Business IntelligenceBy Hank Lin - Athabasca University
About Business Intelligence• Business Intelligence (BI) is also referred to as academic analytics or institutional intelligence.• BI is an IT term that refers to the collecting, structuring, analyzing and leveraging of data to turn it into easy-to- understand information.• BI is a way of combining data in new ways that reveal previously unforeseen efficiencies, enabling leaders to use their expertise to make data-driven decisions.
What is Business Intelligence Business Intelligence is a set of methods, processes,architectures, applications, and technologies that transformraw data into meaningful and useful information used toenable more effective strategic, tactical, and operationalinsights and decision-making. - Forrester
Definition Business intelligence can be defined as a collection ofapproaches for gathering, storing, analysing and providingaccess to data that transform raw data into meaningful anduseful information used to enable more effective strategic,tactical, and operational insights and decision-making.
Gathering Data Gathering data is concerned with collecting oraccessing data which can then be used to inform decisionmaking. Gathering data can come in many formats andbasically refers to the automated measurement andcollection of performance data. A major challenge of gathering data is making sure thatthe relevant data is collected in the right way at the righttime.
Storing Data Storing Data is concerned with making sure the data isfiled and stored in appropriate ways to ensure it can befound and used for analysis and reporting. When storingdata the same basic principles apply that you would use tostore physical goods. The advantages of modern data warehouses is thatthey allow multi-dimensional formats so you can store thesame data under different categories
Analysing Data Taking the data that has been gathered and inspect,transform or model it in order to gain new insights that willsupport our business decision making. Analysis techniques includes the use of statistical tools,data mining approaches as well as visual analytics or evenanalysis of unstructured data such as text or pictures.
Providing Access Access is needed to perform analysis or to view theresults of the analysis. The former is provided by the latestsoftware tools that allow end-users to perform data analysiswhile the latter is provided through reporting, dashboard andscorecard applications.
What is BI used for? Do we know the type of customers we Can we forecast long- have? Are our products & term buying habits of services priced our customers? competitively?Do we know why we are losing market Do we know what share? our best customers have in common?
What is BI used for?• Analysing customer behaviours, buying patterns and sales trends.• Measuring, tracking and predicting sales and financial performance• Budgeting and financial planning and forecasting• Tracking the performance of marketing campaigns• Optimising processes and operational performance• Improving delivery and supply chain effectiveness• Web and e-commerce analytics• Customer relationship management• Risk analysis• Strategic value driver analysis