BI (Business Intelligence) is a tool used by major world large scale and successful companies to reduce cost and risk and increase profit. It helps you to tap untapped potential and make sharp strategy decision based on fact and figures.
Computer industry has become more like a data gather industry but forgot about what to do with that data. In recent years people understanding the concept of Business Intelligence, where data can be converted into useful information. As a manager, you should be able to answer clearly out of the information held on your computer such as
- Seasonal sales trends
- Geographical customers buying
- Advertisement campaigning effectiveness
- Staff efficiency and performance
Business Intelligence is just like a light in the dark or runway to take a flight where clear picture can be seen out of the data and used to run your business into more profits.
Big companies have already implemented BI into their businesses and getting rewards out of it. Sometime giving a loan to potential customer in specific area before approving a loan, institution may want to see the default cases in that area. Unfortunately complex information is beyond the capabilities of most business software.
Business Intelligence unveils the Hidden Treasure: Generally now days, every business have data records into their database which is just like a hidden treasure. There are a lot of question which generally comes in mind but could not find any answer for those. The answer to these kinds of complex questions can be found out of this buried data by implying the business intelligence.