Introduction to International Business
With the globalization of the world economy, there has been a concomitant rise in the number of companies that operate globally. Though international business as a concept has been around since the time of the East India Company and continued into the early decades of the 20th century, there was a lull in the international […]
Types of Licenses in International Trade
International Trade has become the order of the day in the current environment of Globalization. The nature of economies namely under developed, developing and developed countries as well as the availability of natural resources, labor, technology and capital required for production etc play a important role in countries economy as well as its reliance on […]
Why We Should Not Let the Present Global Crisis Go Waste and Make Positive Changes
Never Let a Serious Crisis Go Waste The Chinese term for crisis is a combination of danger and opportunity, which means that a crisis is a good time for opportunity as well. In other words, whenever we are confronted by a crisis whether it is personal or collective, we have the chance to make serious […]
The Alignment of Technology and Corporate Planning
Introduction In the digital age, information technology plays an important role in the success of an organization. Technology provides edge in this globalized world. Companies are facing competition not only from local companies but from international companies as well. In such a scenario, it is important that company invest in technology which is aligned with […]
Linearity and Resolution
Apart from accuracy and precision, there are more factors that determine the soundness of a measurement system. Two of these important factors are as follows: Resolution: Resolution is the ability to see fine details in a system. This ability also gives the system, the ability to distinguish different readings from one another. A good example […]
The current business environment is constantly evolving. The global economic scenario is providing opportunities as well as challenges. The factors affecting business environment are consumer needs, globalization, and government policies, etc.
In such a business environment, organization basically has four action steps. The organization can be reactive, anticipative, adaptive, or/and proactive. For this, organization can develop a new strategy, get into partnership, etc.
Today most of the businesses are having a computerized business support. This support is in form of decision support system, business analysis, etc.
The main objective of business intelligence is to bridge the gap between organization current status and its desired position. Business intelligence helps organization achieve commercial success along with sound financial management.
Business intelligence is framework designed to support decision-making process. This framework combines architecture, database, analytical tools and applications. Business analytics forms an integral part of business intelligence.
More and more businesses are moving towards business intelligence. The reason for this movement is the business environment. Organizations are forced to capture, store and interpret data. This data is at the core of business success. Organizations require correct information for any decision-making process.
Business intelligence combines data warehousing, business analytics, performance, strategy and user interface. Business receives data from various sources. This data is capture in the data warehouse where it is stored, organized and summarized as per further utilization. Authorized users can access this data and work on it to get desired results. This result than are shared to executives for decision-making process. These data results can be published through dashboards or share points.
The main components of business intelligence are data warehouse, business analytics and business performance management and user interface.
Data warehouse holds data obtained from internal sources as well as external sources. The internal sources include various operational systems.
Business analytics creates a report as and when required through queries and rules. Data mining is also another important aspect of business analytics.
Business performance management is a linkage of data with business objectives for efficient tracking. This business performance is then broadcasted to an executive decision-making body through dashboards and share-point.
The benefits of Business intelligence are as follows:
Business intelligence usage can be optimized by identifying key projects on which company would like to focus. This process of highlighting key projects is called business intelligence governance.
The importance of business intelligence is growing, and its usage has proliferated across various types of users. Earlier, it was in the domain of IT staff, but now business team is also independently handling business intelligence.
Your email address will not be published. Required fields are marked *
Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
