There are five different stages of business intelligence. But before looking into the stages of business intelligence, it is necessary to have an understanding of what business intelligence is.
Business intelligence is the process of transforming business data to information, then that information to knowledge and with constant identification, turning that knowledge into intelligence.
Business data is raw data that has not been processed, for example, any information that represents facts and reality. Information is data that is already processed. Once the information is processed, more sensible and meaningful data is acquired known as knowledge.
The business intelligence market is a concept that has been around for years now and has worked extensively in the past. It is now not an option but has become a necessity for any business to be successful. Businesses that opt not to use BI are essentially pushing themselves towards failure as each day passes.
It is a wide category of applications and technologies used to help business owners to make informed decisions by collecting, storing, and analyzing the data that supports such actions.
Five stages of Business Intelligence:
One major step involved in business intelligence is extracting information from multiple sources of data. The data from different sources could be of different types such as text, images, videos, emails, webpages, Url lists, etc. The key to data sourcing is to gather all the information in electronic form.
So typically, the different sources for this activity would be scanners, digital cameras, web searches, computer files, etc.
The business intelligence market is all about combining useful information from the collection of data that is gathered from multiple sources and in multiple formats.
Data analysis plays a vital role in business intelligence since this phase is where estimating the current trend, merging contrasting information, and also predicting future trends takes place. This stage can also be referred to as data mining or knowledge discovery.
Situation awareness is grasping the context in which to understand and make informed decisions. This stage is performed by filtering the data that is irrelevant to the context of the business and setting the data that are only relevant to the business situation and environment.
With proper data in place and with better data analytics, businesses could easily identify any risk and also help to explore solutions that could possibly reduce the impact of the risks. Knowledge about the risks beforehand would help the business in preparing for such situations and maintain stability in the market by avoiding a downfall.
A business could face risk through many factors such as market risk, management risk, technical risk, financial risk, competition risk, regulatory risk, etc. Preparing the best case scenarios and worst-case scenarios with key parameters would help in measuring the quantum of the risk.
By performing business intelligence one big advantage a business could attain is that making well-informed and better business decisions. This is achievable with properly structured and analyzed data that the business has for market research.
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It helps business by providing an intimation of any market change, important events, poor performance, etc so that the business could take some preventive measures to avoid any harm. By doing so the business could possibly attain more sales, increased customer satisfaction and ultimately the business could flourish.