Flow Diagram Of Key Stages And Benefits Of Business Intelligence

Introduction

Business intelligence (BI) is not a software or tool instead it is a framework or computer based technique used for analyzing data which helps in finding the pattern associated with it to reduce the risk while taking strategic decisions in an organization.

"Business Intelligence is a decision making systems, techniques, architectures, and advances that change raw information into significant and valuable data used to empower more compelling key, strategic, and operational experiences and choice making. Business insight likewise incorporates advancements, for example, information incorporation, information quality, information warehousing, expert information administration, content and substance examination, and numerous others.

Flow Diagram of Key Stages in Business Intelligence Benefits of Business Intelligence:

I. It eliminates manual work and provide cross communication between different functions of an organization.

II. Helps to respond quickly to changes in financial decisions, supply chain management, customer preferences.

III. Employee easily can easily convert their business knowledge via analytical intelligence to solve many business issues like increasing customer responsiveness.

IV. BI helps firms to identify their most valuable customer through different techniques of analysis customer data points and their relationship with organization in terms of monetary and other parameters.

V. Discover money laundering criminal activities.

VI. Help to find credit frauds and other fraud transaction which is very common in today’s highly technology savvy world.

VII. Provides platform to analyze potential growth customer profitability and reduces risk exposure through more accurate and advance financial credit scoring of their customers.

VIII. Determine with attrition and churn analysis why customer leave for competitors or become

Key Performance measurement and categorization– method used for creating a hierarchy of Performance parameters for benchmarking the processes and helps to informs top management about progress towards business goals using scorecards and other metrics.

II. Business Analytics and Mining– algorithm technique that builds quantitative and statistical processes for a business to arrive at best optimal decisions and to perform key knowledge discovery. Frequently involves: data mining, statistical analysis, Predictive analytics, Predictive modeling, and Business process modeling.

III. Business Intelligence Reporting and Dashboards– process and platform that builds infrastructure for business reporting used for taking strategic reports to serve the management in decision making. Frequently involves: Data visualization, Executive information system, OLAP, Dashboards and Ad-Hoc Reporting.

IV. Aggregation and Collaboration– method which involves collaboration of data and other reports across different functions to provide common platform for data analysis and presentation which helps in deciding overall strategy for an