Module_6_with_narration_text - Module 6 Business...

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Module 6: Business intelligence systems 1. Introduction In this lecture, we discuss business intelligence, and business intelligence systems: from simple reporting tools to enterprise-wide BI. Also, we discuss expert systems which, unlike BI systems, are able to make decisions without human involvement. 2. Business intelligence (BI) is business relevant knowledge Business intelligence is business relevant knowledge: knowledge about your customers, suppliers, competitors, your business environment, and about your own organization. Business intelligence is essential for effective decision making. Consider a situation where your organization is bidding for a contract. To decide on whether to make a bid, you need to know the costs to fulfill a contract for your organization. By knowing how much time it took to fulfill similar contracts in the past (knowledge about yourself) you would know the likely salary related costs. Without such knowledge, the risks associated with making a bid are considerably higher. 3. BI systems assemble data to support business intelligence Business Intelligence (BI) systems assemble, process and present data to support business intelligence. BI systems are also known as Decision Support Systems (DSS). A BI system may pull data collected via other systems, such as CRM or various functional systems, combine it with data obtained from sources outside the organization, then join together related data items to create a meaningful picture at an appropriate level of granularity, and lastly display it to a decision maker facing a decision. Note that a BI system allows your organization to create value by leveraging data it already has. According to a recent survey, the majority of Chief Information Officers (CIO) consider such leveraging of data via BI applications to be a top priority.
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Module 6: Business intelligence systems 2 4. Reporting The most basic BI tools are reporting tools. Reporting tools may be implemented even by very small businesses, or by individuals for personal productivity. Reporting tools retrieve, assemble and format data from various sources, to present it to a decision maker in a form particularly suitable for assessing the current situation and comparing it to the past. Reporting tools process data in straightforward ways, and usually do not conduct statistical processing beyond summation and averaging. For example, a report may summarize the current financial situation - how much of this year's budget has been spent, and for which purposes. The most common reporting tool operations
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Module_6_with_narration_text - Module 6 Business...

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