GROUP 5Business intelligence
Definition of Business
Intelligence
Business intelligence (BI) is a set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI can handle large amounts of information to help identify and develop new opportunities. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability.
The term business intelligence is sometimes a synonym for competitive intelligence (because they both support decision making), BI uses technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence gathers, analyzes and disseminates information with a topical focus on company competitors. If understood broadly, business intelligence can include the subset of competitive intelligence.
Business Intelligence vs
Data Warehousing
The differentials are:BI - is the leveraging of DW to help make business decisions and recommendations. Information and data rules engines are leveraged here to help make these decisions along with statistical analysis tools and data mining tools.
DW - is a way of storing data and creating information through leveraging data marts. DM's are segments or categories of information and/or data that are grouped together to provide 'information' into that segment or category. DW does not require BI to work. Reporting tools can generate reports from the DW.
Business Intelligence vs
Business Analytics
The differentials are:BI - is the ability to take information resources and convert them into knowledge that is helpful in decision making.
BA - the proper term for interacting with information at the speed of business, analyzing and discovering and following through with the appropriate action.
Applications in an Enterprise
Business intelligence can be applied to the following business purposes, in order to drive business value:
MeasurementAnalytics Reporting/enterprise reportingCollaboration/collaboration platform
Knowledge management
Importance ofBusiness
Intelligence
• To know about Competitors - BI applications can also help managers to be better informed about actions that a company's competitors are taking.
• For avoiding guess works -BI can be used to help analysts and managers determine which adjustments are most likely to respond to changing trends.
• For improving performance -BI applications can enhance communication among departments, coordinate activities, and enable companies to respond more quickly to changes (e.g., in financial conditions, customer preferences, supply chain operations, etc.).
Success Factors of Implementation
Business sponsorshipBusiness needsAmount and quality of available data
Factors that contribute to BI
• BI saves time• Reports tell a story• Tracking employee performance• Project management• Taking next steps
Reporters•Ma.Bernadeth Solina•Janine Sinalua•Kerwin John Ambos
The End