Business Intelligence Is A Process Of Analyzing Data Essay

Business Intelligence: Business intelligence is a program that coordinates the best combinations of data in sales to achieve maximum profits.

Business intelligence (BI) merges architectures, tools, databases, analytical tools, applications, and methodologies. It also is context free like DSS. BI deduces the connections between business entities by evaluating copious volumes of historical data which supports decisions. BI has four major components consisting of a data warehouse, business analytics, business performance management, and a user interface.

Business Intelligence (BI) is the consolidation and analysis of internal data and / or external data for the purpose of effective decision-making. At the core of all BI initiatives is a data warehouse to hold the data and analytics software. The data warehouse stores data from operational systems in the organization and restructures it to enable queries and models to extract decision support reports.

As we discuss the possibility of emerging into business intelligence software we must keep in mind the overall purpose of using any type of software is to reach strategic goals in order to increase market shares. I will discuss how business intelligence software will allow us to meet those strategic goals. We will establish what type of information and analysis capabilities will be available once this business intelligence software is implemented. We will discuss hardware and system software that will be required to run specific business intelligence software. Lastly, I will give a brief synopsis on three vendors (IBM, Microsoft Microsoft and Oracle) that are dominating the business information software industry today.

As coined in an article in the St. Louis Post-Dispatch by Aisha Sultan, “Data is the new world currency.” Data mining is the process of analyzing data from different perspectives and then summarizing it into useful information. In essence is it applying all different types of what if scenarios on large swaths of data to get possible results to aid in better decision making. This sort of decision making isn’t something new, it’s the technology aiding the decision making that is new. This has reduced the amount of time it takes in the decision making process and given the

Business Intelligence (BI) is defined by IBM as, “the discipline that combines services, applications and technologies to gather, manage and analyze data, transforming it into usable information to develop insight and understanding needed to make informed decisions.” (IBM.com, 2006) In its most basic form, BI is an umbrella principle that synergizes the core understanding of your business, including all of its facets, and acting on what that foundation is made up of.

Business Intelligence can be defined as the combined form of developing and learning the data that has been collected from various sources and then analyzing it. Business Intelligence is also used to provide the data in an interactive access to the data which enables the business analysts to process out certain analysis by making necessary manipulations in the data. The data that gets manipulated and analyzed includes the historical data along with the current data along with the performance levels and the situations through which the analysts are able to make precious insights that can be used to provide solutions that can result in benefitting the organization. Thus, Business Intelligence is basically taking actions based on the decisions that are taken by considering the transformed or the manipulated data (Turban, Sharda, Delen, King, & Aronson, 2011, p. 08)

Data mining simply explained is automated sorting and analyzing of large amounts of data, searching for patterns and correlations. On a

Business Intelligence is a process which includes different technologies and methods process for analysing data and presenting information which is helpful for top level management.BI includes various tools, application, and methodologies that enable organizations to collect data from internal and external sources, prepare that for analysis develop and run queries against the data and generate different kind of graphs and reports. Business Intelligence can analysis large amount of data easily and affectively .Identifying new threats and opportunities and implementing an effective and profitable strategy based on insight can provide business a market stability and long term stability.

Data mining is the process of analysing data to discover meaningful patterns within the data resulting in extracting useful information that may have not been discovered yet. Data mining borrows techniques from a variety of fields such as statistics, machine learning and artificial intelligence. Because of its usefulness, data mining has been used in a range of industries such as, banking, telecommunications, retail, marketing, and insurance.

All great organizations share one thing in common, the use of business intelligence. Business intelligence (BI) provides tools that revolutionize the way organizations manage business and decision-making. It allows them to transform mass amounts of raw data into reliable information necessary to make important business decisions. BI delivers relevant and reliable information to those who seek it with the goal of achieving better decisions faster. An employee is independently able to navigate through a company’s data and find what he or she needs without relying on others. This means an organization no longer needs to dig through compiled webs of linked spreadsheets, analyze the data manually and mash together reports. Instead, employees can use BI systems to request the specific information that is useful for them (Hitachi Solutions Canada, 2014). BI allows managers to reach the most accurate and contemporaneous information an organization’s database cannot retrieve. The software offers applications for both data analysis and presentation of results. Applications such as data mining and decision support systems allow one to contemplate how he or she wants to analyze the data. Data mining refers to the process of searching for valuable business information in a large database, data warehouse, or data mart. Decision support systems combine models and data in an attempt to analyze semi structured and some unstructured problems with

Data mining is the extraction of knowledge from the various databases that was previously unknown (Musan & Hunyadi, 2010). Data mining consists of using software that conglomerates artificial intelligence, statistical analysis, and systems management in the act of extracting facts and understanding from data stored in data warehouses, data marts, and through metadata (Giudici, 2005). Through algorithms and learning capabilities data mining software can analyze large amounts of data and give the management team intellectual and effective information to help them form their decisions. The intention for data mining is to analyze prevailing data and form new truths and new associations that were unknown prior to the analysis (Musan & Hunyadi,

An OLAP system provides facilities for summarization and aggregation, and stores and manages information at different levels of granularity. It manages large amounts of historical data. These features make the data easier to use in informed decision making.

Business Intelligence can be considered as a technology-driven process used for fetching useful and meaningful

Business Intelligence software is designed to help improve the flow of data through the different working parts of an organization. With this data, business leaders are better equipped to analyze the decisions that their business is faced with.