Business intelligence (BI) is a board term used to describe the use of data analytics to support businesses making decisions.( Herschel,et.al,2005) It covers collecting data, analyzing the information gathered, and transforming it into digestible components for end-users, as well as applying the information gleaned from reports and visualization to optimize performance. These tools cannot predict what will happen or tell end-users what to do, but rather they give insights into trends allowing users to query, search, and merge data easily to inform next steps. Technology, software, and processes aid these complex and intensive analyses. Today, BI is used in virtually all departments in businesses, education, nonprofits, government agencies, and law enforcement. In this article we are going to discuss briefly why business intelligence is important.
Why Is Business Intelligence Important For Academic Students
Data-driven insights into companies allow executives, managers, and other administrators to visualize what is happening within a company. It tells these decision-makers what is happening right now and what has happened in the past to get them to where they currently are. BI enables people take data driven decisions.( Ranjan,2009)
BI helps increase profitability which is one of the biggest advantages of implementing business intelligence.
Apart from the above two advantages of using BI there are plenty of other advantages for example it increases Ability to make quicker decisions.
BI enables a smoothly running workplace.
BI helps in identifying new revenue stream.
Determining and capitalizing on new market trends
Streamlining internal processes.
Reducing waste
Diagnosing problems within the organization and course-correcting
Ability to predict success
Key Applications Of Business Intelligence
As the name implies, BI is used heavily in businesses but is increasingly applied to other industries. The insights that can be drawn from data-gathering and analysis can help decision-makers change the course of any organization.
In higher education, BI tools are used from everything from admissions to optimizing classroom scheduling, to even improving student success.
Siren, a BI service provider that uses artificial intelligence to analyze data, has been working with police forces all over the world providing them with data-driven solutions. This software allows stations and departments to easily share digestible data which, in many cases, can speed up the investigation process. Siren can even analyze the correlation between people who get speeding tickets and accidents resulting in serious injuries or fatalities.
Nonprofits also benefit from BI tools, although the lack of qualified staff who can implement and utilize the tools often hold these organizations back.
Earning a degree in BI prepares students to collect data and turn it into useful information to drive decision making. Numerous programs are offered at both undergraduate and graduate courses at institutions across the country. ( Nedelcu,2013)
Undergraduate students are required to complete general business, math, and economics courses in addition to specific courses in data gathering, business analytics, and database design if they wish to pursue business intelligence students in Australia can also avail assignment help Melbourne
Similarly, Master’s degree programs in BI are typically concentrations in MBA programs or a master’s in information science (MIS) with a concentration in business or management. Students in this program learn how to use technology to impact business in new ways such as using machine learning to predict consumer behavior, analyzing how box office hits are impacted by social media, or helping diabetics manage their home care through voice recognition. Students who aspire getting a masters degree in BI and develop a sustainable career can avail Business Intelligence Assignment Help from SourceEssay experts.
Conclusion
Therefore it can be said that Business intelligence (BI) is used to describe the use of data analytics to support businesses making decisions. It covers collecting data, analyzing the information gathered, and transforming it into digestible components for end-users, as well as applying the information gleaned from reports and visualization to optimize performance. In higher education, BI tools are used from everything from admissions to optimizing classroom scheduling, to even improving student success. BI helps increase profitability which is one of the biggest advantages of implementing business intelligence, enables a smoothly running workplace, and also helps in identifying new revenue stream. Students who wish to pursue a career in the field of BI can take the help of SourceEssay experts.
Reference
Herschel, R. T., & Jones, N. E. (2005). Knowledge management and business intelligence: the importance of integration. Journal of knowledge management.
Ranjan, J. (2009). Business intelligence: Concepts, components, techniques and benefits. Journal of Theoretical and Applied Information Technology, 9(1), 60-70.
Nedelcu, B. (2013). Business intelligence systems. Database Systems Journal, 4(4), 12-20.