What is BI all about?
As the businesses are getting more sophisticated and advanced in an evolving world, the enterprises are understanding the need to get smarter, updated and agile in their operations. And the art and science of Business Intelligence steps in here to help them with keeping with the fast pace. Business Intelligence concepts may be termed as the foundational building blocks required to be pieced together by an organization in order to evolve in terms of overall efficiency powered by useful insights. Let’s have a look at a few of them.
Elements of Business Intelligence
Business Intelligence entails a number of elements that aggregate to define its entire process. Some of them are data sources, data profiling tools and techniques, OLAP schemas and dashboards.
Workflow of Business Intelligence
- Data Sourcing: Data is the most fundamental requirement for Business Intelligence. Therefore, the data needs to be fetched through a number of channels and sources. These sources might include data warehouses, relational databases, spreadsheets, query tools. Additionally, web servers, BI servers, BI middle ware solutions and BI presentation layer software solutions can also be used to source the data required for Business Intelligence.
- Data Profiling: Next step in the workflow of Business Intelligence is data profiling, which entails proper classification, segregation and categorization of the data available for carrying out advanced data analysis on the basis of certain matrices.
- Analysis: The profiled data is further analyzed on the basis of various parameters and matrices to bring the desired insights into the business. A number of schemas and approaches are deployed for the purpose.
- Visual Representation: After the analysis is carried out, the required business insights are represented visually in the form of dashboards that contain the essence of Business Intelligence. These dashboards feature various graphs and charts that together provide a bird’s eye view into the entire business model from a certain approach.
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