Role of Business intelligence and business analytics
Business analysis is a paramount aspect in the running of enterprises. For any business analysis to be helpful there must be useful and meaningful information. Such information can be arrived at through the use of Cockpit Metrics a business intelligence software.The term business intelligence is used to refer to all those techniques and tools that business people use to transform raw business data into information that can allow analysis.
Handle large amount of unorganized data
Modern technology has enabled business intelligence techniques and told to handle large amount of unorganized data assist in identifying, developing and creating new business opportunities that are strategic. Cockpit Metrics an elite business intelligence tool aims to facilitate easy interpretation of large amounts of data. A business can benefit a lot from the use of business intelligence. For example, if it can identify new business opportunities and gaps, then implement effective strategies that are based on insights, a company realize a competitive market edge and prolonged stability.
Current views of running business
Business intelligence technologies give and predict current views of running business. The functions of business intelligence tools range from reporting, processing online analysis, mining data, managing business performances, benchmarking, to event processing.
Support business decisions
Business people can use business intelligence to support many of their business decisions that may be strategic or operational decisions such as pricing promotion, and product positioning are operational while priorities, directions, and goals are strategic decisions. In all cases, business intelligence can be very efficient if it combines the data extracted from the company’s market (external data) with that one from internal business sources like the operations and financial data. Once combined, internal and external data provide a better picture that, in effect, forms an “intelligence” which is unachievable when singular data sets are used.
Business analytics and business intelligence
Sometimes, business analytics and business intelligence are used interchangeably; however, people should know that they are not synonyms. Their individual definitions may be confused owing to the fact that they lie in the same field. Business analytics relies on information from business intelligence tools to explain and predict various business issues. On the other hand, business intelligence involves collection and conversion of raw data into meaningful information that is useful in business.
Business analytics is in business intelligence
Some scholars also think that business analytics is in business intelligence. In fact, they argue that business analytics should be seen as a subset of business intelligence focused on prediction of statistics, and optimization, but not reporting functionality.
Business intelligence is applicable to various business tasks such as measuring, analytics, reporting, collaboration and knowledge management.
Moreover, business intelligence can be used as a pro-active approach like alert functionality to notify the end-user when conditions have been met. For instant, if some metrics goes beyond a per-defined mark, the metric will appear in the standard report as a highlight, and the company analyst may get an alert through monitoring services or e-mail. Such a process needs data governance, which calls for expert managers.