AN APPROACH TO BI
Business Intelligence essentially means converting the sea of data into knowledge for effective business use. Organizations have huge operational data that can be used for trend analysis and strategizing for the future. Answers to question like, â€˜Which areas did we fare well or why did our sales perform poorly in the northern region? Obviously matters to the enterprise. Awareness of these answers helps organizations survive and thrive! Professionals are appointed for Business Intelligence, competency development, working on proposals and providing solutions for the clientsâ€™ specific for Information Technology -related business needs, apart from managing projects.
Business Intelligence is still in its initial stages in the business sector like emerging economy countries like India. Apart from the major players, Indiaâ€™s businesses have not really integrated Business Intelligence(BI) products into everyday functioning. This could be because of lack of both resources and awareness regarding the need for the implementation and consequential effectiveness of BI tools in commerce. We are sure with the progress Indian economy is making Globally it is only a matter of time before businesses realize that investing in BI is crucial for flourishing.
In addition to transactional data, this intelligence is used extensively in sequence analysis in bioinformatics.
BI vendors may strengthen resulting in extensive takeovers, leading to- the amalgamation of smaller players. The trend will trigger an integrated BI network, with everyone pushing towards a common User Interface and a common administration.
It can be expected the trend tilting in favor of compliance products and the use of interactive BI products. The BI products can be â€˜Performance Score-Cardsâ€™. Most vendors had not focused on BI tools related to financial applications.
There is a constant sense of creative challenge and unlimited scope for bettering even the best in this dynamic field. The cumulative skills that spell success in the world of BI comprise three areas:
1. Functional knowledge which consists of generally accepted accounting practices, finance basics, domain knowledge such as retail, leasing and the like;
2. Technical Skills consists of BI tools, basic knowledge of ERP or transactional systems
3. Other Skills consists of an analytical mind with structured though processing the ability to think out of the box and having a â€˜feelâ€™ for data.
Those interested in getting into this field need to get the basics right to be able to comprehend the complete cycle of data flow in an organization.
The organizations must keep themselves up to date and ahead of others through various websites and software system in gathering business intelligence of the world. This is a very dynamic field, newer versions of product for business intelligence is out every quarter. The professionals must take formal training and also study the bigger BI vendors like Hyperion, Cognos, Oracle, SAS, Micro-strategy and business Objects. Instead of getting tool-specific knowledge, develop knowledge interface that includes at least two or three tools as this helps understand the trends, the best practices and features BI tools.