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What is Business Intelligence?
Business Intelligence (BI) encompasses a range of processes, architectures, and technologies designed to transform raw data into valuable insights that facilitate profitable business decisions This suite of software and services enables organizations to convert data into actionable intelligence and knowledge.
BI has a direct impact on organization's strategic, tactical, and operational business decisions BI supports fact-based decision making using historical data rather than assumptions and gut feeling
Figure 1: BI (Business Intelligence) is a set of processes
How Business Intelligence systems are implemented?
• Step 1: Raw Data from corporate databases is extracted The data could be spread across multiple systems heterogeneous systems
• Step 2: The data is cleaned and transformed into the data warehouse The table can be linked, and data cubes are formed
• Step 3: Using BI system the user can ask quires, request ad-hoc reports or conduct any other analysis.
Example about Business Intelligence
Example 1
In an Online Transaction Processing (OLTP) system information that could be fed into product database could be
In a Business Intelligence system, a query focused on the product subject area can determine whether the introduction of a new product line or a change in product pricing has led to an increase in revenue.
In an advertising database of OLTP system query that could be executed
Correspondingly, in BI system query that could be executed would be how many new clients added due to change in radio budget
In OLTP system dealing with customer demographic data bases data that could be fed would be
• Change in customer salary level
Correspondingly in the OLAP system query that could be executed would be can customer profile changes support higher product price b Example 2:
A hotel owner uses BI analytical applications to gather statistical information regarding average occupancy and room rate It helps to find aggregate revenue generated per room
It also collects statistics on market share and data from customer surveys from each hotel to decides its competitive position in various markets
By analyzing these trends year by year, month by month and day by day helps management to offer discounts on room rentals.
Tools and Techniques
SAP Business Intelligence offers several advanced analytics solutions including real-time
BI predictive analytics, machine learning, and planning & analysis are key components of a comprehensive Business Intelligence platform This platform provides essential features such as reporting and analysis, data visualization, analytics applications, office integration, and mobile analytics SAP serves as a powerful software solution designed for various roles, including IT, end users, and management, delivering a wide array of functionalities within a single platform.
MicroStrategy is a robust business intelligence tool that provides fast dashboarding and data analytics capabilities, enabling users to monitor trends, identify new opportunities, and enhance productivity It allows connections to multiple data sources, including spreadsheets, cloud-based platforms, and enterprise software, and is accessible on both desktop and mobile devices.
Figure 4 MicroStrategy is a business intelligence tool
Datapine is a comprehensive business intelligence platform designed to simplify data analytics for users without technical expertise Its self-service analytics approach allows both data analysts and business users to seamlessly integrate various data sources, conduct advanced analyses, create interactive dashboards, and derive actionable insights for informed decision-making.
Figure 5 Datapine is an all-in-one BI b Techniques
The article highlights the importance of summarized and multi-dimensional views of business data for effective analysis, modeling, reporting, and planning to optimize business performance It emphasizes the role of various tools such as reporting software, data mining, data warehouses, information visualization, dashboards, knowledge management mapping, decision support systems, forecasting, management information systems, and document management in discovering trends and analyzing critical factors Additionally, it mentions the significance of Software as a Service in enhancing these processes.
(SaaS), geographic information systems and Trend Analysis
Making discovered knowledge easily understood using plots, charts, histograms, and other visual means
Forecasting, data mining, and predictive analytics utilize statistical analysis techniques to predict certainty measures on various facts Despite significant investments in enterprise resource planning (ERP) and customer relationship management (CRM), companies must enhance their ability to analyze and apply information for effective operational decision-making.
Classification, Clustering and outlier analysis
Determines to which class a data item belongs and partition it into classes, whereby items with similar characteristics are grouped together
Its goal is to identify patterns in an exploratory manner and then explore a dataset without a strong dependence on assumptions or models
2 P4 DESIGN A BUSINESS INTELLIGENCE TOOL, APPLICATION OR INTERFACE THAT CAN PERFORM A SPECIFIC TASK TO SUPPORT PROBLEM SOLVING OR DECISION-MAKING AT AN ADVANCE LEVEL
I will use Tableau tool to design and analyze the data, below is the chart:
Figure 6 CHART PIE DESIGN A BUSINESS INTELLIGENCE TOOL
This article presents data on Category, Ship Mode, Profit, and Sales, allowing us to analyze profit and sales information across various regions using a side-by-side bar chart.
Figure 7 Tableau Category, Ship Mode, Profit and Sales
We can also create another chart to know the information about First Class, Same Day, Second Class and Standard Class
Figure 8 Tableau First Class, Same Day, Second Class and Standard Class
In this text table report, Technology category and Standard Class ship mode have the high profit, it’s about 405,461 and also the sale is about 2,840,846
Figure 9 Tableau 405,461 and also the sale is about 2,840,846
3 P5 Discuss how business intelligence tools can contribute to effective decision-making
Business intelligence tools enable organizations to analyze and present data effectively, facilitating informed decision-making By offering real-time insights into operations, these tools assist managers in identifying trends, addressing issues, and formulating strategies to enhance performance.
Business intelligence tools enable rapid and efficient analysis of large data volumes, allowing managers to uncover patterns and trends that may be challenging to detect manually With access to real-time data, these tools empower managers to make informed decisions based on the most current information available.
Business intelligence tools leverage visualizations to simplify complex data, enabling managers to grasp relationships between data points and pinpoint improvement areas For instance, a sales dashboard might utilize a heat map to highlight revenue-generating regions or a bar chart to display top-selling products.
Business intelligence tools enhance forecasting accuracy by enabling managers to analyze historical data and identify patterns These insights are essential for predicting future trends, particularly in critical areas such as sales forecasting and inventory management, where precise predictions significantly impact business success.
Business intelligence tools enhance collaboration and communication within teams by offering a centralized platform for data analysis and reporting This ensures that all team members work from the same data set, leading to informed decision-making based on consistent information.
Business intelligence tools enable managers to pinpoint areas for enhancement and monitor progress over time By establishing targets and tracking performance, they can identify necessary changes to boost efficiency, lower costs, or increase revenue.
Business intelligence tools such as Tableau significantly enhance decision-making efficiency for companies With robust data analytics and visualization features, these tools enable managers and sales professionals to easily access and comprehend complex business information.
The chart illustrates the sales growth of various products over time, highlighting that the Laptop had the highest sales in 2019, but experienced a gradual decline in subsequent years In contrast, the PS5 product saw a steady increase in sales from 2019 to 2021 Additionally, both Steamdoc and SmartPhone products demonstrated significant growth over the years, while product E has been on a downward trend since 2020.
The chart highlights a significant disparity in sales among various products, with laptops and PS5s experiencing substantially higher sales compared to other items, while iPads show notably lower sales figures.