Posted by: in News on Mar 14, 2011
Business Intelligence (BI) is a term used to describe computer based techniques used in analyzing, spotting and digging out business data, such as sales revenue by associated incomes and costs or by departments and/or products. Business Intelligence technologies make use of historical and current as well as predictive view of business operation. In case you are interested in outsourcing your business intelligence projects to a specialized offshore provider, please contact the team of Miracle Technologies!
Organizations use analytic web tools and technologies to measure, collect, analyze, and report web usage data to help optimize websites. Traditionally, most of this data tends to be non-transactional and non-identifiable. In this regard, there has not been much integration with transactional data that is collected, stored, analyzed, and reported through Business Intelligence. Some of it can be important to the business but is not directly produced by business operations like tenders and proposal, legal information, raw material prices, or market and competitive data. None of this information can be used by corporate management in its raw form to make decisions but can definitely help in making decisions.
Emerging trends in web analytics supply organizations with the ability to aggregate and analyze web analytics data with transactional data to provide valuable insights for building better customer relationship strategies. Through Business Intelligence companies can leverage smart analytics to launch new marketing initiatives and it helps them in making better decisions. Hence a Business Intelligence system can be called a decision support system (DSS).
Even though Business Intelligence and Competitive Intelligence (CI) both support decision making they have to be clearly distinguished. While BI makes use of processes, applications and technologies to analyze internal business’ data and processes CI tends to gather information which focuses on companies’ competitors. The goal of Business Intelligence is to bring in data that can help in making decisions by turning data into information.