Business intelligence is a concept that was announced in the recent years and is used for storing and analyzing the results. It transforms the raw data into understandable information and information. Knowledge is actionable information. These intelligence systems are used mainly to access the information that has been already stored or analyzed or in order to report data for business intelligencethat has already been stored.
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There are three phases of BIS are:
- Business Process Automation
- Business Process Improvement
- Business Process Transformation
Market for business intelligence software:
The business intelligence and analytics software is expected to be worth closely $26.78 by the end of the year 2020. The Business Intelligence Software, market can be divided based on two different divisions, business and Intelligence. Business Intelligence software is a growing industry. It has a higher market share in the growing economies due to increased business and economic activities that will take place in these areas. Moreover, with the growth of Businesses around the world, the Business Intelligence software market will also grow as its demand is directly proportional to the needs of the business.
Functions of the Business Intelligence Software systems:
- Sorting of organized and unorganized data
- Validation of different kinds of data.
- Summarization and reduction of detailed data into important and short points
- Aggregation and the combining of multiple pieces of data.
- Analysis of the raw data and the organized data
- Reporting of this data to the various users of this type of information like shareholders, management, bankers, employees etc.
- Decision making- Helps the managers and the concerned people to take the necessary decisions as and when it is necessary to do so.
Advantages of Business Intelligence Software systems:
- It is continuously evolving which makes it easier to adapt the various changes that might take place in the economy in a given period of time.
- It helps to use simple activities that can reduce the workload of a human.
- It helps to process large volumes of information.
- It helps to evaluate different departments of an organization efficiently and effectively.
- It helps an organization to achieve a specific goal or gain a specific advantage over any other similar organization.
- It helps in the analysis of the information given to improve and optimize the decisions and performance within the organization.
In simple and informal terms, business intelligence software is a term that includes the practical application and tools and some of the most fruitful practices that helps people to carry out analysis of information to improve their working.