What is the Importance of Business Intelligence?

Abstract:
Do you have any idea about Business Intelligence? Why do you need BI? It is one of the important elements that are necessary to run your present business. It enables data to get transformed into knowledge that can finally contribute in busi

Do you have any idea about Business Intelligence? Why do you need BI? It is one of the important elements that are necessary to run your present business. It enables data to get transformed into knowledge that can finally contribute in business growth. It is used in various ways and with BI initiative it is possible to take faster and informed decisions. Once business information is collected, one needs to control and manage information that should be used to create an impact on business.

Key players included in BI strategy:

• Decision makers

• Information technology

• Leadership key

• Stakeholders

• Analysts

But, question may evolve in your mind, that why should you have use of BI? If you want to have informed and quicker decision, then it is the best solution. What are the essential elements involved in BI?

• Well structured information

• Good Information

• Accessible information

• Secured information

Uses of Business Intelligence

Different BI tool serves different purpose. Reporting is done on regular basis which enables to acquire timely information. OLAP analysis comes up with multiple dimensions that enable staff with organization to compare between available information in order to match up with recent trends. Score carding helps to analyze key performance of employees within organization.

If you are associated with a reputed company, then might have heard of business analysis. But, many people might not be aware of its benefits and purpose. What does business analysis actually mean? It enables manager to ensure that accurate and proper information is delivered to project team and it is rightly understood. What are the stages involved in this process?

• Strategically planning: Analysis on organization needs

• Process definition: It is an important step where process modeling is performed according to which the project team performs their duty

• Business model analysis: Necessary analysis is done on organization policies as well as on market business approaches

Skills of Business Analyst

He/she should be a great communicator and problem solvers. The person should be a good analyzer which will help to understand needs of the organization and perform according to changing environments. He should also get involved from beginning of development life cycle and follow through final implementation.

With the availability of correct information, it is possible for professional team to perform together in a competent manner while focusing on a plan that has an improved chance of enjoying success. Identifying changing needs of market and performing according to situation while capturing necessary information is role responsibility of business analyst. 

Please check website http://www.kinnov.com/Sales-and-Marketing/Online-Presence identifying changing needs of market and performing according to situation while capturing necessary information is role responsibility of Advice Custom Software.

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