Advantages Of Business Intelligence

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Business Intelligence or more commonly known as BI, is a technology that processes large amounts of data, known as big data. BI gives knowledge and understanding on data by using business analytic tools to presents the information to people such as business managers, CIO’s to make more informed business decisions. It identifies patterns, assess business processes, market trends and other factors to improve cooperate strategies and internal operations.BI brings real-time information to centralized repositories and support analytics that can be exploited at every horizontal and vertical level within and outside the organization (Sahay & Ranjan, 2008). Business Intelligence makes use of an extensive range of tools, methodologies and applications…show more content…
BI and analytics make use of historical information and ‘new’ data as it’s generated from an array of source systems to provide both strategic and tactical decision making. Business Intelligence and analytics are not a fortune tellers claim at predicting the future but allow organizations through data collection and analyses to identify market trends and patterns and by using past and present data can predict what should happen based on that data. Business Intelligence programs provide the organizations that use them with a competitive advantage over their business rivals, identify new revenues, increase business operational efficiency, improve business decision making, by identifying market trends and business problems that need to be addressed amongst many other things. You may find that an organization that has implemented a BI system has more ideas and new initiatives, better understanding of customer’s needs, more efficient marketing techniques that improve the efficiency and long term performance gain and profit of the…show more content…
This type of analytics add to the dominant role that data discovery techniques has taken. For example you could be typing an email to a friend about the new Kanye West song that you are absolutely in love with, with real time BI adverts about the album and where you can purchase it will appear thus such techniques have changed customer facing applications. So unlike in the past were data analysts had to sit and go through gigabytes and gigabytes of data, plot charts and make decisions. BI and analytics allow you to store petabytes of data and use data discovery techniques to identify trends and patterns. Much research has been done about BI and analytics, but in this paper we aim to evaluate exactly how data discovery techniques have a dominant role in how organizations decision makers collect, store, retrieve and analyse data to make better informed decisions. Although setting up and maintaining BI systems can be very expensive costing organizations about $2000 a year for five user workgroup edition and up to hundreds, thousands and even millions of dollars for a full BI stack. The benefits and cost saving as a resultant of the system cannot go

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