Business Intelligence is an all-encompassing term that is used to refer to a broad range of software applications that are employed to analyse and process an organization’s raw facts and figures. People who run businesses should use numbers based on facts to be able to make good decisions. The implementation of a BI vision must ensure that any technology or methods employed by business intelligence projects throughout the organization fit the overall BI environment.
Some of the business intelligence tools are data mining, AQL, EIS, OLAP, MIS and many more. Understanding the customers or group of customers and approaching them with appropriate products in effective way are critical success factors in retail insurance marketing.
The business intelligence can be shown in your corporate dashboard in both a dynamic and static way to use various types of analysis of the business intelligence. Through data cubes and models, end users can drill down into the cause and effect relationship that every business decision has on a multitude of interconnected components of organizational operations.
The use of real-time data plays an important role in effective Business Intelligence, which can be derived from all aspects of business activities, such as production levels, sales and customer feedback. There was a time when crucial business decisions were taken solely based on experience and intuition.
Business intelligence also involves risk management techniques. The answer to these questions (and many more) can be found in the information already stored in your company database, and extracting these answers is the heart of Business Intelligence. It is no surprise that in many high-performing organizations, business intelligence and root cause analysis have emerged as top strategic initiatives and priorities for senior management.