Forecasting
Technique used in Business Intelligence to predict the future performance or results of a company . It is based on the analysis of historical data and trends to project:
Sales.
Demand for products.
Income or costs.
This helps in financial planning and resource optimization.
Query
It refers to the action of making a specific request or question to a BI system to obtain relevant information or data.
Queries are used to access data stored in a database and involve selecting, filtering and grouping information according to criteria established by the user.
OLAP (Online Analytical Processing)
It is a technology that allows users to perform complex queries and analysis on large volumes of data , from different perspectives and levels of detail.
OLAP systems are capable of performing operations such as:
Consolidation.
Drilling.
Segmentation.
Data rotation.
This makes it easier to discover insights and patterns.
Dashboards or Scorecards
Dashboards are visualization tools used in Business Intelligence to present key information in a fast and visually appealing way . They show an overview of a company's performance, using:
Graphics.
Tables.
Meters.
Additionally, they provide real-time insight into key performance indicators (KPIs) and other important data.
Scorecards are similar to dashboards , but focus country wise email marketing list specifically on displaying and evaluating performance against established goals and objectives.
Data warehouse or Datamarts
Data warehouse is a centralized database that stores a large amount of business information from various sources and integrates them to make them consistent and ready for use in BI.
A datamart , on the other hand , is a smaller, more specific version of a data warehouse . It is designed to meet the needs of a particular functional area or department and contains a selection of data relevant to a specific group of users, allowing for faster, more focused access to information.
Advantages of Business Intelligence
Advantages of Business Intelligence
Provides accurate information and reliable data : This reduces the uncertainty and risk associated with making decisions based on assumptions or intuitions.
It offers a complete view of all areas and processes of the business : Facilitating the understanding of different aspects of the company and how they affect the final results.
Delivers real-time analytics to enable organizations to respond quickly to change : This is especially valuable in dynamic and competitive business environments, where speed of response makes all the difference.
It helps to identify hidden trends and patterns in data , which can be used to make proactive decisions and take advantage of new opportunities.
It helps identify inefficiencies and areas for improvement in business processes, resulting in cost savings, increased productivity and better business results.
It allows to improve customer satisfaction and encourage loyalty.
It provides a competitive advantage as it allows a company to:
Understanding your performance.
Identify opportunities.
Stay one step ahead of the competition.
