Facets of Business Intelligence

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Facets of Business Intelligence

Business Intelligence (BI) is a collection of techniques and processes that transform raw business-related data into information, information into knowledge, and knowledge into refined intelligence, that can be used to make strategic effective business decisions.

To arrive at Business Intelligence, there are 5 Facets/Stages/Processes that have to be followed to get Business Intelligence. At times not all facets are followed because the “Data Analysis / Knowledge Discovery” facet can be used to generate different kinds of Business Intelligence iteratively. In addition, refined Business Intelligence can be analyzed to get even more Business Intelligence.

The Facets/Stages/Processes of BI are;

1. Data Sourcing / Information Gathering – This facet of Business Intelligence (BI) involves extracting different types of data (text documents, images, reports, emails, logs, hypermedia, etc) from multiple sources and storing them centrally for analysis.

2. Data Analysis / Knowledge Discovery – This facet of Business Intelligence (BI) involves consolidating of data gathered from the multiple data sources for purposes of synthesis to produce new useful knowledge that can be used in subsequent processes.

3. Situation Awareness – This facet of Business Intelligence (BI) involves elimination of useless or irrelevant data and information, and analysis of business policies and context, and legal policies, to create a refined knowledge base that can be used in decision making.

4. Risk Assessment – This facet of Business Intelligence (BI) involves evaluation of the probability of success of threats (including adversaries) and vulnerabilities in the business, as well as estimating the cost and benefits of taking certain countermeasures.

5. Decision Support – This facet of Business Intelligence (BI) involves evaluating the refined knowledge from data analysis/knowledge discovery, analyzing the current business situation and analyzing the risk assessment reports to make better decisions about the future of the business, which could result in major profits or prevent competitor takeover and bankruptcy among other key possible outcomes.

 

Facets of Business Intelligence
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