Company leaders can use business intelligence (BI) applications to make more educated decisions, it has been claimed.
Tanmoy Sinha, founder and chief executive at Cloud Engineering, explained that BI is the emerging class of IT applications that use information assets to aid in better decision-making.
"A variety of tools and techniques such as data mining, predictive analytics and data visualisation are employed to provide valuable insights into past, current and future business metrics," he told the Hindu.
Mr Sinha said BI applications serve "a critical function" in achieving operational efficiency, integrated planning and coordination and monitoring.
They help deliver a single version of the truth, providing consistent information in real time across the enterprise.
This helps eliminate debates on the validity of data, he stated.
"It also visualises information through meaningful dashboards to allow for coordinated decision-making," Mr Sinha added.
He noted that BI helps with business modelling, as it captures business dynamics in robust and transparent models.
"These are useful for sensitivity analysis, simulation and scenario-based decision-making," he noted.
Mr Sinha noted that BI relies on historic data to look into the future, but also integrates external and internal data for better forecasting and predictive analytical capabilities.
"It is vital for enterprises to be well-informed and take quick, fact-based decisions in the dynamic marketplace," he stated.
"Business intelligence offers a ripe set of solutions that plug into existing IT infrastructure and bring out valuable insights."
Posted by Alex Boardman