What is business intelligence applications

Business Intelligence вЂ“ Strategy and governanceД«I thus becomes a management philosophy that serves the company management and the evaluation of strategic competitive advantages. The earlier trends and developments can be read from the data, the more flexible and accurate the corporate strategy and the resulting decisions can be. The knowledge thus gained can then be implemented in the right decisions.ДЄnother possibility for a meaningful use of key figures is the topic of leading indicators. In order to take advantage of the synergies across the various business processes, it is essential to define cross-process values in addition to the key figures for the individual business processes. In many cases, it is, therefore, advisable to start with so-called best practice KPIs and iteratively develop your own KPI system from them. Trust in the agreed key figures is a basic prerequisite for the later acceptance of the results in the corresponding reports. These have to be coordinated with those responsible in the organization. However, many BI projects fail due to not clearly defined key figures. Thus, BI also stands for the acquisition and dissemination of findings that are made available for all operational processes across companies. The results are usually automatically used by the company management to optimize processes. Business Intelligence вЂ“ process optimization and key figuresД«usiness Intelligence thus refers to process-oriented procedures that require data analysis of company information. At all levels, key performance indicators serve to control corporate processes. The figure illustrates BI as the overall corporate design of the information and reporting system. The Institute for Business Intelligence expands BI to вЂњthe totality of management basics and thus as the integration of strategies, processes and technologies to generate critical knowledge about status, potentials and perspectives from distributed and inhomogeneous company, market and competitor dataвЂќ.

In this sense, BI is just a methodology for data collection and visualization of interrelationships within the company. In many cases, Business Intelligence is understood as the pure automation of reporting.

This is done with the help of analytical and organizational concepts and corresponding systems. Companies use this instrument to make their business processes and customer and supplier relationships more profitable, reduce costs, minimize risks and increase added value. Traditionally, Business Intelligence (BI) is a collective term for methods and processes for the systematic analysis of data. |By TUP - Editorial Team Business Intelligence вЂ“ Definition

What is business intelligence applications