Analytics and business intelligence systems combine data, statistics, technology and business strategy in a format that’s intuitive and easy for end users to interact with. Instead of just “record keeping”, let’s use all this computing power and endless data in ways that can make us better at what we do. How about introducing software that performs large-scale, sophisticated analysis. Some key performance indicator gives you concrete business intelligence, while others will give you business intelligence in the abstract.
Competitive Intelligence is defined as the process of collecting and analyzing information on the activities of competitors, so as to support the achievement of the goals of the business. 10. A closed-loop process is often used to optimize business performance.
SAS has packaged their business analytics knowledge in the form of models, processes, business logic, queries, reports and analytics. Data warehouses store infinite amounts of information pertaining to a company’s purpose and business intelligence systems understand which data bases to tap and what information is relevant to the general purpose of the company in question.
Bigger BI implementations can lose focus and produce process analytics for their own sake without a clear business requirement. For example: if analysis reveals that many customers have churned from a particular area last month and further investigation has identified that there are frequent call drops (disruptions in service) in that exchange (or BTS area).
IT users also use it for supporting the individuals in the organization and provide reports to the outside customers. For example, by examining the purchasing trends of certain customers during certain times of the year, a company can predict how much of a certain product they need to produce in order to meet the demand of their clients.