Business Intelligence: The Five Stage Process for Maximizing Business Profits

Website design By BotEap.comEvery business works with the goal of making a profit and this can be achieved by making the right business decisions. Business leaders make countless decisions that influence work in various ways. However, the ultimate goal is to make decisions effective enough to pave the way for organizations to profit. Therefore, the successful implementation of the plans is the main need of every company and Business Intelligence comes in handy in this context. Let’s take a look at Business Intelligence and its components:

Website design By BotEap.comBusiness Intelligence:

Website design By BotEap.comBusiness intelligence plays a key role in implementing the correct planning procedures and strategies. BI technology helps your users collect, store, access, and analyze data. The set of applications covered by Business Intelligence allows companies to effectively implement the Decision Support System, applying concepts of Online Analytical Processing (OLAP), Statistical Analysis, Forecasting and Data Mining.

Website design By BotEap.comBusiness Intelligence serves to send information to the right decision makers at the right time. BI is preferred by many users as it leads them to arrive at the facts based on conclusions or more commonly known as the “single version of the truth”. This provides the best end product and leads an organization to turn raw data into useful information; thus, bringing benefits.

Website design By BotEap.comCharacteristics of a business intelligence solution:

Website design By BotEap.comStages of a business intelligence process:

Website design By BotEap.comThe Business Intelligence process collects raw data and turns it into useful information; and further transforms it into knowledge that must be used intelligently. The BI process is based on five main stages mentioned below:

Website design By BotEap.comData provision: This stage works on collecting data from different sources, including emails, pictures, formatted tables, reports, sounds, and other relevant sources. The main role of data provisioning is to collect the data in digital form; therefore, the sources for collecting data are computer files, digital cameras, scanners, etc.

Website design By BotEap.comData analysis: The next stage is to organize the data collected from Data Sourcing and estimate the data based on current and future trends. Also known as Data Mining, this stage also predicts the information that will be needed in the future.

Website design By BotEap.comAwareness of the situation: This stage of the Business Intelligence process helps to filter the relevant data and use it in relevance to the business environment. Users compile data by closely observing government or market forces. policies, to make decisions easier. Combinations of different algorithms are used to properly identify situational awareness.

Website design By BotEap.comRisks evaluation: Taking risks is part of every business; But if you can take precautions, it is extremely helpful. The risk assessment stage helps to identify current and future risks, including costs and benefits; choose the best options; and comparison between two decisions to identify which will be beneficial. Summarizes the best choice among the various options.

Website design By BotEap.comDecision support: This last stage in the BI process helps you use information wisely. The goal of this stage is to warn users about various crucial events such as poor staff performance, acquisitions, trend changes in the market, fluctuations in sales, and much more. Help make better business decisions to improve staff morale and customer satisfaction.

Website design By BotEap.comImportance of business intelligence:

Website design By BotEap.comBusiness Intelligence plays an important role in the functioning of organizations and helps them to continue with the progression. The importance of Business Intelligence is shown below:

Website design By BotEap.comBusiness Intelligence users:

  • IT users: These users use BI tools for development purposes, including data integration, data modeling, reporting, presentation, and final delivery. IT users also use it to help people in the organization and provide reports to external customers.
  • Advanced users: These types of users include ‘Professional Analysts’ who have been using BI tools. These users study the predefined reports and provide support to make the correct decisions, but are not required to make decisions.
  • Business users: They review the analysis report submitted by advanced users. These users can apply their own queries to the data and create reports based on those queries.
  • Occasional users: These users have the privilege of making changes to the information in the report and can enter data that can help further high-level investigations.
  • Extra-corporate users: These users are generally not part of an organization and are external sources that help companies make more tactical decisions. These can include external partners, customers, business analysts, suppliers, etc.
Website design By BotEap.comTherefore, Business Intelligence solutions help organizations to make effective decisions and gain a deeper insight into business data to meet specified objectives. By using all tools, applications, and systems, organizations can accelerate product delivery by achieving goals.

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