Business intelligence describes a toolset and process, which systematically organizes and
displays your company data. Intelligence systems assist you in making strategic and
operative decisions based on detailed analytic data and reports.
Implementing a business intelligence solution not only requires programming qualifications but
also necessitates a detailed understanding of business processes, business administration, and
business economics.
With that being said, in developing your business intelligence solution, you do not have to “start from scratch”, but instead
base it on well-established open-source products and adapt it to your specific requirements by
adding additional custom components, interfaces, and modules.
Cornerstones of the Development Process:
- Analysis of your company-specific informational requirements.
- Analysis of existing core-data (e.g. in ERP systems and MDM systems).
- Visualisation of processes using flow charts.
- Decision, whether classic methods or agile methods (waterfall model, SCRUM, etc.) are to be employed.
- Development of a roadmap.
- Optional design of a software prototype, which makes employee training possible at an early stage in the project.
- Final presentation and employee training.
Dashboards
Business Intelligence dashboards are a collection of graphical elements that give you a quick snapshot of how your organization is performing and its future. BI dashboards include charts, graphs, gauges, and tables so you can easily make sense of complex data from your business systems at a glance. Many run their business from an executive dashboard that shows key performance indicators and scorecards across the entire business.
Scorecards
Business Intelligence scorecards are a collection of metrics such as revenue and cash flow that
are used to measure an organization’s performance against target. They help executives turn
their business strategy into specific goals that can be communicated, measured, and monitored
throughout the organization.
Performance scorecards keep a business accountable and
focused on achieving set results. Business scorecards show you at a glance how the business
is doing and where you need to focus. They highlight what you had aimed to achieve, and what
the difference is between objectives and results. Scorecards measure each key performance
indicator (KPI) against the target, with the results compared with the previous time period.
Analysis
Business Intelligence analysis is used for instant analysis of large amounts of data, regardless
of which business system it comes from. Business analysis is often used to reveal trends that
might not be discovered easily by viewing standard reports – to identify trends, problems, and
opportunities.
Often known as “slice and dice” or OLAP (online analytical processing), analysis
lets you quickly investigate multiple dimensions, such as revenue per product or service, per region, per year. Sometimes business analysts want to analyze their data in Microsoft Excel,
so you may need to ensure your BI solution has this capability.
Reports
Business intelligence reporting allows employees at all levels to pull information from an
organization’s business systems for day-to-day operations and decision-making. The
production of structured, formal reports such as board reports and profit and loss (P&L) reports
enables information to be delivered in a standard format. This type of reporting is focused on
producing reports and is referred to as relational reporting.
On-Demand Information, In-Time Decisions
Enterprise reporting has opened up a whole new frontier of Business
Intelligence. Businesses can not afford to entertain longer response times to market and key
decision-makers need to have access to relevant analytics and reports right away without
relying on IT department.
Business Intelligence is more than massaging and transforming vast amounts of stored data in some
kind of reporting format. The core promise of a Business Intelligence system is to deliver
analytical facets of business information that trigger proactive decision-making.
Business Intelligence is the single most important key performance indicator representing the
real-time state of the entire business. Real-time dashboards, Rich Interactive Charts with
Multi-Level drill-down capabilities, 360o multi-dimensional analysis of critical data elements such
as average delivery time, customer Value/ROI ratio, revenue recognition and product
performance indicators are required tools for agile execution of strategy and quick decision-making to respond to market dynamics.
0 Comments