Business Intelligence: Power to gain competitive advantage
WITH THE DEVELOPMENT of Business Intelligence technology companies of all sectors are increasingly depending on different Business Intelligence tools and software for better information management. Making the right decision for your company requires better analysis of the available data but discovering the right knowledge among those tides of information flow is the key behind the success of every corporation. In this age of information and technology, it is obvious to gather infinite number of information from various sources thereby making data warehouses essential for managing and better future planning on the basis of information. Here Business Intelligence (BI) provides solution for strategic decision-making.
In case of data warehousing information are only stored without any principal aim of exploring knowledge but Business Intelligence with all its technological tools categorizes, compares and analyzes information and then applies those in making decision. It is also comprehensive than data mining that deals with searching particular pattern from a large volume of data by using number of techniques like statistics, computer science, pattern recognition technique etc. BI is a combination of similar technologies and shows information in its real value that can be used and shared by many people.
Though information can be obtained from various sources but that must be relevant, updated, trusted and easy to use. There are different business intelligence tools used for different purposes. The tool used for reporting delivers timely and updated information for queries with context. OLAP or Online Analytical Processing enables one to answer queries with different dimensions by relating or comparing different complex data with similar context. Score carding makes you get a clear view your progress report that is easy to understand for making further progress.
All the mentioned BI tools together offers a clear view of the progress report of your organization by exploring more knowledge and value from the information that are useful for decision making. Without good knowledge a business cannot succeed overnight and with this technology any corporation can make a general frame for decisions in the entire organization. A successful business organization can be defined by how intelligently it manages business data. Hence, BI is now increasingly used in various industries including healthcare, pharmaceutical, manufacturing, insurance, financial service and telecommunication.