Business intelligence enables employees to take prompt decisions depending on relevant and updated information and thus helps businesses to focus better. The synthesis is achieved in diverse fields such as accessibility of information, performance, entirety of information, and flexibility. The task is effectively managed by a business intelligence consultant.
Business intelligence enables that deciders on any of the levels can access enterprise information. This means that the company resources are mobilised largely and thus available to people at different hierarchical levels such as managers, business partners, consultants and end users.
Business intelligence improves the overall performance and productivity. It relieves the ERP in operation from the analytical tasks, thus leaves scope for legacy capacity, and improves the performance in case of operational tasks.
Business intelligence acts as a kind of flexible umbrella thus facilitating the connection between diverse bits of information across different platforms, enabling backend integration tool and thus creating a holistic approach. The connections can be smoothly established between different platforms and severed when the need arises for the same and depending on the present market situation.
The comprehensive information available to all enables smooth decision-making. Situations that effectively witness the choices are the ones that include distributed and heterogeneous systems, do not contain any harmonious data, and works with considerably high data volumes. These are effective in situations that require product analysis, cash flow management and risk analysis as well.
Business intelligence revolves around online analytical processing, benchmarking, predictive analytics, data mining, online analytical processing and text mining. A BI system is thus often alternatively referred to as a DSS or decision support system. It is in fact a subset of competitive intelligence. It utilises applications, technologies and diverse processes for the analysis of structured data, internal and business processes. Business intelligence can be applied to a number of business purposes in order to increase business value. These include analytics, knowledge management, measurement, collaboration platform and enterprise reporting.
Business intelligence consultants make use of tools such as Microsoft SharePoint . It is equipped with features such as scorecards, databases, dashboards, business applications that are all intended towards delivering specific needs. It is necessary to consider certain factors before incorporating business intelligence practices into the work process of a company. It is to be used by the people in the organisation in order to add much more value to the work process. The system should have a high usability. In order to make it more user-friendly, it is necessary that its end users be consulted during the initial stages of its development.
Specific sectors require business intelligence systems to be developed in a way that meets the functional requirements of the sector. This especially holds true for governmental banking regulations. The information gathered by banking institutions and thereafter analysed with the help of BI software needs to be protected from a certain section and at the same time made available to another group of individuals. It is necessary that business intelligence solutions are sensitive to the requirements of the users and is flexible enough to adapt to the regulations.