Business Intelligence – The 5 Stage Process to Maximize Business Profits

Every business works with the aim of earning profits and this can be achieved by taking the right business decisions. Business leaders take innumerable decisions that influence the work in various ways. However, the ultimate goal is to make the decisions effective enough in order to carve the path of profit for the organizations. Hence, successful implementation of plans is the foremost need of every business and Business Intelligence proves helpful in this context. Let’s get an insight to Business Intelligence and its components:

Business Intelligence:

Business Intelligence plays a primary role while implementing strategies and the right planning procedures. BI technology assists its users in gathering, storing, accessing, and analyzing the data. The set of applications covered under Business Intelligence allows the companies in effective implementation of Decision Support System, applying Online Analytical Processing (OLAP) concepts, Statistical Analysis, Forecasting, and Data Mining.

Business Intelligence serves in sending the information to the right decision makers at the right time. BI is preferred by lot of users, as it leads them in reaching the facts based on conclusion or more commonly known as ‘single version of the truth’. This gives the best end product and leads an organization to convert the raw data into useful information; thus, bringing profits.

Characteristics of a Business Intelligence Solution:

It is a single point of access to information
It gives well-timed answers to business questions
It allows effective implementation of BI tools, applications, and systems in all departments of an organization
Stages of a Business Intelligence Process:

Business Intelligence process gathers raw data and converts it into useful information; and further transforms it into knowledge that must be used with intelligence. The BI process is based on five major stages mentioned below:

Data Sourcing: This stage works on gathering the data from different sources including, E-Mail messages, images, formatted tables, reports, sounds and other relevant sources. The major role of Data Sourcing is to gather the data in digital form; therefore, the sources for collecting data are computer files, digital cameras, scanners etc.

Data Analysis: The next stage is to arrange the data collected from Data Sourcing and estimating the data depending upon the current and future trends. Also known as Data Mining, this stage also predicts the information that will be needed in future.

Situation Awareness: This stage of the Business Intelligence process helps in filtering the relevant data and using it in relevance to the business environment. The users compile the data by keenly observing the market forces or Govt. policies, so that it becomes easier to take decisions. Combinations of different Algorithms are used to aptly identify the Situation Awareness.

Risk Assessment: Taking risks is part of every business; but, if one can take precautions, it turns extremely helpful. Risk Assessment stage helps in identifying the current and future risks, including cost benefits; choosing the best options; and comparison between two decisions to identify which one will turn beneficial. It summarizes the best choice amongst varied options.

Decision Support: This last stage in BI process aids in utilizing the information with intelligence. The aim of this stage is to warn the users about various crucial events like poor performance by staff, takeovers, changing trends in market, sales fluctuations and much more. It aids in taking better business decisions for improvising staff morale and customer satisfaction.

Significance of Business Intelligence:

Business Intelligence plays a significant role in the working of organizations and helps them to continue with progression. Following is the significance of Business Intelligence:

BI helps in studying the changing demands; therefore, a company can have accurate and updated information about customer preferences
It aids the Managers to remain informed about competitors’ behavior and their actions
It assists the analysts in knowing the adjustments that need to be done for maximizing profits
It helps organizations to make future plans based upon relevant data organized to give better results.
Business Intelligence Users:

IT Users: These users make use of BI tools for development purposes, including Data Integration, Data Modeling, Report Generation, Presentation, and Final Delivery. IT users also use it for supporting the individuals in the organization and provide reports to the outside customers.
Power Users: These types of users include ‘Professional Analysts’ who have been using the BI tools. These users study the pre-defined reports and provide support in taking the right decisions, but they are not obligated to take decisions.
Business Users: They review the analysis report presented by the Power Users. These users can apply their own queries on the data, and create reports based on those queries.
Casual Users: These users have the privilege of making changes in report information and may enter the data that can help to perform further high-level research.
Extra-Enterprise Users: These users are usually not a part of an organization and are external sources that help the companies in taking more tactical decisions. These may include External Partners, Customers, Business Analysts, Suppliers etc.
Hence, Business Intelligence solutions assist the organizations to take effective decisions and get a deeper insight of business data in order to meet the specified goals. By using all the tools, applications, and systems, organizations can speed up the delivery of product by achieving the targets.

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Business Intelligence, The Key To Company Success

Business Intelligence (BI) is the ability to transform data into information and information into knowledge, so as to optimize the business decision-making process. A set of strategies and tools focused on knowledge creation and management through the analysis of existing data from an organization or business.

From the point of view of information technology, we can say that BI is a set of methodologies, applications and technologies that allow a business to the group and transform the data obtained from structured information systems to do analysis and information generation and improving the process decision-making of the business. It covers both current understanding of the functioning of the business as well as an anticipation of future events, in order to provide a body of knowledge to support business decisions.

Referring to business intelligence, we can differentiate the concepts of data, information and knowledge. Data is something that is vague, for example, the number 10, while the information is more accurate, such as April sales were 10. Finally, knowledge is obtained by analyzing the information.

Data are the minimum semantic unit and are the primary elements of information. These alone are irrelevant to the decision-making process. A phone number or a name of a person are examples of data.

The data can come from external or internal company sources, can be objective or subjective, qualitative or quantitative.

Moreover, the information can be defined as a set of processed data, which are relevant and have a purpose and context. The information is useful for decision-making, as it allows reducing uncertainty. The data is transformed into information to add value.

The information is capable of changing the way the receiver perceives something, impacting on their value judgments and behaviors.

Information = Data + Context (value added) + Utility (reduce uncertainty)

Knowledge can be defined as a mixture of experience, values, information and know-how, that form a framework to incorporate new experiences. The knowledge derived from the information and information from data. In order that information becomes knowledge is necessary to perform actions such as:

· Comparison with other elements.

· Prediction of consequences.

· Searching for connections.

· Talk with other carriers of information.

By gaining knowledge of the business once the information is captured from all areas in the business, you can set strategies and define what are the strengths and weaknesses of the business.

Business Intelligence is the broader concept of the use of intelligence in organizations. This has emerged from the contributions of the various areas of information such as market intelligence, competitive intelligence and business intelligence.

Market Intelligence corresponds to the strategic management discipline within companies that allow a more deeply know of the market and the company’s performance within it, through a constant flow of information.

Competitive Intelligence is defined as the process of collecting and analyzing information on the activities of competitors, so as to support the achievement of the goals of the business. Through a continuous flow of information, allows a business to know what the competitors are doing in the commercial, financial, and organizational aspects.

Finally, Business Intelligence refers to the set of tools to extract business experience. A set of systems to delineate dynamic customer base, such as sales trends, niche value, customer churn, profitability segments.

Intelligence tools are based on the use of information systems that bring together data from production processes, information relating to the business and economic data.

Using the techniques to extract, transform and load (ETL), data extracts from different sources, are purified and prepared for a load them into a data repository.

This toolkit has the following features:

• Access to information. The data are the primary source of this process. Systems have to ensure user access to data regardless of the source of these.

• Support the decision making process. Beyond the presentation of information, users need access to analysis tools, and select the data that interest them.

• Orientation to the end user. Independent expertise of users, these systems, must provide facilities that allow users to use these tools.

Business intelligence acts as a strategic factor for a business to build competitive advantage, by providing privileged information to respond to business problems: entering new markets, product promotions or offers, eliminating islands of information, control finances, cost optimization, production planning, customer profiling analysis, profitability of a particular product.

The main business intelligence products that exist in the market are:

• Balanced Scorecards (BSC) are tools to establish and monitor the objectives of the business and its different areas or units.

• Systems Decision Support (DSS) corresponds to interactive information systems that help companies make decisions, using data and models to solve unstructured or semi-structured decision. Supports decision making by generating a systematic evaluation of different alternatives or scenarios for decision.

• Executive Information Systems (EIS), are systems that provide top executives easy access to internal and external information that is relevant to their critical success factors. The Executive Information Systems support the decision making process of senior executives of an organization, presenting relevant information and using visual aids and easy to interpret, in order to keep them informed.

In reference to the origin of the data, existing components are: Datamart and Datawarehouse.

A Datamart is a departmental database, especially in storing the data that is specific to the business area. It is characterized by having an optimal data structure, to analyze information from all perspectives that affect the department.

Moreover, a data warehouse is a corporate database, characterized by integrating and debug information from one or more sources in order to allow analysis from many perspectives.

On the other hand, a Business Intelligence solution establishes a cycle from the following activities:

• Observe: what happens?

• Understand: Why is it?

• Predict: what will happen?

• Collaborate: what actions you should take the team?

• Decide: which way forward?

Why is it so important Business Intelligence?

For a business to be successful, it is very important the ability to make accurate and quick business decisions. Traditional information systems tend to be inflexible structures, making it difficult to adapt to the data capture processes of the business, and rapid generation of information for decision-making.

To overcome the limitations of these systems, business intelligence relies on a set of tools that facilitate the processes of extraction, purification, analysis and storage of data, with appropriate speed in order to support the decision making process of the business.

We cannot say that BI products are better than traditional applications, but they are developed for a different purpose, and therefore are more efficient for the decision-making process.

Business Intelligence solutions enable companies to:

• Process requirements quickly, intelligently and efficiently.

• Respond quickly and efficiently to changing conditions affecting the company.

• Establish information as the main asset of the business.

• Transform business data in intuitive graphical reports that can be analyzed quickly and easily.

Intelligence is the Key to Success. The Business Intelligence systems are now available to everyone. The well-designed BI applications can offer employees the ability to make better business decisions quickly, understand the various “information assets” in their business and how they interact.

We conclude that the key to thriving in a competitive marketplace is staying ahead of the competition. Making sound business decisions based on accurate and current information takes more than intuition. A Business Intelligence system thus becomes a determining factor for the success of the business.

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Slick Socials Will Help You Boost Your Instagram Profile

Slick Socials is offering the most effective way to get instant followers for Instagram and for the best prices on the market.
One way or the other, social networking websites are playing a genuinely major role in our day to day living – that much is absolutely certain. And, of course, in case that you are running a business or perhaps are simply interested in making the most from your very own personal needs and requirements, odds are, you are going to need to make the most from social networks, such as Instagram, and within the very least amount of time possible indeed.

With that said, there are plenty of ways to really get video views Instagram, but, odds are, you are going to be off looking for the most efficient ones out there. Well, if that is so and you are hence subsequently already browsing the World Wide Web, trying to figure out which is the ideal option namely for you, it would be wise to check out Slick Socials and to make the most from the best instagram auto like within the very least amount of time possible. That is right – regardless of how many followers, likes and views you may well need, do not hesitate to check out the Slick Socials and you are going to get all of the boosts you will need quickly, effectively as well as for the most budget-friendly prices out there. The best thing about it is the fact that you are going to get genuine followers as well as genuine likes from real people, which is a huge advantage and will not get you banned in any way, so this is something that you will want to go with indeed.

Unlike many other options that are just as readily available on the market these days, you are going to be pleasantly surprised with the prices and just how quickly those likes, views and followers will be delivered to you as well, which is a huge benefit indeed and one that will allow you to boost your business as well as your popularity within the very least amount of time possible.

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Online Data Entry Job From Home

Data Entry is the process of entering information in to a data file stored in the hard drive of a computer. Data entry must be done as per the rule & requirement of the used software program. Online data entry job is an essential segment of a free work at home job opportunity. There is a huge market for online data entry; still supply is not up to the mark. Hence there is enough room in this arena to work for an individual to work from home as an online data entry operator. Though the scope in traditional data entry still remains in the present industry, online data entry is certainly the leader now, with the present Internet boom around the world. Now, online data entry has achieved a new dimension with ever increasing popularity of Internet. You only need a computer with particular software installed on it to start your venture. As it is a 100% online job, your computer must be connected to the Internet through out the work process. Many companies offer you to type their advertisements in some specific places on the web, and you will be paid when someone clicks on those Advertisements to purchase the product or service provided by those companies. At the same time, some data entry jobs require extensive search on the web to find desired information on a given topic. Then all of the searched data needs to be placed in a file of specific format. For both types of work, an individual must be Internet savvy. Accuracy and speed are other important qualities for a people working in data entry project.

best data entry company in India But, in the present industry, there are lots of scam companies in data entry field. Many companies offer fake promises to people and ask money as upfront before starting work. But, in most cases people never gets anything in return. So, you should not waste your hard-earned money in to any data entry project immediately. You need to do a bit of research work to get some information about the company, before joining. So, it is always recommended to contact company before signing up with it. You always expect a response from a genuine company if contacted. A quality company always offers you training material with required software. best data entry company in the world One has to be logical enough to pick up the real opportunity amongst many scams. You should not believe in any kind of hype or gimmick, and always consider things from a realistic mindset to choose the best offer. If you are hardworking and intelligent and extremely Internet savvy, a free work at home data entry job can fetch some serious money for you on both part time and full time basis.

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