Business Intelligence Is Becoming An Important Strategic Tool For Business Management

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Business Intelligence or BI is a computer-based system which is used by organizations for decision making purpose. It consist of a huge data warehouse or data marts of business data, from which it performs mining, recognizing, digging or analyzing operations to produce suitable results/reports. BI applications include a wide range of activities for statistical analysis, Data mining, querying and reporting, business performance analysis, Online Analytical Processing, and forecasting and predictive analysis. It provides organizations with significant information regarding employees, consumers, dealers and other business associates, which can be used in effective decision making. In today’s fast changing business environment, the need for…show more content…
Using Business Intelligence, the data from separate source systems is loaded into a data warehouse through a process of extraction, transformation, loading and data are then transformed into useful information and knowledge. Data Warehousing A Data Warehouse is simply a consolidation of data from a variety of sources that is designed to support strategic and tactical decision making. In other words, a data warehouse consist of different data sources provides access to the data that will expand frequency and depth of data analysis. Due to these reasons, data warehouse is the foundation for business intelligence. Its main purpose is to provide a coherent picture of the business at a point in time. Using various Data Warehousing toolsets, users are able to run online queries and 'mine" their data. Companies that build data warehouses and use business intelligence for decision-making ultimately save money and increase profit. Moreover, many successful companies have invested large sums of money in business intelligence and data warehousing tools and technologies. They believe that up-to-date, accurate and integrated information about their supply chain, products and customers are critical for their very survival. Comparison with business analytics Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data with emphasis on statistical analysis. Business
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