If you are not wired to technology today, you must be living in the dark ages where people used to walk for hours and cover long distances just to meet other people or socialize. Although today, every other person you see moving his / her mouth may not to be talking to the person sitting next to him, but over the phone. In addition, this person may also be rushing to a meeting to collect information or discuss possible opportunities for business growth, which could then be used for strategic decisions. Do you still think this much hassle is necessary today?
The answer is a definite “No”! You just need a laptop and you may just open up your own business. Business intelligence systems and data mining has empowered individuals and business people to do double the work in half the time. Yes, you have heard that right. The tech-powered industry today heavily relies on business intelligence systems as well as data mining tools to grow their market share or compete with other key players, with the same strength. If you are blank about how business intelligence systems and data mining tools exactly work, you need to read further:
Business Intelligence Systems and Data Mining – The Basics and Capabilities
- Business Intelligence
Business intelligence is actually a term that combines several different important functions that may be required by a business to move ahead strategically and succeed. It combines a variety of data analysis applications, including enterprise reporting, querying, and ad hoc analysis, mobile BI, operational BI, real-time BI, software and cloud (service BI) and online analytical processing (also known as OLAP).
The basic processes that business intelligence systems perform include data gathering, processing, analysis and visuals, and reporting to convert raw data into useful and meaningful information to be used for decision making at managerial levels.
- Data Mining
Data mining refers to sorting of data in basic terms. Data mining is a relatively complex yet extremely beneficial computing process where the goal is to discover patterns in large sets of data involving different and also a combination of these methods. These methods include statistics, machine learning and database systems. Different parameters used to analyze and extract relevant data include path analysis, sequence analysis, clustering, classification, forecasting etc.
Business intelligence systems and data mining is a combination that has largely benefited the industrial sector in analyzing the opportunities and taking important decisions to steer the business in a profitable direction before things turn around.
Benefits of Having Business Intelligence Systems and Data Mining
- Improves negotiations and sales.
- Helps identify growth opportunities.
- Decisions are based on facts.
- Creating accurate risk models for loans, and to detect fraudulent transactions (Banking and Finance)
- Increase visitor conversion, customer satisfaction and create targeted promotional campaigns.
- To optimize the layout of departmental stores after judging customer shopping details / habits.
- It is used to improve product safety, comfort and usability.
- Helps government organizations detect suspicious tax return claims, money laundering and other criminal activities.
Even though there are numerous benefits of business intelligence systems and data mining, there are also disadvantages that may force you to re-think your decision of using these tools:
- Initial Setup Costs are too high
- Implementation of Business Intelligence Done Wrong
- Takes too much Time and Money
- Significant Maintenance Costs (Generally quoted as 15% of Purchase and Implementation Costs)
- Privacy Issues with Data
- Security Issues with Data
- Misuse of Information / Inaccurate Information Etc.
Top Business Intelligence Tools that Also Offer Data Mining
- SAP ERP
- IBM Cognos
- Salesforce etc.
Business intelligence systems and data mining are the need of the hour, especially if you are looking to succeed rather than survive in this brutal economy. Taking into account all the advantages and the disadvantages, you will have to make a choice that suits your business, and not just try out the system for fun which will accumulate costs and may leave you in debt.
What Should Be Your Next Move?
Exist Management LLC (ExistBI) is the certified and leading business intelligence systems and data mining, IT solutions and training provider around the globe. Exist Management LLC has brought together the business and IT industry by providing impeccable products and solutions designed to enhance the decision-making processes and improve the overall experience of doing business in this modern, technology-driven world. They understand the importance of data to a business. It offers top-notch Tableau consulting services to help your business grow to extreme heights without taking unexpected (wrong) turns. With ExistBI, you can learn any business intelligence system software through experienced and certified software company professionals and representatives.
Now you can conduct your day-to-day operations with more confidence. For more information, visit www.existbi.com. You can also contact us on +1 866 965 6332 (Canada / US) or +44 (0) 207 554 8568 (UK / Europe).