Business intelligence aids to extracting critical and decisive facts from a vast amount of unstructured raw data and transform them into actionable information to enable corporate enterprises make informed strategic decisions to improve overall efficiency. Business intelligence refers to a set of effective strategies and tools that concentrate on creating actionable knowledge creation and handling this knowledge by analyzing, scrutinizing and evaluating the existing business data that a corporate enterprise has at its disposal. Business intelligence is essential in arming corporate enterprises with rich data resources that can assist them in achieving their corporate goals and objectives in the competitive business environment in which they operate through timely strategic decisions.
Charles Phillips of Infor – one of America’s largest and most prominent business intelligence companies emphasizes that it is essential for all corporate enterprises regardless of their size to opt for effective business intelligence software programs. The team of competent and experienced experts of Infor provides guidance and advice to all their corporate clients when it comes to creating and customizing effective business intelligence software programs for such clients. Such software programs are essential for such corporate enterprises when it comes to enhancing their operational efficiency and productivity.
With reference to information technology, business intelligence implies a system of methodology, applications along with technologies that assist a corporate enterprise to collect, sort, analyze, evaluate and transform the raw data from their business environment into actionable information. This relevant and refined data or information enables such corporate enterprises to effectively analyze, evaluate and generate critical information that improves their decision-making capacity. With its domain and ambit, business intelligence covers the analysis and evaluation of internal functioning of the corporate enterprise along with information regarding the business environment, in which it operates to anticipate unforeseen future events. This enables such corporate enterprises to create of an effective and relevant body of knowledge necessary for effective decision-making.
For any corporate enterprise, the critical areas that contribute to effective strategic marking are market intelligence, competitive intelligence and business intelligence. Market intelligence encompasses a detailed and in-depth analysis of the market conditions of the business environment in which a corporate enterprise operates and an evaluation of the corporate enterprise’s ability to foresee and adapt to changes in such an environment. On the other hand, competitive intelligence refers to the process of collecting, analyzing and evaluating relevant information about the corporate enterprise’s competitors and their strategies. This information is critical in evaluation the corporate enterprise’s own competitive strength and effectiveness in combating its competitor’s strategies to capture the corporate enterprise’s market share in the business environment in which it operates. This information is also essential and relevant for the corporate enterprise in accomplishing its strategic goals and objectives in the business environment in which it operates.
Finally, the team of competent experts under Charles Phillips further emphasizes that business intelligence refers to a set of relevant tools and strategies that effectively extract and evaluate business experience. It refers to and consists of separate client bases such as turnover trends and analysis, niche values along with profitability segments.