What are the applications of Business intelligence in an enterprise?
Business intelligence can be implemented successfully in an enterprise to add more value to the business by using various applications of business intelligence, such as:
Measurement: Measure is a program of preparing a performance metrics and benchmarking, which intimates the project manager about the progress of the project towards achieving the goals and objective of the organisation or project.
Analytics: It's a business intelligence application that allows the business leaders take the optimal decisions through quantitative processes and discover more business knowledge. Analytics involves data mining, process mining, predictive modeling, statistical analysis, business process modeling, complex event processing and prescriptive analytics.
Enterprise reporting: This program is used to make framework for strategic reporting and is dedicated only to the strategic management of a business. This involves tools like data visualization, executive information system and OLAP.
Collaboration platform: This programs uses data sharing and electronic data interchange (EDI) to make it possible for both the internal and external areas of business to work together.
Knowledge management: Knowledge management involves the strategies and practices for identification, creation, representation, distribution and adoption of views and experiences gathered from the company data and considered to be the true business knowledge. This also helps in learning management and regulatory compliance.
Moreover, business intelligence can also use alert system to make aware the end users for various situations. Alert systems such as alert mail, alert messages and other approaches can be used as a alarm for the users.