Conceptualized and developed in mid 1980s, modern BI is in the market since 1960s era. But due to its certain complications, the acceptance level of BI was not much till 1990s. But after 2000, people started to understand its utility well based on which they welcomed BI as a core part of their business management.
Business Intelligence is used for computer technologies with the purpose of identification, discovery and analysing the business data including the products, costs, sales revenue and income. BI serves with varied softwares and services which then helps in the transformation of the data converting it into actionable intelligence that assists in taking the decisions pertaining to organizations strategy ad tactical business.
BI technologies provide the current, past and even future view of data that has been structured internally for the products and services of the firm. It also aids in organizational functions like analyzing the data sets, presenting analytical reports, dashboards, graphs, charts, summaries, etc. All these functions help the users with the information on the intelligence about the state of business.
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Many types of business tools are available in the market to make the business implementations more effective.
The types of BI available in the market are as follows:
1. Spreadsheets help in the management of visual format and organization of rows and columns.
2. Data Integration Tools, that aids in integration the data altogether.
3. Reporting and Querying Softwares that helps in the extraction, sorting, summarizing and presenting the data well.
4. Process Mining helps in determination of business processes and serves with the tools for discovering control, data, process and social structure from the event logs.
5. Online Analytical Processing answers all the questions pertaining to multi dimensional analytical queries.
6. Digital Dashboards informs us on single page interface in the real time.
7. Data Mining bridges the gap between statistics and computer science and is useful in uncovering large sets of data.
8. Data Warehousing is useful for reporting or analysing the data.
9. Business Performance Management helps in achieving long and short term goals of the business by managing the business performance.
10. Decision Engineering aids business in making the right decisions based on varied business approaches.
Business Intelligence is no doubt an important part of business now. BI models are simple and easy to use. Considering which BI models have got its own importance and use as stated below and all this makes it core need of a business
- 1. It helps in minimising the guessworks and focuses more on accuracy of the information.
- 2. It investigates on the insights of the customer’s behaviour.
- 3. It leads towards the development of business and improving its efficiency.
- 4. All your business related queries gets quick and instant response.
- 5. It increases selling opportunities and also brings up the cross selling opportunities.
- 6. It can obtain important business reports as and when needed.
- 7. It helps in streamlining the operations and making the necessary changes when needed.
- 8. It helps in identifying the actual manufacturing costs of your business products and allows changes to be made as per the needs.
- 9. It gives you a better understanding of your past, present, and future business prospects.
- 10. It well manages the inventory serving the goods to the customers just when they need without maintaining excess inventory.