The rising competition coupled with overflow of data has started to take its toll on the decision making system. In such kind of scenario the key focus of any business strategy is filtering and using relevant data. Today, collecting large amounts of data sourced from diverse channels and laying down boundaries for relevance is the critical requirement of most businesses, regardless of the sector: from banking, hotel industry, to information technology.
What Are BI Applications?
Business Intelligence applications are custom-built solutions that deliver intuitive intelligence for everyone in an enterprise. The delivered intelligence is in accordance with the role a person plays from a front line employee to senior management. The purpose served by the applications is facilitating better decisions, actions, and business processes. The solutions provided help businesses gain insight from a host of data sources and applications such as Siebel, PeopleSoft, SAP, so on and so forth.
By making use of the latest business intelligence products and technologies organizations collect, study, filter, and store relevant data. This fact-based info is then put into service for a wide range of decision-making support systems. BI applications come into play while making zero error decisions for mission-critical operations.
Business intelligence tools come in handy when it comes to gathering relevant data. The tools simplify this process by delivering packets of information relevant to a specific user.
Critical Stages Of Business Intelligence
Data Sourcing – Collecting relevant info from a wide range of sources including images, media files, web pages and online databases.
Data Analysis – Gleaning appropriate information from the collected data by using a range of analyzing techniques.
Situation Analysis – Creating suitable info packets based on the kind of decision-making requirement.
Risk Analysis – Making a thorough review of the different risk factors prior to making decisions.
Decision Support – Putting BI software into practice to make correct decisions.
How Business Intelligence Applications Help Managers?
Managers take the help of these applications to fathom the current market trends; review the changing customer needs and then develop a product suited to requirements of the market as well as the end users.
Managers use these applications to scan large amounts of data and use it to create relevant information.
Through these applications managers visualize a range of economic trends, changing market share and perhaps foresee the competitor’s action.
To cut it short using the updated information developed through business intelligence applications a business enterprise makes critical business decisions across all sectors.