As a company, we are very interested to know what our weaknesses and strengths in order to explore opportunity and grow as an organization. To do this, every day we receive a large amount of data being processed on our servers and staff in order to give us information relevant to our situation as a company.
Business intelligence is made up of an increasing number of components including:
- Multidimensional aggregation and allocation
- Denormalization, tagging and standardization
- Real-time reporting with analytical alert
- A method of interfacing with unstructured data sources
- Group consolidation, budgeting and rolling forecasts
- Statistical inference and probabilistic simulation
- Key performance indicators optimization
- Version control and process management
- Open item management
Why Business Intelligence
Some of the main reasons why business intelligence is used are:
- Measurement – program that creates a hierarchy of performance metrics and benchmarking that informs business leaders about progress towards business goals.
- Analytics – program that builds quantitative processes for a business to arrive at optimal decisions and to perform business knowledge discovery.
- Reporting/enterprise reporting – program that builds infrastructure for strategic reporting to serve the strategic management of a business, not operational reporting.
- Collaboration/collaboration platform – program that gets different areas (both inside and outside the business) to work together through data sharing and electronic data interchange.
- Knowledge management – program to make the company data-driven through strategies and practices to identify, create, represent, distribute, and enable adoption of insights and experiences that are true business knowledge