Business Intelligence

Business intelligence is a technology-driven process for analysing data and preparing actionable information to make data-driven decisions. Business intelligence comprises strategies and technology used by the enterprises for data analysis of business information. Business intelligence technologies can handle large amounts of structured and unstructured data to identify, develop and create new strategic business opportunities. They aim to allow for the easy interpretation of these big data to identify new opportunities and implementing an effective strategy based on insights that can provide businesses with a competitive market advantage and long-term stability.

Types of Business Intelligence:

Strategic Business Intelligence also known as auto-delivered intelligence is often associated with reporting from an analytical data source or data warehouse. Basically, strategic business intelligence improves a business process by analysing a predetermined set of data relevant to that process and provides historical context of data.  In addition, strategic intelligence provides the base for forecasting, goal-setting, planning and direction. Strategic business intelligence needs to be delivered in an interactive manner, enabling the manager to present his views on data in different ways. Also, strategic business intelligence emphasizes on its output on a graphical display such as charts and graphs to represent trends, opportunities and problem areas. Strategic business intelligence converges on four important parameters:

• Collection and storage of data

• Optimisation of data for analysis

• Identification of crucial business drivers through past data records

• Seeking answers to key business questions

Operational Business Intelligence

Operational business intelligence is associated with the transactional or operational data source and is consistent with reporting data during organizational processes. In general, operational business intelligence provides time-sensitive, relevant information to operations managers, business professionals, and front-line, customer-facing employees to support daily work processes. Also if the data retrieved from the analysis directly supports or helps complete operational tasks, then the intelligence is operational in nature. But operational business intelligence demands recipients time as possible which iron out the information presented in an interactive manner. Since operational business intelligence is task oriented there is less need of charts and graphs. Consider an example informing a staff member in an organization regarding information on client’s credit or on over dues. In such a scenario graphical representation won’t hold good but a brief message will solve the problem. Hence communication methods and devices play a vital role in operational business intelligence. Thus, operational business intelligence comprises multiple delivery methods like instant message, email, dashboard and Twitter. The output from operational business intelligence includes invoices, schedules, shipping documents, receipts and financial statements.

There is a difference in the kind of information processed in operational and strategic business intelligence according to the target customers. Also, there is quite a difference in the way the information is being delivered in accord with their requirement in both operational and strategic business intelligence. Albeit these differences strategic and operational business intelligence is more in demand in the IT world.

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Contact Name: Claire Deschamps / Email: machinelearningandbigdata@gmail.com