Download Business Intelligence: Concepts, Techniques, and Tools - Prof. Jama and more Assignments Business Systems in PDF only on Docsity!
What is Business Intelligence?
BI (Business Intelligence) is a set of processes, architectures, and technologies that convert raw data into meaningful information that drives profitable business actions. It is a suite of software and services to transform data into actionable intelligence and knowledge.
WHAT ARE BI TOOLS?
BI tools are types of software used to gather, process, analyze, and visualize large volumes of past, current, and future data in order to generate actionable business insights, create interactive reports, and simplify the decision-making processes.
Business Intelligence Techniques
Analytics Analytics is a business intelligence technique that involves the study of available data to extract meaningful insights and trends. Predictive Modeling Predictive modeling is a BI technique that utilizes statistical techniques to create models that could be used in forecasting probabilities and trends. Data Mining Data mining is a technique for discovering patterns in huge datasets and often incorporates database systems, statistics, and machine learning to find these patterns.
Some tools for business intelligence:
1- power BI
Power BI is a collection of software services, apps, and connectors that work together to turn your unrelated sources of data into coherent, visually immersive, and interactive insights. Your data may be an Excel spreadsheet, or a collection of cloud-based and on-premises hybrid data warehouses. Power BI lets you easily connect to your data sources, visualize, and discover what's important, and share that with anyone or everyone you want.
Advantages:
1- Rich personalized dashboards. The crowning feature of Power BI is the information dashboards, which can be customized to meet the exact need of any enterprise. You can easily embed the dashboards and BI reports in the applications to provide a unified user experience. 2-Publish reports securely: The tool helps you to setup automatic data refresh and publish reports allowing all the users to avail the latest information.
Disadvantages:
1-Configuration of Visuals In most cases, you might not feel the need to configure and optimize visualizations in Power BI. But even if you do, Power BI does not provide many
Disadvantages:
1. Expensive This entails software, hardware, implementation, consultants, training, etc. Or you can hire a programmer or two as an employee and only buy business consulting from an outside source, do all customization and end-user training inside. That can be cost-effective. 2-Demanding High Quality Human Resources This system requires qualified human resources to enter data precisely and with timeliness. This makes the company have to spend more to pay for the salaries of qualified human resources. The effectiveness in decision making. 1- Better sales decisions Industry specific business intelligence enables companies to discover detailed sales trends based on their customers’ preferences, reactions to promotions, online shopping experiences, purchasing habits, and patterns and trends which affect sales. Leveraging customer buying habits permits a company to decide the best course of action to retain valuable customers and take advantage of missed sales opportunities. 2-Better marketing strategy By monitoring trends to determine customer preferences, a company can quickly make strategic marketing decisions to best capitalize on their products or services. Data analytics software can identify promotional returns and analyze campaign outcomes. A company can now use it to decide how to prioritize
campaigns, tailor promotions, and engage in social media to maximize marketing efforts.
