Business Intelligence consist of different methods and techniques that help a company to collect, evaluate and access the necessary business information for decision-making. This may also involve surveys and data from test sales runs for the company product. Business Intelligence and data warehousing encompass quite a broad spectrum, from profiling customers to making excellent use of gathered data to provide better customer service, among many others.
Many businesses use outside IT consultants to help them develop a “digital dashboard” to monitor all of their business intelligence data from one central focus point. Given this, BA needs to analyze the organizational data sources in order to build up the most effective DW which would help the strategized BI process.
Focused marketing is also an ideal strategy when cash is short and your customer base needs extending. Analytics is the practice of looking at historical data to gain insight and understand business performance. One of the most useful applications under this is the business intelligence crisis management.
To make the Business Intelligence system operational: After the implementation, specific organizational structure for handling the BI operations needs to be planned and the resources need to be trained in the required areas. Business intelligence requires a heavy emphasis on databases and analysis.
Data sourcing, data analysing, extracting the correct information for a given criteria, assessing the risks and finally supporting the decision making process are the main components of BI. Business analysis involves the examination of an organization’s working structure, strategies, policies, etc., and formulating corresponding plans and projects for their improvement.