DATA ANALYTICS

 

 

 

 

 

 

 

 

 

 

Business Intelligence

 

 

 

 

 

 

 

 

 

 

Business Intelligence and Decision Making

Business Intelligence is a series of methodologies that uses services and software for transforming data and deliverables into actionable insights. This helps people at various levels in an organization to make information-based business decisions. The information is gathered with the help of some basic tasks such as data mining, online analytical processing, reporting, process mining, benchmarking, business performance management and complex event processing. (Pratt and Fruhlinger What is business intelligence? Turning data into business insights)

Apart from some basic tasks, there are various Business Intelligence (BI) tools that support decision making and makes the tasks easier. Some of the examples of BI tools are mentioned below.

§  Datapine

§  SAS Business Intelligence

§  QlikSense

§  Microsoft Power BI

§  Clear Analytics

§  Tableau

§  IBM Cognos Analytics

§  SAP Business Objects

§  MicroStrategy

§  Yellowfin BI, etc

The above BI Tools make it easier for an organization to understand trends and helps in deriving insights from the collected data. The data then is used to make better strategic and tactical business decisions. These tools also help in identifying the patterns of your data on which the business is build.

 

Some real-world applications of Business intelligence currently in Action

The raw or collected data is meaningless until it is analysed, processed, and leveraged in a proper manner that can act as a fuel for any business. The processed meaningful data helps an organization in its economic growth by using that data as a useful source. (Real World Examples of Business Intelligence in Action)

By following Business Intelligence strategies, companies can make better decisions, make more profit, reduce unnecessary costs, increase productivity, and make continuous improvements in their day-to-day tasks and operations.

Below are some real-world applications of Business intelligence that are currently in action.

Ø  Starbuck’s Attractive Offers: Apart from their great coffee and varieties, Starbuck’s also present some creative ways to attract its customers back to the place. They use BI tactics and tools to allure the visitors by offering rewards for using their app. By using the app, customers provide feedback and ratings that further help Starbuck’s in analysing the data and turn that into useful information that can be used for improvement and thereafter in the growth.

Ø  Uber’s Fare-Setting Act: Uber is a transportation industry that helps in movement of people from one place to another through their Cabs. The customer uses UBER app to book cabs, provide feedback or ratings, and for payment. After the ride, the feedback thus provided helps the company in analysing the demand of the customers for the places and fares as well. This data makes it easier for them to know the supply or demand levels that are agreed by both – drivers and users.

Ø  Amazon’s Personalized Carts: Amazon’s cart option allows the company to keep a track of customer’s items and choices. Based on that, Amazon provides suggestions to its customers that are similar to their choices and Wishlist.  Moreover, it shows items to the respective customer as per his/her shopping behaviour and history. This helps Amazon to analyse data on a larger and clearer scale of the customer.

 

BI Components to Gain Real Value from Business Intelligence

 

There are various Components of BI. The five basic components of Business Intelligence Include:

1.      CPM (Corporate Performance Management): This component makes it easier for the leads to have clearer look at the statistics.

2.      OLAP (Online Analytical Processing): This allows executives for strategic monitoring.

3.      Data Warehousing: It helps in co-relation of data and how it is processed.

4.      Data Sources: It involves the raw data that is further created into some meaningful sources with the help of software applications.

5.      Real-time BI: It allows real-time monitoring and use of data.

For any organization, it is suggested to have the above five BI Components to gain real value from business intelligence.

 

SOURCE:

Pratt, Mary K., and Josh Fruhlinger. "What Is Business Intelligence? Turning Data into Business Insights." CIO. CIO, 16 Oct. 2019. Web. 25 Apr. 2021.

"Real World Examples of Business Intelligence in Action." Axual. 22 Sept. 2020. Web. 25 Apr. 2021.