Question

From your point of view and using your current work experience think of an example where Business Intelligence would allow information to FIND YOU, not the other way round. Discuss your example and how the use of BI tools would help you use this information to create intelligent reports versus regular reports.

Answer 1

Business intelligence refers to technology, applications, and strategies for the gathering, integration, analysis, and representation of business information. Business Intelligence aims to facilitate better business decision-making. Business intelligence is often used interchangeably with briefing guides, reporting, and query methods, and management information systems.

The complete mechanism of business intelligence can be divided into four phases:

• Data gathering
• Data cleaning
• Analysis
• Reporting

Example

Nowadays, we are using so many web applications for different purposes like shopping, ordering food, booking cabs, etc. For example, suppose we are using Amazon for shopping purposes. We open the Amazon website and search for the products. Here, whatever activity we do on the site, patterns are generated for each activity. These patterns are stored on the database. Now, when the same user visits the Amazon website again, business intelligence tools play a crucial role. The BI tools understand the previous patterns, analyze them, and then based on the extracted information, recommend the relevant products to the user. It simply means that the BI tools identify the user based on the previously stored information.

Hence, we can say that the BI tools first gather the information of the user, analyze it and then matches the patterns. Based on the extracted results, they make a relevant decision.

Business intelligence Reporting

Business intelligence reporting seems to be the method of collecting data through the use of various technologies and methods to extract useful insights. At the end of the day, it offers feedback and insights on business patterns, encouraging decision-makers to respond. Internet business analytics and reporting are strongly linked. If we collect data, we need to evaluate and report on it, regardless of the market or sector in which we work.

Business intelligence plays a vital role in web data collection, financial data, and strategic reporting. Companies must respond to and behave accordingly to the uncertainty of information. Spreadsheets no longer have the best tools for a professional organization looking to evaluate and use all the market details obtained in an accurate way.

This is where business intelligence analysis comes into play, which thus continues to be critical in enabling companies to successfully gather data and turn information into results. Using analytical tools, BI systems use fresh data sets to advise everything from business campaigns to the preparation of potential future losses.