The Fastest Growing Business/IT Management Discipline - Business Intelligence BI (2)

BI Software Articles : The Fastest Growing Business/IT Management Discipline - Business Intelligence BI (2) by S.Maurer


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By S. Maurer

On this digital Century the business administration is radically moving for new ways, for the Next-Generation of Business Administration. For that reason, this series of articles will show some tips on that new way of doing business.

What is Business Intelligence & Data Mining BI?: Optimize - At this stage, the enterprise's knowledge workers are very focused on incremental process improvements and refining the value-creation process. Everyone understands and uses analysis, trending, pattern analysis, and predictive results to increase efficiency and effectiveness. The extended value chain becomes increasingly critical to the organization, including the customers, suppliers, and partners who constitute intercompany communities.

What is Business Intelligence & Data Mining BI?: Retailers are telling us over and over that they are seeking a single, stable, reliable, and proven provider of superior BI solutions. They are implementing projects that span multiple years and will deliver value for years to come.

What is Business Intelligence & Data Mining BI?: BI business processes Organizations typically gather information in order to assess the business environment, and cover fields such as marketing research, manufacturer or market research, and competitor analysis.

What is Business Intelligence & Data Mining BI?: Leading retailers around the globe - like Wal-Mart, Foot Locker, Staples, Williams-Sonoma, and Amazon.com and many others - have begun using BI and analytics to make an array of strategic decisions. These include where to place retail outlets, how many of each size or color of an item to put in each store, and when and how much to discount. The effects of these decisions can save or generate millions of dollars for retailers.

What is Business Intelligence & Data Mining BI?: When a enterprise can make decisions based on timely and accurate information, the enterprise can improve its performance.

What is Business Intelligence & Data Mining BI?: Results-related queries: Someone should monitor the BI programme to ensure that objectives are being met. Adjustments in the programme may be necessary. The programme should be tested for accuracy, reliability, and validity. How can one demonstrate that the BI initiative [rather than other factors] contributed to a change in results? How much of the change was probably random?.

What is Business Intelligence & Data Mining BI?: Consolidate - At this stage, a enterprise has pulled together its data at the departmental level. Here, a question gets the same answer every time, at least within the department. However, departmental interests and interdepartmental competition can skew the integrity of the output and result in multiple versions of the truth.

What is Business Intelligence & Data Mining BI?: Business Partners must possess the same strategic information you have so that there is no miscommunication that can lead to inefficiencies. For example it is common now for businesses to allow their suppliers to see their inventory levels, performance metrics, and other supply chain data in order to collaborate to improve supply chain management.

What is Business Intelligence & Data Mining BI?: BI relates to the intelligence as information valued for its currency and relevance. It is expert information, knowledge and technologies efficient in the management of organizational and individual business.

What is Business Intelligence & Data Mining BI?: A system that recommends optimized price changes should interface with the price management system, the item master, the system that generates labels, etc.

What is Business Intelligence & Data Mining BI?: Baseline queries: Current information-gathering competency needs assessing. Does the organization have the capability of monitoring important sources of information? What data does the organization collect and how does it store that data? What are the statistical parameters of this data, e.g. how much random variation does it contain? Does the organization measure this?

What is Business Intelligence & Data Mining BI?: Marketing - By understanding customers better - whether by profiling, segmenting, gauging propensity to respond, or using market basket analysis - retailers can create better-defined targeted campaigns, reducing expenses [printing, paper, postage] while increasing response rates, revenues, and gross margins.

What is Business Intelligence & Data Mining BI?: We find that the retailers that are realizing the most significant returns on their investments are those that take a purposeful, pragmatic approach to establishing an intelligence platform upon which to base all other BI solutions.

What is Business Intelligence & Data Mining BI?: BI software types: People working in business intelligence have developed tools that ease the work, especially when the intelligence task involves gathering and analyzing large quantities of unstructured data.

What is Business Intelligence & Data Mining BI?: BI will be defined by the retailers that have figured out how to maximize Customer satisfaction and profitability with the right combination of quality products, friendly and efficient service, unique value, a differentiated shopping experience, and a business model that truly serves its community - locally and globally.

About the Author
S. Maurer is a 53-years old college graduated IT professional, with 30 years of experience in the computer & technology fields. Now is the Academic Director of the low cost Online University Abet Open University


Source: Business Intelligence BI Software articles at GoArticles.com