Business intelligence is a business terminology that involves activities such as querying, data mining, and reporting. It refers to activities and technologies used for extracting meaningful data. These activities vary from sorting columns in a spreadsheet to trolling through large data using complex software. Business intelligence is only effective with database management. This is because business intelligence is dependent on database management features such as user queries and reports.
The Structures of Business Intelligence
Business intelligence consists of four significant structures. They include partitioning, indexes, column-oriented storage, and materialized views. Partitioning is beneficial because it divides tables into subsets for maintenance operations such as loading. It also enables easier backing up of information. Indexes involve scanning one column for a specific key value. Column-oriented storage is about organizing data by column instead of rows. Materialized views are the findings of a common query that are stored in a database for easier access.
The Application of Business Intelligence
Business intelligence involves an application like Mobile BI (Business Intelligence). Mobile BI is currently trending in the market. It is mostly beneficial to those people who are haste in making business decisions. They include operation managers, salespeople, and field service representatives. Mobile BI is attracting emerging businesses because of its success at the executive level. Additionally, the abundant knowledge of mobile product developers makes mobile BI adoptable. The reduced cost of mobile technology is also an important factor for embracing mobile BI. Mobile BI is an advantageous place because of the trend in smartphones and tablets that can handle BI application.
Significances of Business Intelligence
Business intelligence is essential for minimizing uncertainties, especially in the business world. Businesses face challenges like increased competition, unstable economies, and change of buyers’ behaviors. Business intelligence can help businesses to analyze market conditions and competitors. It will assist you to gain relevant knowledge for making strategic business decisions.
BI is the right resource for improving a business’ performance. It helps enterprises to analyze the previous performance and carry out a review of inputs and outputs. These activities are necessary for determining what changes should be made to increase the effectiveness of the business.
Business intelligence helps enterprises to conduct their inventory in a better manner. BI software ensures the orders of goods have been attained at the right time. It also helps managers to deliver goods to the customers timely. BI software enhances efficiency through avoiding time wastage in looking for information.
The emergence of the internet and the integration with BI software has been helpful to organizations. Members can now access information like dashboards, reports, and business metrics instantly. Further, a Business intelligence platform enables an organization to check out their product feedbacks from customers.
The Levels of Business Intelligence
BI comprises of three layers including source system, warehouse, and reporting layer. The source system layer consists of different types of data, commonly referred to as unstructured data. Compiling of this data is difficult. Therefore, incorporation of BI makes work simpler. BI comes alongside metadata abilities that help in assessing and retrieving data from the unstructured data.
Real-time analytics or real-time intelligence refers to the capacity to use data when it has entered the system. It is helpful in customer relations management. This is because of the fast provision of information about the clients of an enterprise to enhance the decision-making process. Real-time analytics requires a set of technologies to enhance its functionality. For instance, data warehouse devices including software and hardware products designed for analytical processing.
Apart from it, visual analytics technologies consist of a combination of visual computation and user-friendly data visualization. BI’s goals will be fulfilled with the evolution of these technologies since they can offer a complete data preparation and broader scalability of data.
In conclusion, business intelligence should be adopted by business because of its immense benefits. The concept of business intelligence is simple and strategic. It is concerned with database management thus ensuring proper management of information through reporting and retrieval.