Published on September 24, 2014
BI SOLUTIONS Compiled from Mikan Associates mikanassociates.com
Business Intelligence Solutions Business Intelligence (BI) is a set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. This type of technologies are capable of handling large amounts of unstructured data which intern helps in the identification, development and creation of new strategic business opportunities. The main goal of bi is to allow for the easy interpretation of the large volumes of data, identifying the new opportunities. Implementing the effective strategy based on the insights can provide a business with a competitive market advantage and long term stability.BI has several useful functions as stated bellow. Important functions of BI solutions Kenya http://www.mikanassociates.com Functions of bi solutions Online analytical processing Analytics Reporting Data mining Complex event processing Business performance management Benchmarking Text mining Predictive analytics Prescriptive analytics BI can also be used to support a wide range of business decisions ranging from operating to strategic and it is more effective when it combines data derived from the market in which a company operates(external date) with the data from the company sources internal to the business such as the financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which in effect creates an intelligence that cannot be derived by any singular set of data. It can also be used to
support a wide range of business decisions ranging from operating which includes product pricing or positioning and strategic which includes among others priorities, goals and directions at the broadest level. http://www.mikanassociates.com Components of BI Renormalizations, tagging and standardization. Real time reporting with analytical alert. Multidimensional aggregation and allocation Group consolidation, budgeting and rolling forecasts Statistical interference and probabilistic simulation Open item management Key performance indicators optimization A method of interfacing with unstructured data sources Comparison with competitive intelligence Although the term business intelligence is sometimes a synonym for competitive intelligence because they both support decision making, BI uses technologies, processes and applications to analyze mostly internal structured data and business processes while competitive intelligence gathers , analyzes and disseminates information with a topical focus on the competitors. Comparison with business analytics Although there are different or alternative definitions about the two, both business intelligence and business analytics can be used interchangeably. One the definitions contrasts the two stating that the term business intelligence to collecting business data to find information primarily through asking questions, reporting and online analytical processes. Business analytics on the other hand, uses statistical and quantitative tools for explanatory and predictive modelling. Business intelligence can provide a pro active approach such as alert functionality that immediately notifies the end user if certain conditions are met. for example, if some business metric exceeds a pre-defined threshold, the metric will be highlighted in standard reports and the business analyst maybe alerted via email or any other monitoring service. Remember that the end to end BI process requires data governance which should only be handled b View slide
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