The collection of approaches that involves gathering data, storing it, analyzing it and providing the analysis to users to extract some insights of business, to optimize to business performance can be defined as Business Intelligence. The Business Intelligence umbrella comprises of competencies, processes, technologies, applications and practices which supports verified decision making for an organization. The business performance of any organization is based on one of the following factors which can be optimized to generate higher profitability in terms of revenue and customer value.
- Risk Analysis
- Analysis of sales trends, customer behavior and buying patterns.
- Gauging, Tracking and predicting financial performance
- Planning and forecasting of budgets and financial aids if required
- Designing, tracking and predicting performance of Marketing strategies
- Customer Relationship Management process optimization
- Optimization of operations and process performance wise
- Optimizing Supply chain
- Strategic Value deliverance
- Optimization of Web services and e-commerce
Considering these, the generalized approach used in most of the domains in the industry to enhance the business performance
The world today is driven by data, that is being collected every second in every way possible. The profitability of any Organization is determined based on the revenue and customer value generated, which requires a deep understanding of the current market scenario and consumer needs which can be achieved through collecting of data, perform various type of analysis on it and use it to optimize the Business model and improve decision making, the whole process of enhancing business performance is termed as Business Intelligence. The Business Intelligence is an umbrella that comprises of variety of statistical and decision making processes. It can be divided in to 3 stages, 1) Data 2) Analysis 3) Reporting Business decision and service Optimization and Visualization 4)Business Decision and service optimization, that comprises of various aspects of each starting from collection of data from various sources, cleaning the data, structure the data, running analytical algorithms on the data, analyze the generated data as the output from algorithms, extract information out of it and based on it create visualizations and reports which can be used for product/service optimization and Business decision making . In the current day scenario, the data is being collected from millions of sources and the Business Intelligence is being compromised at different levels, from collection of data to deriving a business optimization strategy, due to multiple factors. In these paper, we will try to understand the four stages of Business Intelligence domain with different industry use cases to see how various problems faced in the industry currently during implementation and execution of business intelligence strategy.