New Era of Business Intelligence in the Current Market Scenario

IT Skills Show & International Conference on Advancements in Computing Resources, (SSICACR-2017) 15 and 16 February 2017, Alagappa University, Karaikudi, Tamil Nadu, India. International Journal of Computer Science (IJCS) Published by SK Research Group of Companies (SKRGC)

Abstract

Business Intelligence (BI) facilitates businesses to achieve management by “facts”. It helps in data-based decision making that would make and get better the business and find out hidden trends. In the current energetic market conditions, in order to maintain and extend the business, client wants to undertake the following challenges. Business Intelligence solutions offer proven services to assist you influence your organizational data and listen to your customers better, adapt faster to changing market conditions and, most importantly, improve profitability, using the obtainable resources optimally. According to the list of best business intelligence tools prepared by experts from Finances Online the leading solutions in this category comprise of systems designed to capture, classify, and evaluate corporate data and extract best practices for improved decision making. Business Intelligence (BI) refers to a variety of software applications, enables the organizations’ raw data for intelligent decision making. These BI’s are formed with some related performance, which includes online analytical processing, data mining, querying and reporting along with the techniques that include multidimensional analyses modelling, mathematical projection, ad-hoc queries and 'canned' reporting. The fact-based decision making is the main concept of BI that results in a single version of truth. The BI system provides the decision maker, the tools and methodologies which result in effective and timely decisions. Decisions can be classified in terms of methods such as stagnant Decision making and dynamic decision making. Traditionally, the mathematical models and algorithms are used to analyze large amount of alternative actions, which helps to attain more exact conclusions and achieve efficient and timely decisions. By implementing the BI system, it would be concluded that that decision-making process is amplified efficiently.

References

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Keywords

Business intelligence, decision making, data