Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyse an organization’s raw data. Analyzing and strategizing can help in defeating even the best opponent. Same is with business in today’s world. Analyzing a company’s need, tactics and opportunities can help it rise and this can be very efficiently done by analyzing raw data of the company.
BUSINESS INTELLIGENCE SOFTWARE
First of all, BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. Business intelligence software is designed to address all these activities efficiently. It reads data that is stored by the company, in a data storehouse or data mart. Cloud based softwares are also used by companies that do not have premise maintenance. In 2010, Sisense introduce its In Chip data analytic method which processes data 10 times faster than conventional in-memory technologies. This advancement in BI softwares will keep on going as Big Data analytics would become an integral part of business in the near future.
APPLICATIONS OF BUSINESS INTELLIGENCE
It helps the company in making optimal decisions by analyzing the data.
It helps in determining the performance of various units or parts of the company and thus forming a performance hierarchy.
It helps in financial management of the company as it helps in improving cut- costs and opens new opportunities for the company.
It can help small companies or start-ups by strategizing so that they can compete with big companies. It also helps in the overall management of the company.
BIG DATA ANALYTICS AND BUSINESS INTELLIGENCE
Big data is from both sources internal as well as external sources and as a result it is tremendous in amount. The company needs to structure and sort the data before using it as the data is raw .The combination of Big Data analytics and Business Intelligence helps not only the company in knowing market trends but also adapt their company according to such trends as Business Intelligence helps in management also. Companies treat analytics and BI synonymous, as analytics is generally data crunching phase which leads to the decision making phase which involves Business Intelligence.
Cloud hosted Business Intelligence software are not too expensive and can be afforded by small and midmarket business.
With today’s BI tools, business folks can jump in and start analysing data themselves, rather than wait for IT to run complex reports. This democratization of information access helps users back up business decisions with hard numbers that would otherwise be based only on gut feelings and anecdotes.
Although BI holds great promise, implementations can be dogged by technical and cultural challenges. Executives have to ensure that the data feeding BI applications is clean and consistent so that users trust it.
Business intelligence will help small businesses in expanding and understanding market trends and this expansion will increase the variety of products. This will improve the relationship between clients and server as the server would be able to recognize the client trend, which will in turn lead to, ease of buying for the client and profit for the server.