary costs on analyzing data, and because it has a quick response feature to the needs of the organization, the business is most likely to achieve its goals.
Marketing and Distribution by internet marketing company Web Efforts (UK).

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