Increasing competition and over flowing data can sometimes be tough on the decision-making system. The need for filtering and using relevant data is an integral part of targeting any business strategy.
Compiling huge data from various sources and setting boundaries for relevancy is the primary necessitate of most business types like banking; retail marketing; hotel industry or information technology. You can also get a solution to build an alternative data set on prospecting & market intelligence via TaQadam.
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Business Intelligence is a set of applications and technologies that facilitate the collection, analysis, filtering and storing data relevant to an organization. This fact-based information will be used for some of the decision support systems in business enterprises.
The decisions made can be for mission-critical operations; individual departments or generated on user demand. Business Intelligence applications are hence designed based on the nature of desired output.
Business Intelligence tools simplify the data gathering process by providing precise information packets relevant to a particular user or group of users. Following are the key stages of a BI application life cycle:
Data Sourcing: Gathering data from different sources like databases, media files, images, text documents and web pages.
Data Analysis: Deriving useful information from the gathered data through various analyzing techniques.
Situation Analysis: Forming relevant information packets depending on the type of decision-making requirement.
Risk Analysis: Weighing the data on various risk factors to derive at a decision.
Decision Support: Implementing the BI software for good decision making.