Business intelligence (BI) refers to skills, technologies, applications and practices used to help a business acquire a better understanding of its commercial context. Business intelligence may also refer to the collected information itself and the knowledge developed from this information. Business intelligence means many different ways of gathering data about a corporation’s internal processes and the effect of those processes’ outcome on the enterprise and its customers. Accurate information concerning market trends can help companies determine which paths of research for products are good investments and which are dead ends.

BI is made for economic slowdowns, and over the coming year it may get a chance to show its stuff. There are no dips in BI market. Business intelligence (BI) is made for times like these. Where BI gets the attention it needs, it’s already preparing companies for the storm. Big strategic questions have taken the spotlight. Companies are reusing operational data to one-up the competition with better marketing and branding. Over the years, organizations across the globe have invested heavily in ERP, CRM, SCM, etc. to streamline and integrate their business processes. With sizeable investments happening in licensing, implementation, AMC etc. Organizations are intending to make the most out of these investments. The obvious next step for these organizations is to make intelligent use of the Business Process transaction data that they have been captured in these systems. In today’s business climate, the marketplace changes quickly. Businesses must have the tools, technology, and information to enable quick and efficient adaptation to these changes. Executives must be able to:

1) Provide the right people with the right information at the right time.

2) Monitor market conditions, customer preferences, future trends and demographic shifts.

3) Make sound business decisions based on accurate, current and comprehensive information.

Many organizations already have much of the data they need to achieve these goals. Unfortunately this data is often locked up in multiple, disparate systems. These systems do not easily share data, or the data is inconsistent, inaccurate, or out-of-date.
Business intelligence is not a product that can be installed. Instead, it’s a way of gathering, using, and storing data to promote a smarter way of doing business.
Including a business intelligence solution. “Business intelligence” refers to a broad category of applications and technologies for gathering, accessing, and analyzing data to help enterprise users make better business decisions.

A business intelligence initiative can help an organization create infrastructure to transform raw data into information one can use to monitor the marketplace and measure company performance.

A BI initiative often takes the shape of just-in-time reporting, web-based portals, or executive dashboards, which provide secure access for authorized individuals to view a wealth of information both visually and according to function.

Business intelligence systems combined with enterprise information management initiatives can help transform company’s operational system data into an analytical system data structure that supports organization’s business needs. Thus BI helps the companies immensely in identifying the weak points as well as strong points. It also helps in finding accurate information concerning market trends which can help companies determine which paths of research for products are good investments and which are dead ends. BI is going to be the future of Industry’s performance.

For more information on BI, please visit:- www.creativeprobers.com