Hi Geeks,
This post is part of Series Business Intelligence – Tools & Theory
Currently running topic for this series is listed as below :
Series Business Intelligence – Tools & Theory
>>Chapter 1 : Business Intelligence an Introduction
>>Chapter 2 : Business Intelligence Essentials
>>Chapter 3 : Business Intelligence Types <You are here>
Continuing from my previous post on this series, If you have missed any link please visit link below
We are going to Cover the Following Points in this article
- Introduction
- Multiplicity of Business Intelligence Tools
Introduction
By now, you must be familiar with the introduction and essentials of Business Intelligence techniques. Business Intelligence is computer-based method which is used in departments which identifies, extracts, and evaluates production data, such as sales income by products and related costs and profits.
The main features of Business Intelligence methodologies include reporting, online systematic processing, analytics, withdrawal of information, industry performance administration, benchmarking, text mining, and projecting analytics. It encourages enhanced business decision-making processes. Therefore it is also called a decision support system. Even if the word business intelligence is frequently used as a synonym for competitive intelligence, BI uses technologies, processes, and functions to examine mainly internal, planned data and business methods. BI uses technologies, processes, and functions to examine mainly internal planned data and business methods whereas competitive intelligence, is done by assembling, evaluating and distribute information with or without the encouragement from technology and applications. It mainly concentrates on all-source information and data, which is mostly external and also internal to an organisation, which helps in decision making.
Generally there are 2 different types of Business Intelligence. Each provides the main idea of offering large amount of data which is easy to read and digest. They are:
· Traditional Business Intelligence.
· Operational Business Intelligence
Traditional Business Intelligence: It uses graphs and other illustrations to keep track of an organisation’s performance of the earlier period as well as future terms. It is also used to foresee the organisations upcoming performances based on past records.
Operational Business Intelligence: The only disadvantage of this Traditional Business Intelligence is that it is not possible to examine the real time data in an organisation. It provides immediate results by giving the required information to its users. It mainly deals with functioning data, such as the data used by inventory supervisors. It allows these managers to have quick information take immediate resolutions.
Multiplicity of Business Intelligence Tools
Multiplicity of Business Intelligence tools offers past, existing, and observations which can be expected in future which are of business operations. The main features of Business Intelligence methodologies include reporting, online systematic processing, analytics, withdrawal of information, industry performance administration, benchmarking, text mining, and projecting analytics.
It always encourages enhanced business decision-making processes. Therefore it is also called a decision support system. Even if the word business intelligence is frequently used as a synonym for competitive intelligence, BI uses technologies, processes, and functions to examine mainly internal, planned data and business methods. BI uses technologies, processes, and functions to examine mainly internal, planned data and business methods as competitive intelligence, is done by assembling, evaluating and distribute information with or without the encouragement from technology and applications. It mainly concentrates on all-source information and data, which is mostly external and also internal to an organisation, which helps in decision making.
Multiplicity of Business intelligence is forming a wide group of application programs and technologies for collecting, accumulating, analysing, and giving access to data from a variety of data sources. It provides project clients with consistent and appropriate information and analysis for better decision making. This technology is a collection of software applications for examining an organisation’s unprocessed data for intelligent decision making for the success of an organisation. Business intelligence as an authority consists of a number of associated activities which includes decision support, data withdrawal, online analytical processing (OLAP), enquiring and reporting, statistical examination and forecasting.
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