Often considered as decision support system, Business Intelligence is a substantial part of modern day business management. It helps in better business decision-making with skills, technologies, applications and practices as well acquire a better understanding of commercial context. The application of business intelligence may include a range of components including of tabular reports, spreadsheets, charts, dashboards, etc.
Business intelligence solutions collect volumes of data and store the same so that it can be used to fetch meaningful information for effective management of operations. Notwithstanding, it leverages client’s existing data investment as it collects, stores, and turns it into meaningful reports and analysis which every concerned party can use. Needless to admit Business Intelligence sees information across departments and drills down to discover the underlying causes of positive or negative performances.
Fundamental functions of Business Intelligence include reporting, OLAP, analytics, data mining, business performance management, benchmarks, text mining, and predictive analytics, etc. and the same is used by business organizations to shorten the decision-making. Additionally, Business Intelligence can be used to align everyone with one, reliable version of business issues with common data definitions and understanding of priorities
Better understanding of client’s customers helps clients design action plan to increase the satisfaction level. Moreover, based on the customer intelligence report, clients can take crucial and critical decisions. Similarly, it is better to rely on facts for decisions rather on gut feeling and Business Intelligence gives clients the benefit to assess business performance from different angles and reach onto beneficial conclusion.
Megasys has a pool of talented professionals who have expertise over data analysis using tools like Cognos and Hyperion. Some key features of Megasys’s Business Intelligence include: