Business Intelligence Homework Help

Business Intelligence is referred as the capability of a company to utilize all the data, information and facts available with it and converting them into knowledge and getting the business done through right people, at right time and right medium so that no information is deprived of getting utilized and is used to its fullest. Business Intelligence process helps in exploring new opportunities, converting them into business and source of generating more and more revenues and profits for the company. It can also be called as “Competitive Intelligence”. Business Intelligence can basically be called as a tool for fighting the competition in the market. There are a lot of companies which were earlier working manually and now have adopted various techniques to speed up their assignments and even run in the race of competition with the other companies in similar fields and industry. So situation has changed and so are the times from the manual work to the electronic software driven world wherein the software like Business Intelligence or Competitive Intelligence have taken their place and can easily convert information into knowledge source.

Whenever any new opportunity or source of generating more revenue is explored, Business Intelligence comes into play by developing a process and step by step technique in order to utilize the existing information without any loop hole being left out and converting the opportunity into new business and revenue generation.

Advantages of Business Intelligence

• It helps in taking and doing the better decision making.
• It helps in fuller utilization of resources, information, and data.
• Assigning the importance to the task and deriving a step by step technique in processing the data from the data warehouse and converting it into processed information.

Business Intelligence includes the following: Data Warehousing, integration of data, maintaining the quality of the data, Analysis of the data.

The process of business intelligence can be utilized for the following purposes –

• Benchmarking the company – This process helps in a great deal in informing the Business Leaders on the performance of the company in comparison with the other players or the companies in the same sector or the industry.
• Analysis of the Business Processes – Based on the figures, facts and data available, analysis could be done and company performance could be improved.
• Knowledge Management – It helps in processing the data, figures, facts available, information into knowledge and optimum utilization of the resources and complete management of knowledge.
• Reporting/Documentation – The processed information or knowledge obtained after the process of Business Intelligence helps in creating or keeping a record and whenever required taking strategic decisions accordingly.

There are various software based Business Intelligence programs available in the market to fight competition. They have got various features to enable the company to convert information into processed knowledge and hence deriving on the solutions to handle the tasks well and taking the business to new heights and in the end the end – product is success for the enterprise.