BI(Business Intelligence) is a tool that allows organizations to analyze data and derive meaningful information for decision making. BI Software platforms can also be used for predictive analytics and reporting purposes. Oracle Intelligent Data Management Cloud is a suite of software and services delivering actionable intelligence and knowledge from data.. BI helps companies make better business decisions by analyzing data from many sources and presenting that information in a format that executives can quickly understand. Business intelligence software allows an organization to collect, process, and distribute data for analysis. Through the use of BI platforms, businesses can more quickly identify opportunities to increase sales and optimize operational processes. Business intelligence platforms and tools provide an in-depth analysis of your organization’s current state and often also your future.
Business intelligence tools are a new breed of tools that help organizations analyze historical and current data. Business Intelligence tools process large data sets across multiple sources, allowing you to make strategic decisions based on past performance as well as current activity. They also present findings in visual formats that are easy to understand and share with others.
Advantages of Business Intelligence-
There are some advantages of using Business Intelligence:
1. Boost productivity- A business intelligence program helps to provide real-time reports to the employees and allows them to act on the incoming data. The BI software also allows for easy data management and helps better report generation, thus improving the productivity of your staff.
2. To improve visibility- It enables better decision-making by providing insight into information collected from a business, enabling you to measure the efficacy of your current processes and identify areas for improvement.The BI system enables you to build a more informed picture of your processes, including their efficiency and quality, so that you can make informed decisions on how best to improve them.
3. Fix Accountability- Business intelligence is an online process of collecting, analyzing, and reporting relevant information about the performance of an existing organization’s resources for decision making. Business Intelligence (BI) has been used by some companies to fulfill the needs of management and decision-making. The accountability system helps drive an organization to its goals by assigning someone or something as the owner of that goal. This is used to ensure that all workers are aware of what they are accountable for, and held responsible for any failures or misconduct.
4. It gives a bird’s eye view- BI system provides decision-makers with a comprehensive and holistic view of their business through typical BI features like dashboards and scorecards. This can help them make informed decisions that improve the overall performance of the business by leveraging data from diverse data sources.
5. It streamlines business processes- The BI solution automates all aspects of business processes, including data gathering and analytical processing, predictive analysis, computer modeling, benchmarking, reporting, and website integration.
6. It allows for easy analytics- BI Software is changing the way people work. Business Intelligence has become accessible to everyone and no longer requires IT support or technical skills. This change allows even non-technical users to collect, process, and analyze data in a timely fashion. By utilizing Self-Service Analytics tools, companies can decentralize the workload of analytics among their employees.
Trends in Business Intelligence:
Some Business Intelligence and Analytics follow the following trends:
Artificial Intelligence: Gartner’s latest report indicates that artificial intelligence (AI) and machine learning now take on complex tasks done by human intelligence. This capability allows you to easily pull real-time data analysis and dashboard reporting.
Collaborative BI: Collaboration tools combined with business intelligence software, social media, and other latest technologies enhance the working and sharing by teams for collaborative decision-making.
Embedded BI: Embedded BI is a way to make your existing business application more dynamic by adding a new layer of reporting capabilities. This provides a more natural and intuitive way of managing data and reports.
Cloud Analytics: As businesses embrace the benefits of machine learning and artificial intelligence, a new wave of innovative BI apps will appear in the cloud. Expect spending on cloud-based analytic software to grow 4.5 times fast during the next two years, according to TechNavio’s analysts.
Benefits of business intelligence:
BI system collects and processes data from many sources and presents it in a variety of formats, including charts, graphs, and reports that can be viewed on computer screens, printed, or exported to other applications. The information can be used to make strategic business decisions. For example, executives use BI to monitor company sales performance versus financial goals. They can perform analyses on one division or multiple divisions over time to see which products have higher margins or which locations have lower overhead costs.
Key Benefits of Business from Business Intelligence:
speed up and improve decision-making;
optimize internal business processes;
increase operational efficiency and productivity;
identify emerging business and market trends;
develop stronger business strategies;
drive higher sales and new revenues;
gain a competitive edge over rival companies.
Types of business intelligence tools and applications:
Business Intelligence technology includes a broad set of applications designed to meet different information needs. Most Business Intelligence technologies are supported by both self-service BI software and traditional BI platforms:
Ad hoc analysis- Ad hoc querying is the process of writing and running queries to analyze specific business issues. Ad hoc querying is often used in conjunction with self-service BI tools, which allow for immediate access to data that has never been easier or more convenient. With these tools, you can run ad hoc queries as needed and even incorporate results into existing reports and dashboards for quick reference.
Online analytical processing (OLAP)- OLAP tools enable users to analyze data along multiple dimensions. These tools were used in the past to analyze data that was extracted from a data warehouse and stored in multidimensional OLAP cubes, but it's increasingly possible to run OLAP analyses directly against columnar databases.
Mobile BI- Mobile BI is an emerging category of BI that offers access to business intelligence applications and dashboards on smartphones and tablets. It's used mostly to view data, rather than analyze it. Mobile dashboards typically display only two or three interactive visualizations, which are easy to view on a device's screen.
Real-time BI- Real-time analytics is a business intelligence approach that allows organizations to analyze data as it's created and processed, in real-time. Real-time analytics supports decision analytics uses, such as credit scoring, stock trading and targeted promotional offers.
Operational intelligence (OI)- Operational intelligence applications, also called OI, are a type of business intelligence application designed to aid in operational decision-making and enable faster action on issues that arise. Open-source applications are transforming the way organizations think about and implement enterprise systems. OI emphasizes flexibility, ease of use, and productivity by providing a collection of reusable software components that work together to create applications running in web browsers and on standard desktop operating systems.
Software-as-a-service BI- SaaS BI tools offer organizations a cloud-based option for delivering data analysis capabilities to staff. SaaS BI is different from on-premises or hybrid solutions that typically require users to install software on their own systems, as it delivers these capabilities via a subscription service that they access through a web browser. SaaS BI tools may also support multi-cloud deployments, so organizations can choose the cloud platform that best suits their needs and avoid vendor lock-in.
Open source BI (OSBI)- Open source business intelligence (BI) software is a set of interactive tools that can be used to analyze, manage and visualize business data. Open-source software often includes two versions: a community edition that can be used free of charge and a subscription-based commercial release with technical support by the vendor. BI teams can also access the source code for development uses.
Embedded BI- Embedded business intelligence, analytics, and data visualization tools integrate analytical capabilities directly into the applications that business users use on a day-to-day basis. That way they can analyze data while they work within the applications they are most familiar with, such as business reporting tools and productivity applications.
Collaborative BI- This process enables different users to work together on data analysis and share information with one another. With online chat and discussion tools, users can collaborate with the BI team to discuss and annotate BI data and analytics results. This can be done through the use of annotations such as comments, questions, highlighting and media embedding into the report.
Location intelligence (LI)- Location intelligence is a specialized form of business intelligence that enables users to analyze the location and geospatial data, with map-based data visualization functionality incorporated. It offers insights on geographic elements in business data and operations.
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