Question

Describe the major components of Business Intelligence with its functionalities. *Essay Question

Answer 1

The major components of business intelligence are data warehousing, business analysis and business operations management and the user interface.

Data storage contains data obtained from internal sources as well as from external sources. Internal sources include various operating systems.

Business analysis generates reports whenever required by questions and rules. Data extraction is also another important aspect of business analysis.

Business Process Management is connecting data to business goals for effective monitoring. This business effectiveness is disseminated to executives for decision-making through dashboards and segmentation.
Advantages of Business Intelligence

The advantages of Business Intelligence are as follows:

Business intelligence is a faster and more accurate process of reporting important information.
Business intelligence facilitates a better and more efficient decision-making process.
Business Intelligence provides real-time information for better customer relationship management.
Business intelligence improves the profitability of the company.
Business Intelligence provides an opportunity to evaluate the organization's readiness to face new business challenges.
Business Intelligence supports the use of best practices and identifies hidden costs.

Business intelligence utilization can be optimized by identifying key projects that the company wants to focus on. The process of highlighting important projects is called business intelligence management.

The importance of business intelligence is growing and its use is spreading to different types of consumers. She used to be an IT worker, but now the business team also manages business intelligence independently.