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The Future of Business Intelligence

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INFORMATION AND COMMUNICATION technology has offered a single platform to world market irrespective of geographical position. Growing number of consumers with varied demand and expectation make it very difficult to conduct any kind of business.

The Future of Business Intelligence

     

INFORMATION AND COMMUNICATION technology has offered a single platform to world market irrespective of geographical position. Growing number of consumers with varied demand and expectation make it very difficult to conduct any kind of business. To stay competitive, meet customer’s needs are now the primary concern for every organization. However, the adoption of Business Intelligence system is supporting to stay ahead from the market trends and expectation of the customer. It assists in preparing business strategies keeping in mind the future events by analyzing available data. Data analysis and decision making has made the use of BI inevitable and hence is going to be a major part of in all kinds of business.

Objectives: The primary objective of the every business is faster and better access of information guiding to smarter decision making and fulfilling given goals.

  • Meeting customer’s needs
  • Focusing on profitable opportunities
  • Improving customer relationship
  • Identifying new products & services
  • Product classification
  • Improving market segmentation

Over the past few years BI has been steadily growing in importance and in near future, companies will depend on only real time information relating to their business, where web and Internet will play the lead role in collecting and storing and analyzing business data. Several well-developed Business Intelligence tools assists in gathering and analyzing data that later make the user capable of understanding and developing decisions according to market trends. In the whole system it will be necessary to develop new but effective business rules and structures that include modifying data warehouse and database to meet market challenges.

However, technology like MSSO (Multiple Source, Simple Output) enables easy and secure data integration; it takes data directly from different sources by using structured data technology and store them into excel file by classifying them into different segments. This doesn’t need any intermediary server and provide direct access to raw data and hence allow real-time access to data. This is just one example of accessing real-time information and with the growing demand of BI, which is directly proportional to the consumer expectations, new technology will approach for betterment. Hence, BI really signaling a revolutionary change in business as more and more companies are taking up this technology to stay competitive.

     

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Posted on: March 11, 2008

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