The term business intelligence can be defined as technologies, practices and application which can be used for collecting, integrating, analyzing and presenting business information. The main purpose of the business intelligence is to support the tactical decision making of business. However, business decision intelligence system is data-driven decision support system which analyzes the outcome of the past in order to support the strategical decision. Therefore, the assessment explains the concept of business intelligence along with the significance of business intelligence tools or software solutions. Furthermore, the framework of the business intelligence is explained in a detailed manner.
Business intelligence is the smart data-driven technology which is use past experience and information in order to support the decision-making process of organization. The gained strength with technology and applications such as data warehouses, executive information systems and OLAP (Owusu, 2017). The business intelligence system generally uses finding patterns from the historical data related to business strategy.
Characteristics of the business intelligent system
The following are the characteristics of a business intelligence system such as:
- A business intelligent system is developed with the help of procuring data and information with the help of decision making.
- Business intelligent systems are the combination of processes, applications, technologies and practices which will help in decision making.
- The system uses background or historical information data sets, as well as reporting tools, are used in the business intelligence
- Moreover, executive support and information system are the prime version of the business intelligence
- It provides an environment in which business users get a reliable, secure, consistent and response system which can manage the operating business activities in an appropriate manner.
- It offers high-speed growth to the organization in order to lead the organization in a decision support environment.
Benefits of the Business intelligence system
The following are benefits of a business intelligence system such as:
- Business intelligent system will help in improving management processes.
- The intelligent system will help in improving the business operations for the organization.
- Fraud detection, purchasing, order processing can be easily investigated with the help of business intelligent system.
- The intelligent predictions are made with the help of business intelligent system.
Approaches to the business intelligence system
For developing a business intelligence system in the organization following techniques and methodologies can be used such as:
- Improved analytical and reporting capabilities.
- With the help of dashboards and scorecard screens.
- Enterprise reporting systems
- Alerts and proactive notifications
- Automated generation of reports with the of peer assistance which helps in identifying problems and opportunities.
Capabilities of the business intelligence system
The business intelligence system offers various data storage and management capabilities, query, reporting and analysis capabilities and information deliveries. Therefore, the activities included in the data storage and management are such as data warehousing, Ad hoc analysis, data mining etc. The activities involved in the information delivery management are dashboards, visualization, scorecards, managed organizational report etc. Furthermore, query, reporting and analysis capabilities of the business intelligence system involve Ad hoc analysis, production reporting and OLAP analysis.
Business intelligent software tools present in the market
- Sisense: Sisense is one of the pioneers of the business intelligence tool which is used for advertising. Sisense is the winner of the 2016 Best Business Intelligence Software Award from Finances Online Organization. Sisense system arrangement allows a smooth and unravelling complex information research into open information base. There are enormous amounts of information dependent companies and small organizations which are using Sisense system. Moreover, Sisense focuses primarily on its ability to gather information from various sources without costly fixes in the system.
- Accurate Business intelligence and report tools (BIRT): BIRT project is an open-source business intelligence reporting tool which runs on JAVA based platform. The adaptive tool advertises Java to create and distribute reports for typical business social database information sources and XML information sources along with use in-memory Java objects. BIRT has created a business intelligence system as a project with the best dimension within the Eclipse Foundation and uses the rich capabilities of the Eclipse platform in order to design a dynamic network of open source clients. With BIRT designers all dimensions can combine innovative details in their applications based on Java, J2EE and Eclipse.
- icCube: icCube is SaaS i.e. Software as a Service application interface which provided the end-to-end business intelligence The business organization can use deploy on-premises cloud-based environment which can learn and manage services from the analysis the past data. Moreover, Java and R direct web-access based dashboard builder is used in order to predefine solid web-based business intelligence solution.
- Clear analytics: Clear Analytics is a surprising natural layout based on Excel, which requires negligible training. Employees can access necessary information from Excel quickly as well as incorporated into the business structure. Furthermore, clear analytics update a fully operational and profitable Business Intelligence environment. The clear analytics provide low downtime and no expectations for absorbing information. Clear Analytics offers a number of clear BI aspects that help you produce, mechanize, break down, and visualize information and key organization data. Clear Analytics also allows peers to combine information from various sources of information, and inside it goes beyond expectations (NT, 2019).
NT, B. (2019). Top Business Intelligence (BI) tools in the market. Retrieved from https://bigdata-madesimple.com/top-business-intelligence-bi-tools-in-the-market/
Owusu, A. (2017). Business intelligence systems and bank performance in Ghana: The balanced scorecard approach. Cogent Business & Management, 4(1). doi: 10.1080/23311975.2017.1364056