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Business Intelligence. Core Subject – 15 Unit Credits. Lecture 8. BUSINESS INTELLIGENCE FUNCTIONALITY : Analyzing data, decision-making, problem-solving, designing more intuitive / innovative systems. Business Intelligence capabilities. The Architecture of BI.
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Business Intelligence Core Subject – 15 Unit Credits
Lecture 8 • BUSINESS INTELLIGENCE FUNCTIONALITY : • Analyzing data, decision-making, problem-solving, designing more intuitive / innovative systems.
The Architecture of BI • A BI system has four major components • a data warehouse, with its source data • ______________, a collection of tools for manipulating, mining, and analyzing the data in the data warehouse; • business performance management (BPM) for monitoring and analyzing performance • a user interface (e.g., dashboard)
Components in a BI Architecture • The data warehouse is a large repository of well-organized historical data • Business analytics are the tools that allow transformation of data into information and knowledge • Business performance management (BPM) allows monitoring, measuring, and comparing ___________________________ • User interface (e.g., dashboards) allows access and easy manipulation of other BI components
Styles of BI • MicroStrategy, Corp. distinguishes five styles of BI and offers tools for each • report delivery and alerting • enterprise reporting (using dashboards and scorecards) • cube analysis (also known as _________________ analysis) • ad-hoc queries • statistics and data mining
Critical Business Intelligence Features • “What if” analysis – allow businesses to assess the potential effects of critical business decision before they’re actually made. Using existing data, users can formulate strategies to achieve business targets and avoid the default _______________approach. This helps management undertake accurate strategic planning. • Data collection and Analysis – All BI software capabilities, functionalities and features focus on data. But first, the data has to be collected. BI tools do this by utilizing algorithms to quickly sort unstructured data, ___________________and errors as it goes. Once it has turned the raw, unstructured data into a structured data set, it can analyze that data. • Predictive Analytics – refer to a group of analytical capabilities that predict future trends and scenarios from historical data. BI extracts this information by analyzing a vast set of data, ensuring reliable and usable information. This allows your business to predict market trends, staffing needs, sales, profits and losses. BI can help users develop strategies for financial health and growth by predicting future scenarios based on gathered data. Another BI’s capabilities comes in the form of promoting security. This is done through a combination of targeted data monitoring activities. Some offer integrated apps that ensure compliance with _______________, acts and policies by monitoring user activity. This promotes fraud detection from within as well as without as the system monitors data points for suspicious activity.
Ranking reports – This feature allows you to create reports that order specific categories of information, from across multiple dimensions, by selecting specific criteria. Ranking reports let you easily view the best- and worst-performing facets of your business. For example, you could create a report that ranks your 10 best selling products, regions or sales people. • User-Specific Security - If you need to restrict certain users’ access to particular data sets, your BI platform should allow you to personalize your features and applications to individuals or groups of users. Some solutions provide user-specific data sources, _______________________________________________depending on who’s using the application. • Closed Deal Analysis – Another important business intelligence initiative is to perform some sales win/loss analysis. Many CRM systems come with built in analytics which can help you to create detailed reports on past deals. These reports can highlight commonalities between past deals both won and lost. So you should be able to highlight reasons why deals are or are not closing be it geography, sex, age of the consumer etc. If you are selling to another business maybe you should see which stakeholders you have most success with – does the deal have a better chance of closing when the head of marketing is involved than if you are dealing with a VP Sales? Closed deal analysis can answer key questions like this and help you hone your go-to-market approach.
Decision Services – Business intelligence is used as a foundation for strategic decision-making eliminating as much of the _________________ from the decision-making process as possible. The data sources used to build business intelligence include customer relationship management (CRM) systems like Salesforce.com, supply chain information, sales performance dashboards, marketing analytics, contact center call data and metadata i.e. information describing data. Business intelligence applications help companies to bring all these disparate sources into a single unified view providing real time reporting, dashboards, and analysis Through a data capture process, the information is acquired from any system and recorded in a database specifically modeled for your business.
Website Traffic – One of the most common business intelligence tools is probably Google Analytics which provides some great insights on website visitors. Website owners can set up reports and email alerts to see data like time spent on page, referral page, and the type of traffic i.e. whether it was organic through Google and other search engines or through a paid advertisement. Google Analytics and other similar tools can also show you the visitor’s web domain helping you see which ____________________________ and which pages they are interacting with. Not every website visitor is going to fill out a contact form. Business intelligence tools like Google Analytics provide you with invaluable data on anonymous visitor data and also help you see how each of your web pages are performing.
Designing more intuitive / innovative systems– BI system can assist your company when it comes to identifying new market trends. Traditionally, sales records, receipts and various transactions were done in paper form. Now it can be stored on a computer. Rather than having a filing cabinet and employee going through each document, a report could pulled detailing patterns and graphically shown in a significantly reduced timeframe. The internet changed this and _________________________________________which the data was pulled. With powerful systems, reports can now even be updated in real-time. Business Intelligence systems of the future will provide answers, not just data. Users could follow-up and ask for more details or certain actions all via voice. The Decision Support Digital Assistant may also present suitable insights on the nearest connected screen to the user asking the question.
In an Online Transaction Processing (OLTP) system information that could be fed into product database could be: • add a product line • change a product price • Correspondingly, in a Business Intelligence system query that would be executed for the product subject area could be did the ________________________________________________________________ • In an advertising database of OLTP system query that could be executed: • Changed in advertisement options • Increase radio budget • Correspondingly, in BI system query that could be executed would be how many new clients added due to change in radio budget. • In OLTP system dealing with customer demographic data bases data that could be fed would be: • increase customer credit limit • change in customer salary level • Correspondingly in the OLAP system query that could be executed would be can customer profile changes support higher product price
End of the chapter • REFERENCE : • PEARSON – DECISION SUPPORT AND BUSINESS INTELLIGENCE SYSTEMS NINTH EDITION (Efraim Turban | Ramesh Sharda | DursunDelen) • https://selecthub.com/business-intelligence/critical-business-intelligence-features/ • https://callminer.com/blog/business-intelligence-works-best-practices-tips/ • https://www.guru99.com/business-intelligence-definition-example.html • https://channels.theinnovationenterprise.com
