Business Intelligence in Business Performance Management

Business Intelligence in Business Performance Management

Introduction

What is business intelligence?

Business Intelligence is the set of products and services that allow end users access and analyze quickly and easily, information for business decision making at operational, tactical and strategic. The term Business Intelligence (BI) made its debut in 1996 when a Gartner Group report said verbatim as follows:

By 2000, Information Democracy will emerge in forward-thinking enterprises, with Business Intelligence information and applications available broadly to employees, consultants, customers, suppliers, and the public. The key to thriving in a competitive marketplace is staying ahead of the competition. Making sound business decisions based on accurate and current information takes more than intuition. Data analysis, reporting, and query tools can help business users wade through a sea of data to synthesize valuable information from it - today these tools collectively fall into a category called "Business Intelligence." (Cornelius, & Forest, 2008)

It will emerge in the leading companies, with business intelligence applications widely available at the level of employees, consultants, customers, suppliers and the general public. The key to arise in a competitive marketplace is staying ahead of their competitors. It takes more than intuition to make good decisions based on accurate and current. Reporting tools, query and analysis can help business users to navigate through a sea of data to synthesize valuable information that he is - now this category of tools are called "Intelligence Business " (Ruth, Michael, 2009)

Cooperative Business Intelligence

You can use the information obtained from business intelligence to inform business and work with you as to how you run your business, to help them become more efficient and, by proxy, as well as help. If, for example, running a production company making widgets or hamburgers or hinges or something similar, what you want to share your information with its production and retailers sold the product, if known, for example, how much you have in inventory and the amount to be in the next week will be better able to plan the best way to sell your product and in doing so, help make more money than you would otherwise. Business intelligence does not always mean that is closely guarded. (James, Robert, 2002)

Technology in Business Intelligence

Business intelligence systems in general, depend on several highly specialized and advanced software components, to function effectively and meant to analyze several very specific types of data. These data types include production figures of things like the production time of a unit, the cost of materials, production costs, and even things like the power and raw materials - costs of sales statistics so that things to work on final sales, as prices of wages for employees, the cost of buying equipment, that sort of thing, and so the client and the basic statistics of inventory information blocks. (Praeger, 2003)

After the actual data have been collected and gathered, the software is also sometimes applied to improve business performance management. Application software such as associative logic, performance monitoring, and similar algorithms to ...