Business Intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information.[ref : 1] BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics. BI technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
What is Business intelligence ?
Applications that transform data into meaningful data which helps business make better decisions
It is related to 1950s and correlated to technology called decision support.
- Increase data collocation
- Greater storage capacity
Thanks to internet , smart phone and companies can store data easily and cheaper with respect to before.
By 2019 the Business intelligence Markets is expected to be worth more than 30 billions.
It is resides in a fixed form, such as name collection forms on websites.
For example it is easy for computers to read query such data.
Can not be organized in databases and computers can not be read them easily.
For example any text forms in Instagram and other social networks can not be read by computers.
How the companies store and manage all this data?
The data will be in several locations:
- CRM programs
- Marketing automation systems
- Social platforms
The first step of BI is taking inventory of the data your company purchases.
Data warehouse are used to consolidate disparate data in a centeral location,
Using a process known as extract, transform, and load (ETL), warehouses standardize data access systems, which allows it to be queries.
Data marts are essentially smaller
How does information get to central location?
Extract , Transform , and load
Raw data is extracted from a source program (such as CRM or ERP software)
This is often the unstructured data (a note with its tag that is easy to find)
During this step , the data is normalized.
In order to properly analyze data , it must be in the same format.
Finally the data is transformed into the central warehouse or data mart.
this process can be occure every week day hour or minute.
The more often it done the more real time.
What is Hadoop?
Hadoop is an infrastructure for storing and processing large sets of data across multiple servers.
Instead of centralizes files, Hadoop uses a cluster system that allows files to be stored on multiple servers.
Hadoop is best suited for companies that produce massive volumes of data , such as Facebook or eBay
Map Reduce is the process arm of Hadoop.
This can save huge amounts of network bandwidth and recourses.
Analyzing Big data
That’s the companies are investing in BI.
The insight from analytics reports influence company direction, products lineuos, and even hiring decisions.
Here are some of the key terms and concepts.
Data mining is the analysis of larges sets of data in order to find patterns and correlations.
It can be used to :
- Group sets of data
- Find outliers
- Draw connections
It could be argued that all the “intelligence” in business intelligence results from data mining
The analytics software combs through unstructures textual data to find patterns.
This is particularly useful for analyzing the social media posts, or online customer feedbacks.
By analyzing and drawing connections between data , companies can :
- Predict future trend
- Gain competitive advantages
- Reveal unknown innefficencies
There are three main forms of Business analytics:
Descriptive Analytics :
The base upon the data you already have and descriptive programs analyze past data and identify trends and relations.
Searches for correlation between a single unit or factor and the feature.
This would allow companies to infer future patterns from past trends.
This software helps companies analyze future industries and m,arket spaces.
It is look to internal data of company, then analyze external conditions (such as manufacturing trends ) to recommend the best course of action for a company.
Turning data to power point
Business intelligence Reporting
A graphical display of the results of data mining or analytics, often in real-time.
Visualization software is part of shit towards greater usability among BI programs , and is a force to market.
Dashboards are the interfaces that represent specific analyses.
They are particularly helpful for those don’t wish to interact with software.
State of the Market
Where is BI headed ?
More companies are into the BI programs these days.
Getting access to clean , high quality data remains difficult for some companies.
It is utilize RAM memory instead of hard drives.
Usability and Visualization
Business Intelligence software is making its way out of the IT department.
Visualization, Dashboards, and intuitive UX design allow programs to be used across departments.
Business Intelligence in Action
Mercedes Benz will sell the product and does not have enough time to analyze the customers trend.
They contract the BI to centralize their information, then contract the ireulink to analyze the data.
Using their new BI system , they were able to target just the customer with long term prospect