Business Intelligence
Business intelligence is defined as a series of computer-based techniques used to identify and analyze relevant business data such as sales revenue by: product, department, associated cost, and / or income. The objectives include understanding a firm’s strengths and weaknesses, fleshing out the relationship between different data sets to facilitate better decision making, deciphering unutilized opportunities for business innovation, cost reduction, and optimal deployment of available resources.
Solid business intelligence is the result of an initiative, often a software implementation, designed to derive more value from available internal and external data. This software provides advanced query, reporting and analysis tools but that’s not the whole picture. The software, coupled with consulting services enables a corporation’s decision-makers to discover previously hidden information, spot trends and uncover correlations between data items, all of which can be used to formulate and execute business strategies and tactics moving forward.
Benefits of Business Intelligence:
- Instrumental in organizational alignment with key objectives
- Streamlines operations
- Helps organizations understand true manufacturing costs
- Enables fact-based decision making
- Multiple sources of data utilized for better decision making
- Efficient collection / distribution of data and statistics
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*Data compiled from www.businessdictionary.com as well as other sources.