E-business Intelligence

Business intelligence means the information that is valued for its currency and relevance. Business intelligence is expert information of a technology or any other field with which to lead and manage a business. Business intelligence, comprehensive knowledge of ones business, one’s customers, business partners, internal operations and the external competition, helps businessmen better their decision, by gathering and analyzing data in broad technologies and applications.

The same thing applied in electronic business is E-business intelligence. It is a broad and deep knowledge of a particular E-business which helps conduct an e-business in an effective manner. In the specialized field of business intelligence, competitive intelligence, one studies the moves of the competitors and makes decisions accordingly.

Electronic business intelligence will help one’s organization’s electronic business to be in progress. The business man needs to take well informed decisions, which are the sources of competitive benefits, and make forecasts about the conditions one’s business would face.

The electronic business intelligence helps one know the position of one’s business comparing to the competitors. It helps the online customers and their needs according to which one can modify the business. The electronic market, its demography and new customers, future strategies of the company could be can understand with the business intelligence.

Electronic business intelligence helps an organization eliminate guesswork, strengthen coordination among departments and to make immediate response to the changes in business and competitions. This helps the company improve its performance.

Electronic business intelligence should concentrate on the following to make the business move smoothly making high profit. It should understand the changing trends of customer needs and preferences and plan to provide products and services innovatively. It should understand the new customers that are visiting the websites. It should also study what the competitors are making and try to excel them with better moves. The business intelligence should understand the need of presenting an attractive website, which keeps the viewers, read it. Electronic business intelligence provides deep understanding of the internal working of the organization also.

Application software and some technologies are used by the people who work in business intelligence in order to make the data gathering, stored and analyzing to be presented in a usable way. In some businesses, for creating business intelligence data warehouses are used.

There are many tools developed to gather and analyze data by those who work in business intelligence. They are Associative Query Logic, Business Performance Management and measurement, Business Planning, Data Farming, and Data warehouses, Customer Relationship Management and Marketing, Data mining, Decision Support Systems and Forecasting, Document warehouses and Executive Information Systems, Human Resources, Knowledge Management Mapping, Management and Geographic Information Systems, Online Analytical Processing and multidimensional analysis, Statistics and Technical Data Analysis, Business Process Re-engineering Competitive Analysis, Supply Chain Management, Systems intelligence, Information visualization and Dash boarding, Document Management, Enterprise Management systems, trend Analysis, User/End-user Query and Reporting and Text mining.

These applications have minimized and eased the works of the business intelligence, but they have heightened the workability and the profitability of the business to a great extent. The professionals, who have been working as consultant or employees are intelligent group of people. KoreOne takes care and keep informing the professional about the needs from companies. Employers have been provided the same people from KoreOne.

Business Intelligence

As business intelligence moves into the computer age, corporate dashboards are becoming a necessity in business intelligence technology. Although business intelligence has used corporate dashboards for years, their popularity has increased greatly due to the change and advancement in the technology used. However, with the great amount of information available, there are some key design issues to consider if you want to use corporate dashboards for your business intelligence.

If you want to design an effective corporate dashboard for your business intelligence technology, you will need to decide on some design goals. You will need to think about the function and look of your corporate dashboard as it relates to the type of business intelligence you are trying to put together. Some corporate dashboards are flashy reports and others are more like strategic scorecards. Other corporate dashboards are used for business intelligence that is more tactical, using relevant and actionable data. Your corporate dashboard will need an efficient design that fits the business intelligence role.

There are two essentials to understanding how to build a corporate dashboard for business intelligence, metrics and key performance indicators. Metrics are direct numerical measures to represent certain types of business intelligence in the relationship of at least one dimension. For instance, you could take the metric of gross sales and show it by day or week in the financial quarter. The business intelligence can be shown in your corporate dashboard in both a dynamic and static way to use various types of analysis of the business intelligence.

You will also need to consider what key performance indicators the users of the corporate dashboard will be responsible for managing. A key performance indicator is the measure that tells the relative performance in relation to the target goal. Some key performance indicator gives you concrete business intelligence, while others will give you business intelligence in the abstract. Defining the key performance indicators is extremely important to the overall design, because it defines the foundation of the business intelligence that will be visualized in the corporate dashboard. Key performance indicators help show the business intelligence through alert icons, traffic lights, trend icons, progress bards, and gauges.

Supporting analytics are also important to designing your corporate dashboard as it relates to your business intelligence. You will need to pick out the information that a user will need to see in order to tell the condition of the key performance indicator. Supporting analytics offer context and diagnostic information to know why a key performance indicator is showing specific information. These supporting analytics, as they relate to business intelligence, come more in the form of traditional charts, graphs, and tables.

What You Need to Know About Business Intelligence

Every business wants to be successful. That success always comes from growth. With most businesses, growth comes from customer retention and gaining new customers. “Business Intelligence” can help a company gain new customers and retain old customers. Business intelligence can be abbreviated BI. A formal definition of business intelligence is that it is a process of collecting information in the area of business. In BI, data collected is enhanced into information and then into knowledge. Business Intelligence can give any business an accurate idea of its customers’ needs. Businesses that have large amounts of information about their customers can act upon that information. Businesses utilizing BI gain knowledge and understanding of a customer’s needs, customer’s decision-making process, and economic, cultural, and technological trends. When using businesses intelligence, businesses select either short term or long goals. BI helps a company reach those goals.

Business Intelligence History

The idea of business intelligence goes back to Sun Tzu’s “Art of War.” Tzu believed that in order to win a war, you must have complete knowledge of your own strengths and weaknesses, as well as the strengths and weaknesses of your the enemy. This is the central idea in present-day business intelligence. Companies must know themselves better than their competitors, and they must know their competitors better. War and business are a lot alike considering that with BI, one must sift through heaps of data (both external and internal) for management to then make strategies for where to take the business and marketing. Warfare involves strategic plans as well. BI is the process of gaining information about every element of your market. Simply understanding the customer is not enough; a business must understand its competitors, and itself.

KPI, Key Performance Indicators

The present state of business is assed by the use of Key Performance Indicators (KPI) in business intelligence. As more companies implement KPI, data is becoming available to business faster and more efficiently. Data used to be available for business only after one or two months. This untimely availability did not help business adjust their strategies. More recently, banks have tried to make data available sooner and with shorter intervals. Banks do this especially for businesses that have higher credit/operational risk loading. This allows many companies to get new data weekly, and adjust their strategies faster than ever before, leading to increased customer satisfaction and retention.

BI Tools

When using business intelligence, a company has to collect a vast amount of information. BI tools can help businesses store, organize, and even collect business data. Some data tools are data warehouses, data modeling, and data mining. Using data tools helps to improve the efficiency of business intelligence. While data tools are used for organization, Online Analytical Processing (OLAP) is used in the analyzing process. OLAP is commonly referred to as simple Analytics, which is based on the hypercube or “cube” dimensional analysis.

There are also vendors who help business with business intelligence. A vendor provides a company with the business intelligence tools and support needed for the successful implementation of a business process. Siebel Systems, Microsoft, Altius Consulting, Business-Soft, and SAS Institute are just a few of the companies offering business intelligence tools and support.

Conclusion

The better a business understands its market (everything from the customer to its competitors), the more effective that business can be. Businesses that have as complete, 360-degree understanding of what their customers need and want will be better able to devise successful strategies and implement successful processes to make their business thrive. Business intelligence is the path that businesses can take to achieve their goals, which can be either short-term or long-term. Some may wonder about the ROI of business intelligence. No doubt, if a company ends up gaining many customers, and retaining current customers as a result of business intelligence, then it will be a positive ROI. Business intelligence, if implemented correctly, and efficiently, can only help a company.