Business Intelligence (BI) is the ability to convert data into information and information into knowledge, so as to optimize the business decision-making process. A set of strategies and tools focus on the creation and management of knowledge through the analysis of existing data from an organization or business.
- This is a point of access to information
- It provides timely answers to business questions
- This enables the effective implementation of BI tools, applications, and systems in all departments in an organization
Stages of Business Intelligence Process:
The Business Intelligence process collects raw data and converts it into useful information, and then turn it into knowledge that must be used with intelligence. The BI process is based on the five main stages mentioned below:
Data Sources: This stage collects data from various sources including, E-Mail messages, pictures, formatted tables, reports, sounds, and other related sources. The main role of Data Procurement is to collect data in digital form; therefore, sources for collecting data are computer files, digital cameras, scanners, etc. You can navigate to https://dataautomation.com.au to know more about business intelligence.
Data Analysis: The next step is to organize data collected from Data Sources and estimate data depending on current and future trends. Also known as Data Mining, this stage also predicts information that will be needed in the future.
Situation Awareness: This stage of the Business Intelligence process helps in filtering relevant data and using it in relevance to the business environment. Users compile data by observing market or government forces. Policy, so that it becomes easier to make decisions. A combination of various Algorithms is used to correctly identify Situation Awareness.
Risk Assessment: Taking risks is a part of every business; however, if someone can take precautions, it turns out to be very helpful. The Risk Assessment stage helps in identifying current and future risks, including cost benefits; choose the best option, and a comparison between two decisions to identify which will benefit. It summarizes the best choice among a variety of choices.
Decision Support: This last step in the BI process helps in utilizing the information with intelligence. The purpose of this stage is to warn users about various important events such as poor performance by staff, takeovers, and changes in trends in the market, fluctuations in sales, and more. This helps in making better business decisions to improve staff morale and customer satisfaction.