The main motive of every business is to earn a profit and correct decisions help you to attain effectively. Every leader of the business takes a number of decisions which have a great impact on the work in multiple ways. Therefore, to become a profitable organization the ultimate goal should be an effective decision. Business intelligence helps in the plans which are implemented successfully which is the foremost need of every business. New strategies and procedure of right planning are implemented by business intelligence. Data is being analyzed, stored and accessed by the technologies of business intelligence.
Business intelligence covers some applications which allow companies in effective decision making strategies, data mining and statistical analysis. The information is sent to the right person who is making a decision at the appropriate time. The raw data is converted into useful information which leads an organization to earn a more valuable profit.
Some stages of business Intelligence process:
Raw data is being gathered and converted into useful information which is further transformed into knowledge and it must be used with intelligence. With this there are five stages of business intelligence process:
Sourcing the data: The data is gathered from multiple sources which are Email, messages, emails, etc. Data is gathered in digital form, whereas data sourcing sources are digital equipment like digital camera and scanners.
Analyzing the data: The data is being collected and estimated depending on the current and future trends. Data mining is also covered which helps you to predict the information which will be needed in the future.
Situation awareness: The relevant data is filtered and using it in relevance to the environment of the business. The data is collected by observing the government policies, as taking decisions becomes easier in this case. To identify the situation awareness, different algorithms are used.
Risk assessment: It is extremely beneficial to take precautions as taking risk is a major part of every business. Through this risk assessment stage, you can identify the future risk of the business as well. It gives you the best choice amongst the multiple options.
Decision support: Last stage of business intelligence helps you to utilize information with agility. The users are warned about the performance of the staff, changing market trends and sales fluctuations. It helps in maintaining customer satisfaction and taking business decisions effectively for improvising the morale of the staff.
How significant is business intelligence?
Organizations are progressed and the performance of multiple tasks is done through business intelligence. Some significance of business intelligence is:
- Business intelligence helps you to study the change in demand, through this company can have a information which is updated and appropriate about the preferences of the customer.
- The managers are updated about the behavior and actions of the competitors.
- For maximizing the profit there are some adjustments that need to be done, it assists the analysts in knowing them.
- An organization can easily make future plans to provide better results which are based upon the relevant data.