Business intelligence is the ability of an entrepreneur to gather all the company’s resources and convert them into business knowledge that would help the company further its business prospects. Business intelligence analysis attempts to assess the merit of an organization’s intelligence and examine if it has what it takes to foresee potential business opportunities and take effective business decisions that would help exploit those opportunities to the fullest and further one’s chances of success.
Sample Business Intelligence Analysis
Business intelligence analysis commissioned by: Analysis team, Supertech Company.
Name of the company: Supertech Private Limited.
Date of submission of analysis report: June 4, 2012.
Objective: To examine the business intelligence of the company so as to understand their decision making abilities and seek ways to improve them in case limitations are detected during the analysis.
Business Intelligence Technologies used:
- Data mining
- Online analytical processing
- Business performance management
- Predictive analytics
- Prescriptive analytics
- Complex event processing
- Process mining
- Text mining
Business Intelligence Analysis Procedure:
- Data gathering from structured as well as unstructured sources.
- Data storage so as to allow a centrally managed, secure data repository.
- Analyzing data gathered and attempting to create hierarchal patterns so as to enhance data recovery and sort them in accordance with their business use.
- Improving quality of data and assuring easy and secured access to shared resources thereby creating space for a collaborative work atmosphere.
- Cleansing data of corruption and irrelevant information.
- Extracting, transforming and loading valuable data from source to target databases.
- Predicting the outcome of a project or even by studying the information analyzed from the data gathered.
- Trying to identify patterns or cause-effect relationship to make sense of the data.
- Forecasting sales on the basis of the data assessed.
- Improving product quality and influencing business decisions with respect to the inference of the analysis.
Finding: The business intelligence quotient analyzed is found to be quite high and sharp. The company has used its resources and tailored its strategies in accordance with its strengths to maximize profits.