The term business intelligence (BI) refers to the wide range of software used in computers that utilize classification of critical operations using tools for analysis and reporting applications in firms. Data analysis accomplished through BI influence end users of this information, as well as the executive of corporations in decision-making. It covers several methodologies, tools and applications that aid collection of data from the both the external sources and internal scheme. It also assists preparing records for analysis, developing and covering uncertainties on data, creation of reports, and statistics visualizations. These steps demand availing of the analytical results to all the corporate decision makers.
The BUSTECH international conference of 2014 marks one of the current events involving business intelligence and technology. The summit is held in Venice, Italy, and brings together various experts in the field of BI. One of the notable articles articulated in this conference is the paper by Muhammad Y. Aziz that concerns the trends of business intelligence and their challenges.
This article starts by acknowledging how large firms are making the use of the superior BI structures to control the challenges and opportunities in the market. Business complexities are reducible with advanced and integrated technologies. Highly developed BI mechanisms also help in distribution and organizing of information that consequently, lead to various competitive advantages and a well-informed outcome. The reason attributed to failures of Business Intelligence ventures is the lack of a proper approach and combination of the required tools to reach the target.
According to industrial researches, the article mentions the increased demand for various sources in the business. A notable example in this sector is the oil and gas section, where various firms are merging and collaborating to meet the market demand. The increased competition in different fields makes industries look for means of reducing their production costs. It is notable that many operating firms are launching plans covering a period of between ten and fifteen years in the increasingly volatile market. In such cases, BI responds on cost-effective delivery of engineering services, contraction of organizational plants, and procurement measures. BI also covers on increasing productivity and plant life, as well as provision of maintenance options through advanced technology.
Consolidation of data attracts several challenges, especially because of different fragments of information at distinct sources and applications. These sources include intranet and internet basis, internationally accessible sites, corporate rank database, and some sites associated with social media.
The ultimate results containing the required business information is only achievable with the consideration of all the business processes. Data is then availed to oblige a thorough examining of the information and a recapped inspection. Refreshing of data follows from the foundation structure into the enactment database. Afterwards there is a transformation of records in the warehouse to ensure information is not lost. Moreover, the statistic goes through transformation into useful updates.
Acquisition and transformation of records uses the Extract, Transform, Load (ETL) tools from different supplies to the target of BI. The information is then loaded from one target to another through filtration and processing. After that, platforms of statistic warehouse act offer an avenue for designing star schema and process chains. The aim of the paper, however, is to determine assimilation troubles existing among various platforms to meet the obligatory teamwork.
There are various risks associated with business intelligence. In order to counter such hazards companies are collaborating in search of a shared business intelligence appliance setting. The arrangement aims at beating competition in the growing market, as well as meets the unexpected business demands. The inevitable change marks the focal point for merging of firms for the delivery of partners either through intranet or internet. Consequently, the shared BI platforms may act as avenues for confidential information leak of the companies. Firms are, hence, concerned with possible scenarios of leakages and need to implement high security privilege to protect the BI scheme.
Landscape disputes include the ready-made contents from vendors including data housing appliances. Organizations are, hence, forced to come up with complete BI and business warehouse elucidations on a solitary platform. The other challenge concerns the different ownership costs on the vendors. These costs include licensing, implementation, IT and business administration, and the lone client implementation costs.
The last challenge associates with the economy. These upheavals include organizations search for fast results projects, the unpredictability of the economy, costly deployment of BI, management changes, and the personalized licensing for distinct users. The changing trends, thus, push business owners to aim at achieving BI clarifications, cost and scope management strategies.
The disputes can find solutions through the advanced methods of BI. These methods consist of data analysis, data mining methods, predictive analysis, artificial and computational intelligence, cloud and mobile BI, architectural cloud BI, accelerators of BI, and social media analytics. In addition, the initiation of fresh projects, migration and integration will overcome the problems. The last step for complete relief is proper implementation of the BI technology.
It is reasonable to conclude that overcoming difficulties in the field of business intelligence maximizes the returns to firms. The use of advanced tools, methods, as well as techniques boosts individuals undertaking BI projects. The equipped operations brought by vendors take the market to a higher level. Despite the numerous challenges facing the trade, there is room for improvement and definite success in the future.
About the author: Matthew Sherwood works at the https://primeessay.org/ writing company as a writer. He is a blogger, essay writer, scientist, and psychologist. He gives students writing support and consulting. Nowadays, he lives in Florida with his girlfriend and a pair of turtles.