What are the benefits of a Business Intelligence system?
Some of the benefits of having a Business Intelligence system include the ability to access data in a common format from multiple sources and a way to measure goals and analyze cross-departmental data.
Are there different types of Business Intelligence?
There are two different types of Business Intelligence, each serves the main purpose of providing large quantities of information in an easy to view and digest manner. The first type of Business Intelligence is Traditional Business Intelligence.
Traditional Business Intelligence is the use of tables and graphs to normally track performance in the past. It is also used to predict the organizations future performance based on past data. One does this by using reporting and analyzing tools. The one draw back to Traditional Business Intelligence is that the present or real-time data is not usually being observed. Taking action using present data calls for Operational Business Intelligence.
Operational Business Intelligence is used to offer immediate results by providing the needed information to its users. This can be done to implement any needed changes to effectively run the organization or department;in a small amount of time. Operational Business Intelligence deals with operational data, such as the data used by department managers or business analysts.
It allows these professionals to have up to the minute information to use to make immediate decisions. Where Traditional Business Intelligence deals with past data, Operational Business Intelligence uses real time data, allowing users to access, review, and make needed adjustments.