Staying in the middle of a competitive business environment it is very crucial to take important business decisions. An accurate specified current data derived from a lengthy process such as data analysis, reporting, inquiry tool, etc are together called business intelligence. In other words, the huge volume of data that enables to convert by business organizations into valuable information for better business decisions is business intelligence.
Business intelligence is derived through tools and systems that are helping for the strategic business planning of a firm. It includes theories, methodologies, processes, architectures, technologies that convert a huge mass of primary data into valuable information. It involves 4 different phases such as collecting, integrating, analyzing and presenting the business data.
Influence of Poor Data Quality
The current data volume explosion in business is astonishing data management system of businesses. Nearly all the companies are drowning in data while generating the information they needed.
- Finance based
- Confidence based
- Productivity based
- Risk and compliance based
Effective Data Management
Efficient and effective records management approaches are designed to enable groups to make better use of their records assets and flip raw information into actionable insights. The sizeable dependence on statistics to run and improve the commercial enterprise indicates that most organizations rely on their data as an awful lot as some other asset.
In surroundings where records are created, stored, processed, exchanged, shared, aggregated, and reused, the excellent technique to expertise the price of records is to recognize the predicted value of enterprise insights derived from it.
Generally, effective data management allows the business to immensely recognize customer conduct and reply with superior purchaser service, constructing long-term profitable relationships
- Have a deeper and better understanding of its operations and methods to develop upgrades and efficiencies
- Manage its priorities and awareness its investments and resources
- Improve sales and profits
- Appropriately manage inner and external relationships with employees, companies and other stakeholders
Implementing Business Intelligence
- The degree of commitment from senior management
- The degree of commercial enterprise want for developing a BI implementation
- The amount and satisfaction of commercial enterprise data available.