Exactly Just What Is Actually Business Intelligence Advancement Workshop – Business intelligence (BI) is software that ingests business data and presents it in easy-to-use views such as reports, dashboards, charts, and graphs. BI tools allow business users to access different types of data: historical and current, third-party and internal, as well as semi-structured data and unstructured data such as social media. Users can analyze this information to gain insight into the company’s performance.
According to CIO magazine: “While business intelligence does not tell business users what to do or what will happen if they follow a certain course, BI is also not just about generating reports. Instead, BI provides a way for people to examine data to understand trends and gain insights.”
Exactly Just What Is Actually Business Intelligence Advancement Workshop
Organizations can use insights gained from business intelligence and data analytics to improve business decisions, identify problems or issues, spot market trends, and find new revenue or business opportunities.
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BI platforms traditionally rely on data warehouses for their reference information. A data warehouse aggregates data from multiple data sources into a single central system to support business analytics and reporting. Business intelligence software queries the warehouse and presents the results to the user in the form of reports, graphs and maps.
Data warehouses can include an online analytical processing (OLAP) engine to support multidimensional queries. For example: What are the sales of our eastern region versus our western region this year, compared to last year?
“OLAP provides powerful technology for data discovery, facilitating business intelligence, complex analytical calculations, and predictive analytics,” says offering manager Doug Dailey on his data warehousing blog. “One of the main benefits of OLAP is the consistency of information and the calculations it uses to drive data to improve product quality, customer interactions and process improvements.”
Some newer business intelligence solutions can extract and ingest raw data directly using technology like Hadoop, but data warehouses are still the preferred data source in many cases.
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The term business intelligence was first used in 1865 by author Richard Millar Devens, when he cited a banker who gathered market information ahead of his competitors. In 1958, a scientific scientist named Hans Peter Luhn explored the potential of using technology to gather business intelligence. His research helped establish methods for creating some of the first analytics platforms.
In the 1960s and 1970s, the first data management systems and decision support systems (DSS) were developed to store and organize increasing volumes of data.
“Many historians suggest that the modern version of business intelligence evolved from the DSS database,” says computer education site Dataversity. “In this time, a variety of tools have been developed, with the aim of accessing and organizing data more easily. OLAP, executive information systems and data warehouses were some of the tools developed to work with DSS.
In the 1990s, business intelligence became increasingly popular, but the technology was still complex. It usually required IT support, which often resulted in delays and delayed reports. Even without IT, business intelligence analysts and users needed extensive training to successfully query and analyze their data.
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More recent development has focused on self-service BI applications, which allow non-expert users to benefit from their own reporting and analysis. Modern cloud-based platforms have also extended the reach of BI across geographies. Many solutions now handle big data and include real-time processing, enabling decision-making processes based on up-to-date information.
Business intelligence gives organizations the ability to ask questions in plain language and get answers they can understand. Instead of using best guesses, they can base decisions on what their business data tells them, whether it’s production, supply chain, customers or market trends.
Why are sales down in this region? Where do we have excess inventory? What are customers saying on social media? BI helps answer these critical questions.
“Business intelligence provides past and current insights about the business,” says Maamar Ferkoun on his Business Intelligence and Cloud Computing blog. “This is achieved through a variety of technologies and practices, from analytics and reporting to data mining and predictive analytics. By providing an accurate picture of the business at a specific point in time, BI provides an organization with the means to design a data-driven business strategy facts
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Retailers, for example, can drive cost savings by comparing performance and benchmarks across stores, channels and regions. And, with visibility into the claims process, insurers can see where they’re missing service goals and use that information to improve results.
Organizations benefit when they can fully assess operations and processes, understand their customers, measure the market and drive improvement. They need the right tools to aggregate business information from anywhere, analyze it, discover patterns and find solutions.
Advanced BI and analytics systems can also integrate artificial intelligence (AI) and machine learning to automate and streamline complex tasks. These capabilities further accelerate companies’ ability to analyze their data and gain insights at a deep level.
Consider, for example, how Cognos Analytics brings together data analytics and visual tools to support mapping for reports. The system uses AI to automatically identify geographic information. You can then refine your visualizations by adding geospatial mapping of the entire globe, an individual neighborhood, or anything in between.
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According to a report on digital reinvention by the Institute for Business Value: “Five years out, 58 percent of the 1,100 executives we surveyed in the Digital Reinvention Study expect new technologies to lower barriers to entry, and 69 percent expect more cross-industry. competition”.
“Advanced analytics enable deeper business intelligence and consumer insight to be extracted from big data, producing insights that range from descriptive to predictive.”
Automate planning, budgeting, forecasting and analysis processes. Go beyond spreadsheets to create efficiency and eliminate manual steps. “We are delighted with Planning Analytics in the cloud; it has become the one-stop shop for all our financial and accounting needs.” – Mick Ferguson, Chief Financial Officer, Hunter Industries
Leverage this single analytics solution across your organization to confidently monitor, explore, and share data insights. “We rely heavily on our metrics – in fact, there’s now an attitude in the company that ‘it doesn’t count if it doesn’t come from Cognos.’” – Stefanie Nicholson, COO, Go Health Clubs
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Use predictive analytics to help you uncover data patterns, gain accurate insights, and improve decision-making. “Deep analytics. Just add data.” – Mark Lack, Manager of Strategic Analytics and Business Intelligence, Mueller, Inc.
Find out how this client is helping to ensure quality of care by calculating daily performance metrics, identifying trends and refining their processes.
According to CIO magazine: “While business intelligence does not tell business users what to do or what will happen if they follow a certain course, BI is also not just about generating reports. Instead, BI provides a way for people to examine data to understand trends and gain insights.” (link resides outside ) CIO.com
“Many historians suggest that the modern version of business intelligence evolved from the DSS database,” says computer education site Dataversity. “In this time, a variety of tools have been developed, with the aim of accessing and organizing data more easily. OLAP, executive information systems and data warehouses were some of the tools developed to work with DSS. (link resides outside ) DATAVERSITY.
Why Do We Need Business Intelligence Systems
In the 1990s, business intelligence became increasingly popular, but the technology was still complex. It usually required IT support, which often resulted in delays and delayed reports. Even without IT, business intelligence analysts and users needed extensive training to successfully query and analyze their data. (link resides outside ) Better Buys. Provide details on what you need help with along with a budget and time limit. Questions are posted anonymously and can be asked 100% privately.
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Adoption Of Business Intelligence & Analytics In Organizations
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