Stages of Business Intelligence

Business intelligence services operate in different stages, from initial data collection and storage to analytics and user authorization levels. Data visualization is also a critical application enabled by professionals who want intuitive reports, remote access, and interactivity. This post will discuss different business strategies of companies.

What is Business Intelligence?

Business intelligence (BI) acquires data on a company’s internal operations and external risk sources to help its strategists and decision-makers identify improvement opportunities. Corporate leaders might use different business intelligence solutions

• to fulfill goal-specific database requirements.

For example, the sales department and human resources depend on specific data objects like price variations and employees’ experience levels. Therefore, every business requires department-specific intelligence and data analytics services.

BI professionals might tap into online resources and verify the authenticity of acquired intelligence to optimize the risk of bias in databases. Doing so also enables them to design and report more realistic data visualizations that enhance their marketing material.

Stages of Building Business Intelligence Databases

1| Data Sourcing

Organizations want to integrate offline data sources with an extensive library of online resources to increase the sample size for data analytics services. However, you can benefit from the strategic classification of business data sources.

Business intelligence data sources can be internal or external. You can also categorize them based on their physical location or reliance on internet connectivity. Besides, the organization’s internal scope of data sources can focus on a project, team, department, product, or specific business quarter.

A regional business will limit the scope of its intelligence services to a group of districts, states, or countries. Meanwhile, international enterprises desire business intelligence to develop their businesses across continents.

Examples of BI Data Sources

1. Financial statements and performance assessment reports concerning factories or employees are internal data sources.

1. Macroeconomic forecasts are external data sources that highlight national trends.

1. Social media listening and search demand analytics depend on online data sources.

2| Data Cleansing, Storage, and Analysis

Corporations want to devise strategies but require insights using business intelligence and data analytics solutions. Still, acquired data can be inaccurate. Such considerations are integral to data quality assurance.

Data cleansing helps organizations eliminate database issues like duplicate entries and empty fields. Storing this data in a secure environment is also essential. Therefore, organizations must combine offline storage solutions and cloud platforms.

Data analytics services use well-prepared datasets for insight extraction. Firms might categorize the discovered data patterns as descriptive, diagnostic, predictive, or descriptive. This classification explains whether the insights describe historical performance statistics or estimate future scenarios associated with revenue dynamics.

3| Situation Awareness

Relevance is vital, and business intelligence solutions focus on processing data suitable for the given scope. Going beyond the scope increases data storage and operational costs. Therefore, situation awareness checks are essential stages of business intelligence.

After all, companies must evolve according to the changes in competitive business dynamics. Databases that were relevant in the past can quickly become obsolete. Situational awareness ensures the acquired data and insights are up-to-date.

The BI and visualization reports created for the previous business quarters often require limited or extensive revisions. The situation awareness stage confirms whether the BI insights need minor in-place updates or thorough reprocessing to include the latest industry trends.

4| Risks, Decisions, and Visualizations

Internal risks originate from employees’ misconduct or lack of training. You can add equipment malfunctioning and departmental power struggles to this risk category.

External risks concern the rules made by regulatory authorities, overseeing corporations, worldwide professional bodies, and natural calamities. For example, the transportation routes passing through earthquake zones are riskier than the roadways in geologically stable areas.

Financial, ecological, socio-political, and technological risks affect the reliability of business intelligence and data visualization solutions. These risks must also guide your decision-making to improve contingency plans or crisis response strategies.

Conclusion

Data management and analysis fuel the growth of modern businesses. Reliable business intelligence services divide their activities into several stages. Each stage of BI data processing serves a determined function.

The four BI stages include:

• Sourcing data from high-quality resources,

• Enhancing its integrity,

• Verifying its relevance,

• Leveraging it for risk management.

A leading firm in data analytics services, SG Analytics supports organizations in developing and maintaining unique datasets to increase corporate resilience. Contact us today if you require data-driven strategies powered by scalable intelligence and visualization assistance.

SG Analytics is a leading global insight and data analytics research company facilitating tailor-made data-centric solutions to enterprises across the globe.