ALL >> Business >> View Article
Business Intelligence Functions: For The Best Business Decisions
The computer based techniques that are used to dig out, spot as well as analyze any data related to business, is referred to as Business Intelligence, abbreviated as BI. These business data include the sales revenues by products and departments or by their related incomes and costs. The target of business intelligence is to help you in decision making. Although this may be used sometimes as the other name of competitive intelligence, the range of business intelligence is much more comprehensive. Rather, competitive intelligence may be held as a subpart of business intelligence. Many different processes, applications and technologies are used by business intelligence. There are, however, certain important business intelligence functions. These may be listed as data mining, benchmarking, business performance management, online analytical processing, and analytics of various types and so on.
Data mining combines different statistical methods, database management techniques as well as artificial intelligence in order to extract patterns from huge sets of data. Data mining gives great advantage of information and is considered ...
... very important for transforming data to business intelligence. It finds application in fraud detection, marketing, surveillance as well as scientific discovery.
Through benchmarking, you can compare and contrast the performance of your business as well as your business process with the best ones in the industry. You may also compare the best practices of the other different industries.
Business performance management deals with a particular set of analytic processes and management techniques to enable you to manage the performance of your organization, so that you can easily reach the goal you have set from before hand.
Through online analytical processing, abbreviated as OLAP you can readily answer any type of multidimensional analytical queries. Data mining as discussed above can be called a subpart that falls under online analytical processing as also relational reporting and business reporting. Online analytical processing can be applied in various fields. These include marketing and sales, where finds application in business reporting. It is also applied in forecasting and budgeting, management reporting, business process management, financial reporting and has up coming applications for agriculture as well.
Analytics is a very important part of business intelligence and it is a very broad category as well. It applies computer technology, statistics as well as operations research, in order to find a solution to industrial as well as business problems. Analytics includes Predictive analytics as well, which is also a function of business intelligence. It includes within, a huge variety of statistical techniques, gaming theories as well as data mining techniques. It predicts future events, by analyzing different historical and current facts.
Vijay K Shetty, Platinum Level Author.
Get more information on Business Intelligence Function, CMC Development
Add Comment
Business Articles
1. Lucintel Forecasts The Global Polyvinylidene Difluoride (pvdf) Market To Reach $2 Bllion By 2030Author: Lucintel LLC
2. Electronics Thermal Management Solutions Market Size & Share, Analysis 2031
Author: Andy
3. Choosing The Right Custom Injection Mould Manufacturer For Your Needs
Author: MOULDING-INJECTION
4. Discover The Timeless Beauty Of Handmade Ceramic Products
Author: Matthew Edwards
5. The Power Of Advanced C Frame Mechanical Power Presses
Author: Mankoo Presses
6. Lucintel Forecasts The Global Short Fiber Thermoplastic Market To Reach $24 Billion By 2030
Author: Lucintel LLC
7. Lucintel Forecasts The Polyurethane Resin In The Global Composites Market To Reach $188 Million By 2030
Author: Lucintel LLC
8. Custom Sticker Printing In Dubai: The Answer To Individual Branding
Author: Digital glob
9. Lucintel Forecasts The Global Greaseproof Paper Sheet Market To Reach $3 Billion By 2030
Author: Lucintel LLC
10. Speech Development Experts For Kids In Hyderabad
Author: pavitra
11. Lucintel Forecasts The Global Polypropylene (pp) Compound Market To Reach $15 Billion By 2030
Author: Lucintel LLC
12. Forecasting The Expansion Of The Ginger Powder Market
Author: mmr
13. Why Work With A Leadership Consulting Firm: A Complete Guide
Author: cluboneair
14. Unlocking The Billionaires Mindset: 10 Transformative Habits To Achieve Limitless Success
Author: Ourbusinessladder
15. Embrace Solar Energy With Elite Electrical Kent: Your Trusted Partner In Bromley And Beyond
Author: nicola