Phases of Business Intelligence


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Business Intelligence (BI) is a process of growing the competitive benefits of a company by intelligent applying of available data in decision making. By Business intelligence is often meant a software program for the assistance to the business management to increase profits. BI allows to find where the company loses money or where it is possible to earn more. So, expenses on BI should be comparable to the company plans to earn or save. There are five main phases of Business Intelligence: Data Sourcing Data Analysis Situation Awareness Risk Assessment Decision Support Data sourcing Business Intelligence is aimed to collect information from multiple sources of data. The information can be extracted from: text documents (e.g. notebooks, emails, reports, etc.), pictures and photos, sounds, tables and schedules, web resources and URL lists. The main idea of data sourcing is to obtain the information in electronic form. Data analysis Business Intelligence is aimed to apply benefits from collections of data. The process of data analysis is also called data mining. On this phase BI is about to estimate ongoing trends, integrate disparate information, validate and predict missing information or future trends. Situation awareness Business Intelligence is aimed to filter off all irrelevant information, and then use the remaining information for the best business performance. The manager requires the relevant data (market forces, government policy, competitive advantages, etc.) in order to understand and make right decision.
Play Demo	Risk assessment Business Intelligence is about to reveal what probable actions might be taken or decisions made at different times. It is about to help you assess the current and future risk, cost or benefit of taking one action over another. On this phase BI is intended to conclude your best options or choices. .
Decision support The main idea is to apply business intelligence for comprehensive usage of the business information. It aims to warn the company of important events, such as market changes, defects, production decreasing, poor staff performance, so that the managers can take preventative measures. It provides the company with the basis for analyzing and making better business decisions to improve sales or customer satisfaction. To put it simply, decisions support represents the information the manager needs, when he needs it.
VIP Task Manager provides a comprehensive set of business intelligence capabilities and applies tools to create a complete and easy-to-use business intelligence solution. VIP Task Manager fits requirement of the organization management as well as its personnel. The managers spend less time managing the business processes, and personnel spend less time executing tasks, so more time is spent on making better and more informed decisions. VIP Task Manager allows you to analyze the past, monitor the present and forecast outcomes as you move your business ahead. Better time management is not the only advantage that gives VIP Task Manager. The software creates grounds for improvement of employee task performance and better task planning. Managers get full control on task lists performance of an employee and can make analysis for future planning.		Play Demo