Its major objective is to enable interactive access (sometimes in real time) to data, to enable manipulation of data, and to give business managers and analysts the ability to conduct appropriate analysis.
By analysing current, historical data and situations, performance - decisionmakers get valuable insight that enable them to make more informed and better decisions.
The process of BI is transformation of data to inormation, then to decisions and finally to actions.
4 major components:
Data warehouse
Conerstone of any medium to large BI system. Includes current and historical data.
Business analytics
- Reports and queries: static and dynamic reporting, queries, discovery, multi-dimensional view, drill-down to details.
- Advanced analytics: statistical, mathematical, financial
- Data, text, web mining: Data mining is a process of searching for unknown relationships or information in large databases or data warehouses, using inteligent tools such as neural computing, predictive analysis techniques or advacne statistical methods.
Business performance management (BPM)
extends the monitoring, measuring and comparing of sales, profit, cost, profitability and other performance indicators by introducing the concept of management and feedback. Embraces processes such as planning and forecasting.
User interface / dashboard
Comprehensive visual view or corporate perofrmance measures (KPI), trends and exceptions. Integrate infor from multiple business areas. Present graphs that show actual performance compared to desired metrics. At a glance view of the health of the organisation.
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