Advantages of Business Intelligence
Business Intelligence is a technology based on customer and profit oriented models that reduces operating costs and provide increased profitability by improving productivity, sales, service and helps to make decision making capabilities at no time. Business Intelligence Models are based on multi dimensional analysis and key performance indicators (KPI) of an enterprise.
Business Intelligence applications that are based on Business Intelligence Models are created by Business Intelligence software which provides the aggregated details about suppliers, customers, internal activities, business to business transactions to the managers or whoever needs it to take better corporate decisions.
Many business questions or situations need to be analyzed in order to achieve the target of an enterprise with the help of several managers or executives in each cadre. Below are some of the samples of these questions.
» Business Intelligence in Finance:
What is the net income, expenses, gross profit, and net profit for this quarter/year?
» Business Intelligence in Accounts:
What is the sales amount this month and what is the outstanding pending payment?
» Business Intelligence in Purchase:
Who is the vendor to be contacted to purchase products?
» Business Intelligence in Production:
How many products are manufactured in each production unit today/weekly/monthly?
» Business Intelligence in Sales:
How many products have been sold in each area today/weekly/monthly?
» Business Intelligence in Quality:
How many products have been defective today/weekly/monthly/quarterly/yearly?
» Business Intelligence in Service:
Are the customers satisfied with the quality?
These business intelligence questions are related with why, what, how, when, and business intelligence reports (olap reports) are useful in providing solutions to the above questions by means of reporting, score cards, balance score cards that are helpful in managerial decisions.