A growing class of IT applications that uses information resources to support better decision making is the business intelligence application.
Various tools and techniques such as data extraction, forecast analysis, and data visualization are used to gain valuable insights about past, present, and future business metrics.
BI applications play an important role in achieving operational efficiency, integrated planning, and coordination and monitoring. The following are the highlights of the BI application.
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A single version of the truth: This provides consistent real-time information throughout the company, eliminating debates about the validity of data. Information is also visualized using a meaningful dashboard to enable coordinated decision making.
Golden Triangle: The effects of changing specifications and business cases can be predicted. This helps manage exchanges between budget, time, and quality.
Business modeling: It captures the dynamics of business in a strong and transparent model. They are useful for analysis, sensitivity, and decision making based on scenarios.
Review, progress: Not only relying on historical data to look into the future but also integrating external and internal data to improve forecasting and forecasting functions.
It is important that the company is well informed in a dynamic market and makes quick and fact-based decisions. Business Intelligence offers a range of sophisticated solutions that are integrated with existing IT infrastructure and provide valuable information.