What is Business Intelligence?

Business Intelligence is a term that is very commonly being used nowadays, so let’s take a look at what it actually means.

It is defined as “a set of systems and tools to transform raw data into significant and beneficial information for the purpose of conducting business analysis”. Basically, this means, using technology for extracting maximum information from data across the whole organization, and provides end-users with self-service reporting and analysis. This helps to improve business processes, and to enable effective decision making from operations to strategy.

The typical components of a BI framework include software solutions to gather, cleanse, integrate, store, analyze and share data. Analytics features like data and text mining, statistics and predictive analytics are used for recognizing patterns, and drawing meaningful conclusions from the raw data.

These components usually include the following functions:

  • Multi-dimensional collection and distribution
  • De-normalization, classification and calibration
  • Real time reports with diagnostic and systematic alerts
  • A way of interfacing with unstructured data sources
  • Group consolidation, budgeting and rolling forecasts
  • Statistical interpretation and probabilistic recreation
  • KPI optimization
  • Version control and process management
  • Open item management

BI technologies can provide not only the current view of operations, but also historic and predictive views. These solutions can be provided by a custom software development unstructured data, to help in recognizing, developing and creating new strategic business opportunities. The main aim of BI is enabling quick and easy interpretation of these huge data volumes.company to help run your business more effectively. These software solutions are typically able to handle vast amounts of

By identifying new opportunities and based on the insights provided by the BI, the management can implement an effective plan that will give their organization an edge over the competition, and greater stability.

There are different kinds of business intelligence, like:

  • EIS – Executive Information Systems
  • DSS – Decision Support Systems
  • MIS – Management Information Systems
  • Market Research and Segmentation
  • Product Profitability
  • Inventory and Distribution Analysis
  • GIS – Geographic Information Systems
  • OLAP – Online Analytical Processing and Multidimensional Analysis
  • CRM – Customer Relationship Management

Keeping track of this entire information means you would need a whole bunch of software programs, and that could confuse things; getting your ecommerce website development company to also create the software tools for simplifying the gathering and analysis of your BI, therefore, makes a lot of sense.

At Syosys, we know how important BI is to the growth of your organization. Just give us a call at 91 9605 057 575, and we will be happy to give you more details.