Intelligence business includes computer-based techniques which are used for identifying, extracting and analyzing important business data, such as sales levels, inventory levels, product wise demand patterns and cost associated and income. They not only provide information about past and current data, but also help predict future patterns of business operations.
Effective use of intelligence business can enable you with the information about your competitors and help you to utilize their weakness for your advantage. It is also useful to have a better understanding of your customers' spending patterns and hence constitute better deals yielding excellent revenue streams. Some other common functions are reporting, analytical processing of business data, process mining and improving business performance management and also business analytics.
Intelligence business' main aim is to support the general operations of the business. Their data mining ability is vital for information systems such as decision support systems and competitive intelligence, the past and present data is used to make decision for future.
Intelligence business applications can be for special purposes or integral to enterprise. It can be department-specific such as operations or finance department. It can also be driven by user demand. If we go in detail how the intelligence business is used in the enterprise first we will consider that its basic function is measurement- this means the program is employed to gauge the performance levels in an organization which can then be used for benchmarking both internal among various departments or outside the organization. Then comes analytics, this function is responsible for quantitative processes for business analysis and also gaining valuable business knowledge. It also does reporting on enterprise processes these reports are used for making strategic decisions these are commonly called executive information system. Then, there are collaboration platform for bring reports from different areas through mutual data sharing and interchange. Finally, knowledge management is used to turn experience into learning and learning to implementation also called learning management as it identify, create and adoptions of business knowledge.
Intelligence business system also helps to reduce the time consumption and the entire organization is considered as an abstract thing and decide how top management guide it in the coming year s according to the vision of the company. However there are three important critical areas that you need to assess when applying intelligence business first is the level of commitment of the top management then level of business need to implement a business intelligence system. Finally, the amount and quality of business data available.
The next important thing is the user aspect whether the business is capable of providing a BI which is accepted and utilized by the user poor usability will result in unsatisfactory results for the business. For this purpose we can use consult business users in early stage of the intelligence business system lifecycle. This will help increase the benefits of using intelligence business system. There are a lot of off the shelf packages but in fact building an enterprise own customized package will make it exclusive and more beneficial for the business.