All you must know about BI

Businesses grow when data is enhanced into useful information that is further converted into implementable knowledge. Using Business Intelligence is an added advantage to gain from industries by understanding the customer needs, their decision making processes and technological trends. BI involves the analysis of the entire industry along with the participating customers and other stakeholders as a component. The organizations drive their BI tools with their predefined goals that may be either short-term or long-term to achieve and stand along.

The word ‘Business Intelligence’ was first mentioned in Sun Tzu’s ‘Art of War’ which claimed that to win a war you must have the complete knowledge and understanding about the strengths and weaknesses of yourself as well as of your enemy. This has become the nucleus of modern business intelligence. A company must know itself and its customers better than anyone else. Simultaneously, it must keep an eagle’s eye upon its competitors. It is important to strategically sieve through bulk data to devise a plan to fulfil the goals of the company.

Assessment of the current status of business is done by implementing Key Performance Indicators, commonly known as KPIs. Availability of data has become speedy due to more and more implementation of KPI. Business Intelligence involves collection and analysis of data. Collection of data is done through data tools such as – data modelling, data mining and data warehouses. These tools help employees to work upon data efficiently. For data analysis, we use Online Analytical Processing (OLAP), commonly known as Analytics. It is based on dimensional analysis and hypercube.


Apart from these, some companies also use softwares for BI tools. QlikView consultants suggest companies to seek software vendors for BI tools to supervise existing ERPs. This helps in analyzing historic, current and trending data for preparing strategies for development of the business. Vendors also provide QlikView consulting to professionals in analyzing company data and results. Business intelligence is all about knowing the market, including competitors and market trends to engage new customers, retain old ones and accomplishing positive growth rate in business.

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