Building A Business Intelligence System

Business intelligence refers to the process of collecting meaningful information databases; analyzing this information and generating reports that will help companies make informed decisions. Business intelligence systems help organizes all data generated by the enterprise to make it available whenever it's needed. The system also analyzes the data and creates reports that help guide the company towards success.

Since business intelligence system needs differ from one company to another, they can be custom built. The dashboards can be built to suit the company's measurement and performance indicators, which can help to determine if the company's performance matches the strategy and plan used. In this way, business intelligence systems can make clear a company's current position and forecast where it will be in a few years time.

Until a few years ago, business intelligence systems needed ad hoc query, reporting tools, portals, analytical engines, data warehousing and mining tools. Assembling them made it very difficult for the average worker to understand and use the systems effectively.

Today, business intelligence systems can be much easier to use, but they must be well designed in order to provide accurate and meaningful results. Certain questions must be answered before building a business intelligence system. The company has to determine what its goals are and how the system is going to help them. They have to be clear about the kind of data collected and the way this data is going to be stored. They must know the statistical parameters of this data and how to measure it. They have to determine what metrics to track, what system to use to track them and make sure the metrics are standardized so they can be benchmarked against the competition. There should be a person in-house who is in charge of monitoring the business intelligence system. Finally, but despite most importantly, they have to be sure the company can afford building a business intelligence system.

Things to Consider When Building a Business Intelligence System:
The The system should be designed in such a way that it can integrate various platforms.
It It should provide accurate, reliable results.
It It should be scalable, secure and reliable to provide users with an uninterrupted supply of data that they need.
I Its analytical capabilities should be enterprise-wide.
The The system should be capable of transforming data from multiple sources into a format suitable for the users.
Th There should be key performance indicators to help make necessary corrections where required.
It It should have the capacity to create, embed and manage reports that can be helpful in making decisions.
The The system must be user-friendly and not too complicated.
It It should have the tools necessary for building complex business analytics.
It It should easily integrate with the main operating system used by the company.
It It should be able to analyze sales data, effectively review market research and take into account demographic statistics.
The The system should be able to handle structured as well as unstructured data.

Hiring a professional with experience in implementing systems for other companies can help the company in building a business intelligence system. There are firms that offer both product and services to help you run a successful business.

Source by Alexander Gordon

Comments are closed.