What is BI really? Multiple Versions of the Truth
What is BI really? Here are some 'versions of the truth':
- According to a website BI is a broad category of Management Information Systems, applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better B. decisions.
An article by Peter Bochner and Jack Vaughan mentions a few more definitions:
- The process firms go through to gather, store and analyze data.
- A critical activity that helps companies to make faster, smarter decisions, as well as increase revenue, build customer loyalty, streamline operations, improve risk management and even enable previously impossible B. processes.
- A constantly evolving strategy, vision and architecture that continuously seeks to align an organization’s operations and direction with its strategic B. goals.
- The theory that the more you know about your customers and the B. problem you’re trying to solve, the better you’re able to solve it.
- According to Danny Siegel from Pfizer Inc an effective BI system provides corporations with “one version of the truth”.
Ain't it funny that there is no single version of the truth about what BI is? Perhaps one of you has an even better definition to share with us?
2 Comments:
Business Intelligence is a set of business processes and information which organizations typically gather in order to assess the business environment and cover fields such as industry or market research and competitor analysis. Organizations accumulate business intelligence in order to gain a sustainable competitive advantage, and may regard such intelligence as a valuable core competence in some instances. In short Business Intelligence can be described as the process of enhancing data into information and then into knowledge
Business intelligence is a set of concepts, methods and processes to improve business decisions using information from multiple sources and applying experience and assumptions to develop an accurate understanding of business dynamics. It is the gathering, management and analysis of data to produce information that is distributed to people throughout the organization to improve strategic and tactical decisions.
Business intelligence involves the integration of core information with relevant contextual information to detect significant events and illuminate cloudy issues. It includes the ability to monitor business trends, to evolve and adapt quickly as situations change and to make intelligent business decisions on uncertain judgments and contradictory information. It relies on exploration and analysis of unrelated information to provide relevant insights, identify trends, discover opportunities, take proactive decisions and create value.
A key aspect of BI is that first word: "business." More than any other technology, BI succeeds when the business side is intimately involved in determining what will constitute the "intelligence" that IT can produce. BI decision support and analytic applications help facilitate:
Multidimensional Analysis
Data Mining
Forecasting
Business Analysis
Visualization
Querying & Reporting
Knowledge Management
Balance Scorecard Preparation
Digital Dashboard Preparation
Enterprise Portal Implementation
for more info visit www.techaxes.com
Post a Comment
Business Intelligence Forum