- Published: September 1, 2022
- Updated: September 1, 2022
- University / College: Brown University
- Language: English
- Downloads: 9
Business Intelligence (BI) is a set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI can handle large amounts of information to help identify and develop new opportunities. (https://enterprisetechnologyconsultant. wordpress. com/2013/02/07/what-is-business-intelligence-bi/)
Today, Business Intelligence is one of the most important issues in business firms such as business analysis because business intelligence plays an active role in companies’ decision making processes. Every day, in companies, from the smallest unit to the largest one, numerous decisions are made in each department.
The fastest way to make these decisions is to increase the size of the company from day to day. In other words, most companies use Business Intelligence to access and reach the information necessary to increase their profits further and succeed in their strategies, to store that information, and to store and analyze the stored information. In the past years, companies have been decided on the data obtained by data mining, buttechnologyis getting more and more day by day and the data that we have are continuing to increase.
Social mediais one of the biggest share of data increase and emerging technology. Every day, every second through channels in social media, people produce and share countless content, such as videos, pictures, musicand short stories. ‘We are Social’ is a digital report about Internet use in the world for 2017 as it is every year. According to this report, in 2007, 3, 773 billion people are using the internet all over the world. ( https://wearesocial. com/special-reports/digital-in-2017-global-overview)
According to the research done, the worldwide data is increased by 50% every 3 years. Companies are having difficulty in preparing reports, processing and analyzing using raw data in such large data collection. In a fast-developing world, companies are demanding faster and more accurate decisions in a competitiveenvironment, and to be able to adapt to change.
Therefore, in order for the raw data to be useful information, there was a need for a method to adapt to new technologies and developments, with the exception of old methods, so that Business Intelligence emerged. With the increasing popularity of business intelligence, many professions have formed such as process analysis, process design, business management and data mining. These professions have differences according to the sectors, so the business intelligence system — must be prepared in a comprehensive and good way.
In order to be able to prepare and apply in a good way; It is easy and fast to adapt according to the needs and each sector. It serves all departments in companies. Must have appropriate data models. Users should be able to report on their request at the appropriate time.
Business Intelligence Applications
Business intelligence applications include business analytics, reporting, querying, decision support systems, forecasting and olap. In a competitive environment, each sector adds value and gives advantages to the company. Independent research firm Gartner publishes a list of market assessments each year in order to answer the most common business intelligence application by making assessments based on various criteria in the field of business intelligence and divides the list into four main segments.
According to this, the most common and market leader is business intelligence applications; According to Gartner, leading business intelligence platform providers include: IBM, Oracle, SAP, SAS, Microstrategy, QlikTech, Information Builders. (http://tr. intellium. com. tr/kurumsal-performans-yonetimi/is-zekasi-nedir-ne-ise-yarar-en-yaygin-is-zekasi-uygulamalari-nelerdir/)For business intelligence applications;
Need is determined Analyze: First, the decision-making styles of the companies are analyzed. The information that allows them to make quick decisions should pay attention. Also, how to present the information, such as a definable table or report.
- Technical solutions and architectural designs are mad
- Data warehouse is designed and data is managed
- Analyzes are made on the data and the necessary reports are taken
It builds infrastructure and performs studies for large data.
Data is raw data that can be quantified, classified and counted with the most general definition. In order for the information to be transformed into information, it is first collected and classified from media such as social media and newspapers. Once classified, the edited and processed data is transformed into useful information.
For example, a list is created based on the employees’ surnames and is stored for later use.
Transaction processing creates information. When information occurs, unnecessary information is set up. As a result of this arrangement unnecessary information is being taken, companies’ decision making processes progress more quickly. At the same time information is the answer to questions such as who, where, when, how, what, how many.
Information has a much richer content. Besides, there are processes such as formatting and editing in the information, while the data has a scattered structure. For example, a table can be created that analyzes the list sorted by employees’ surnames and includes only the number of employees, genders, or ages. At this point, the average age of the employees of the company will be revealed, and here we will turn it into information.
Information wisely transformed with analysis, experimentation and interpretation. The concept of information is a more complex concept than data and informationKnowledge is information that is more specific, specialized, and interpreted than the information that comes from personal knowledge and experience with resources from information accumulation. (135) Knowledge must have a targeted, detailed and easily understandable format. How to answer the question.
As a result, if it is desired that the information is useful, it must be communicated to the right person in the right place at the right time. If information is desired to be useful, that information must be related to the desired subject, correct, timely, incomplete, and accessible.
Wisdom is to act according to information and needs. Data, information and information are the results we have achieved at the end of the completed process. These results can be decided by making logical evaluations. It is the stage of discovering wisdom.
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