ProStrategy deliver BI (Business Intelligence) Software solutions that help finance professionals, managers and executives to make quality decisions through the availability of accurate and timely information.
Business intelligence is the technology and practice of applying information to make decisions. In this way, business intelligence is different than data warehousing, which is more about storing information. It is also more comprehensive than data mining. Information shows its real value when many people can use and share it. This is the goal of business intelligence.
For information to be this usable, it must be trusted, timely, relevant, easy-to-use, and in context. These are all necessary aspects of business intelligence technology.
Different business intelligence tools address these factors in different ways. Reporting delivers regular, timely information, with the ability to author reports or queries to get specific details. OLAP analysis, with its multiple dimensions, allows you to compare and contrast information against time and other factors to uncover trends. Scorecarding presents your key performance metrics and whether you’ve cross pre-determined thresholds. Executive dashboards put information in context, and in an easy-to-understand format.
All of these business intelligence tools should integrate to present a coordinated view of your organization. In this way, people using different tools share the same answers to the same questions, gain more value from your information investment, and make better decisions.
For performance management expertise and business intelligence software, Cognos, an IBM company, is the source of vendor-neutral solutions that combine reporting with enterprise risk management, planning, olap analysis, data integration, dashboards, scorecards, claim analysis, supply logistics, defense logistics, and product profitability. Unrivaled performance management expertise goes into creating business intelligence tools that link data sources and protect investments in SAP, Oracle, and other vendors for superior performance.
Successful businesses are able to view their business's strengths and weaknesses on a daily basis. Without empirical evidence and foresight hasty or unreliable decisions are made. Business intelligence is extremely important to provide evidence of the current state of business, as well as the individual parts that constitute the whole, exposing the weak and as well as the strong parts of your business.
Businesses use business intelligence methodologies to sift through all the data to provide solutions to common everyday business problems. Key Performance Indicators accomplish these tasks. KPI, are a way that business intelligence can analyze and evaluate the current state of a business and then use this information expose a strategy that can be executed. KPI’s can be tracked by year or quarter, month or week and if the means are available, many businesses track specific data daily so as to fine tune their strategies.
Each company will have their own business intelligence methodology that fits their specific needs. Some of the more popular ways to create Key Performance Indicators are through Goal Alignment, Baseline and Metrics related enquiries. Goal Alignment helps determine your businesses goals. Your business goals can be to grow more market share, to make more profit per item, to start a new revenue stream, to find new manufacturer or suppliers, etc.
Business intelligence is a very broad topic of study, however If you would like your business to succeed, it is extremely important to understand the factors of business intelligence and learn how to analyze and use the data created by this methodology.