Development of an enterprise depends on the situation surrounding it. This can be instituting a previously nonexistent enterprise or re-establishment of a previously existing enterprise. In either case, the main objective is to invigorate the enterprise in the market for a profit and future sustainability. The main challenge is on the availability of information systems from the past, present and the future. This essay looks at the importance of the information system in business intelligence for an enterprise’s sustainability.
The main objective of business intelligence is to support better business decision making in enterprises. Business intelligent system leans towards use of technologies, procedures and applications in internal and structured data analysis and other business processes. In essence, these are the techniques applied in identifying, retrieving and analyzing business information. The techniques are computer based and an example of business data used in this case is sales revenue, associated costs and incomes. In this case, sales revenue refers to the total returns that a firm receives from its normal business activities and is calculated from the total sales and services. The techniques are important for any enterprise as they help in provision of the past, prevailing and future perspectives of enterprise operations.
Business intelligence is imperative for any enterprise in reporting and online analytical processing, which is basically an approach towards a swift answering of multi-dimensional analytical questions. Another important function of business intelligence in enterprise development is analytics, which concerns application of computer technologies, operational research and statistics in solving problems in the enterprises.
It also entails data mining, which is a step in analysis involving information finding in databases. It is a process of determining new patterns from large data sets in order to extract knowledge in an understandable structure. Apart from data mining, business intelligence technologies also help enterprises in the process of mining. Process mining aims at knowledge extraction from recorded event logs in information systems. It involves analysis of business processes basing on recorded event logs. Process mining enables process management improvement, through provision of techniques used in discovering process, control, organizational and social structures in event logs from information systems.
Another function of business intelligence techniques in enterprise development is in the complex event development. Complex event processing encompasses processing of many events that take place across all the layers of an enterprise. It does identify the meaningful events within the larger enterprise and analyzes their impacts, then a takes subsequent action within real time.
In a business enterprise, business intelligence techniques also play a role of managing performance. Here, it comprises of different management and analytic processes which ease achievement of the preselected management goals. The task can also be termed as a corporate performance management. Analysis of business information also employs the business intelligence techniques in bench marking and text mining. In bench marking, the techniques compare the business processes and their performance metrics to other industries’ best practices. Here, the techniques base on the time, quality and the costs incurred. The process involves identification of other enterprises in same industry and then comparing the results to those selected in the own enterprise. The goal here is to learn the target performance and the business processes for the success in the industry. On the other hand, text mining involves retrieval of important information from a junk of text. For the enterprise to achieve this, it employs means like statistical pattern learning which helps in deriving the high quality information from data junks. Finally, business intelligence techniques are useful in prognostic analysis in enterprises. Prognostic analysis covers the future of the enterprise which entails various statistical practices that analyze the prevailing and past facts and use them in making predictions about the future of the enterprise.
By application of the different business intelligence techniques in managing an enterprise, we can conclude that business intelligence is the capability of understanding the different interrelationships between the facts in the information presented about the enterprise in question in the way that helps in providing guidance and action towards achievement of the enterprise’s goals at a given time. Typically, business intelligence describes the various concepts and techniques to advance decision making in organizations by application of support systems that are factual.
Concepts and Techniques to Advance Decision Making
Throughout decision making and implementation of the business intelligent systems, different requirements have an impact. All the aspects in the daily business processes relate to the business requirements in one way or another. This makes the business requirements very essential for successful data storage. They are actually critical at two different levels: the macrolevel where the essentiality depends on understanding the business needs and priorities that are related to the general business strategy. The other level is micro. This is where the understanding the consumers’ needs and desires in the perspective of a simply defined business enterprise is.
For the effective decision making on the future of an enterprise, there should be a proper prioritization of the business intelligence projects. This is normally through strategic initiatives which increase the benefits of the business intelligence projects and techniques. First, one has to establish the substantial gains like reduced or eliminated legacy report production costs. Secondly, one will have to impose access to the whole enterprise data. This will help by including all the enterprise data which will make the desired difference when multiplied by the number of the employees in the enterprise.
The success of the implementation relies on various factors within and without the enterprise. Some of the factors include the level of dedication and funding from the overall management of the enterprise, the level of the need for creating the business intelligence implementation and the quantity and value of the data that the enterprise has. It is important to put the factors into consideration before implementing the business intelligence projects in question.
The future of enterprises relies entirely on the availability of information, processes and the necessary tools and techniques. The inadequacy of the necessary business intelligence techniques in enterprises can be a hindrance to the making of insightful decisions regarding important changes in their operatives in the market. This makes the future of such enterprises unclear. Business intelligence is therefore vital for development of the enterprise information systems as it enables them to meet their needs, time frame and the budget requirements.
Considering the fact that enterprise development entails anything ranging from establishment of new enterprises to re-establishment and financing of the existing enterprises with the main objective being to re-invigorate the enterprise. It is imperative to apply the business intelligence in order to make use of the available historical information and data for the predictions of the enterprise. The ideas ensuring the sustainability of enterprises rely on success of business intelligence techniques and applications.
The future of an enterprise in the market relies heavily on the successful application of business intelligence in measurement, which creates a hierarchy in the performance metrics and benchmarking. This informs the business leaders about the enterprise performance about the objectives towards the predictions of the future. It also relies on the business information analytics which builds a quantitative process for an enterprise to reach the most favorable decisions enabling them to perform business knowledge discovery. Enterprise reporting is also under business intelligence and helps in constructing the infrastructure for strategic reporting. It aids in serving the strategic management of an enterprise.
The business intelligence systems also involve a program that incorporates different areas of the enterprise to working together. This is through sharing of data and interchanging of the available enterprise electronic data. This program is the collaboration platform. It ensures that all the areas of the enterprise get the relevant data in the enterprise, hence ensuring that all the relevant departments play a significant role in shaping the future of the enterprise by understanding the needs through the shared information.
Knowledge management involves driving the enterprise data through strategies and practices which recognize, create, represent, distribute and make it possible to adopt the insights and true business knowledge experiences. This in turn facilitates learning and compliance. The running of an enterprise entails creation of different forms of data otherwise referred to as a valuable information. This can be in form of e-mails and memos among others. The information falls under two categories: semi structured/unstructured and structured data. The application of business intelligence uses both the structure and unstructured/unstructured data. It remains a major problem managing unstructured and semi structured information in enterprises today. Finding structured data is quite easy using the business intelligence techniques. Accessing the semi structured and unstructured data is hectic in enterprises and may influence making decisions about the future of the enterprise. Failure to find vital information in the enterprise may lead to making mal informed decision. This highlights the importance of the business intelligence techniques in decision making and its significance to the future of the enterprise.
Consideration of the problems regarding semi/unstructured and structured is important when designing business intelligence solutions for an enterprise. This will determine the future of the enterprise in the market. Depending on the perspective, unstructured and semi structured data have different meanings. The first context is in relational data base systems. Here, the terms have a meaning of records that cannot be amassed in columns and rows. Only binary large objects can accommodate the data.
Another context refers to metadata such as author and creation time. Such are e-mails and video files among others. The data in this case can be stored in relational databases. In general, one can find the accuracy in talking about the semi structured data without the possibility of finding the specific consensus ever reached.
Enterprise management is very tasking. The fact that decision making relies on the available information in the enterprise makes it challenging because managers have to come up with a way of accessing all the information encompassing both the history and the present about the enterprise. Business intelligence comes in as a savior only for managers who apply the techniques in their enterprises. The techniques help them in accessing and using the information in making decisions in the enterprise. These decisions have impacts on the enterprise future, either negatively or positively, depending on how the business intelligence techniques are applied. Therefore, business intelligence techniques are very important for the sustainability of any enterprise.
Business intelligence assists in enterprise decision making. It applies technologies basing on procedures and applications in enterprise data analysis, either internal or structured. It refers to the techniques for identification, retrieval and analysis of business information. They are mainly computer based. The techniques provide information from the past, prevailing and the future of the company. This influences decision making by the enterprise mangers and therefore manipulates the operations.
Business intelligence techniques report carries out online data analysis, applies computer technologies in researches and solves statistical problems in the enterprise. It data mines, process mines and develops complex events. Generally, they manage business performance in an enterprise. Enterprise managers also apply the business intelligence techniques in managing their information systems for good decision making in the enterprise. The determination of the future of an enterprise depends on the decisions based on the available data.