Monday, 27 August 2012

Business Intelligence Tools are Key to Building Profits

Business intelligence is described as “skills, processes, technologies, applications and practices used to support decision making”.

Data Analysis, BI Reporting and query tools can help business users wade through a sea of data to synthesize valuable information from it and make better business decisions. These tools collectively fall into a category called "Business Intelligence."

The goal of Business Analysis Tools is to help decision-makers easily identify trends and issues, uncover new insights, and fine-tune operations to meet business goals.

Challenges with the spreadsheet approach:-
  • Time consuming and labor intensive to set up and maintain
  • Insufficient collaboration and feedback capabilities.
  • Error prone
  • Inadequate data analysis and BI reporting
  • Lack of timely information
  • Inaccurate or inconsistent data.
  • Difficulty accessing and manipulating source data
  • Ineffective information sharing across the organization
  • Over-dependence on silo spreadsheets.
  • Pressure to comply with increasing regulatory requirements
Benefits of BI:-
  • Produce and Access Information in the Timeliest Manner
  • Easily Share New Insights across the Organization
  • Ensure Source Data Is Correct and Current
  • BI Reporting in Useful Formats
  • Data Analysis and Risk Analysis Reports Ready for Decision Making
  • Control Data Access and Provide Regulatory Compliance
  • Identify the out of the ordinary
  • Compare information about customers, products, cost/profit centers, financial accounts with BI reporting
  • Compare the same type of information in different time periods with BI Solutions
  • Check performance versus formal and informal goals or constraints with Statistical Data Analysis
  • Confirm and sometimes to discover trends and relationships
  • Provide data for a what if analysis or a forecast
Scientists use Business Intelligence Tools in clinical data analysis to improve pharmaceutical production and achieve faster speed to market. Manufacturers use BI tools to enhance statistical process control. Financial companies use BI Reporting for attribution analysis to evaluate portfolio managers and electronics companies rely on BI Solutions to increase semiconductor yield enhancement because BI Tools can be easily integrated with other Statistical Data Analysis Software, Databases and CRM applications etc., Business Intelligence Tools improves the value of those investments.

Business Analysis Tools give businesses a way to streamline and unify the data collection, analysis and reporting process. BI solutions are built on a unified database, so everyone involved in the process gets a single, real-time view of the data. Many BI Tools feature self-service dashboards and BI reporting tools that make it easier and less time consuming to contribute to and manage the process.

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