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Business Intelligence & Business Analytics

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What is Business Intelligence & Business Analytics?

Business intelligence (BI), is a term that refers to a selection of software applications used to analyze an organization’s raw data. BI platform is made up of several related activities, including Reporting, Querying, data visualization, dashboards, data mining and analytical processing of raw data.

Organizations use BI to improve their decision making process, cut cost, identify new business opportunities and save lots of time. BI is more than just corporate reporting and more than a set of tools to extract data out of databases. Mid to higher management including CIOs and CEOs use BI for their daily decision making as well as to to identify inefficient business processes that are ready for re-engineering.

With BI tools and software available today, business folks can jump in and start analyzing data themselves, rather than wait for IT to run complex reports. This easy and fast accessibility of information helps professionals backup their business decisions with hard numbers and proofs that would otherwise be based only on gut feelings and assumptions.

Although BI provides great promise, implementations of a BI solution can be technical and cultural challenging. Executives have to ensure that the data feeding BI applications is clean and consistent so that users trust it. Good ETL, great Data modeling, creating report design and a stable BI environment is the key to success. 

Category
Information Services / তথ্যসেবা
Created
Tuesday, 30 September 2014
Group Admin
Omar Khan
  • Omar Khan
    Information on Business Intelligence (BI) and Business Analytics (BA)
    Started by Omar Khan Tuesday, 30 September 2014 4 Replies
    Omar Khan

    Hi Dilwar,

    Sorry for the delayed response. Lets talk about the Credit Bureau first... It's a easy one. I know for sure Equifax is a heavy Cognos BI user. Everyone that has a bank account, credit card or some kind of connection with a back, their info can be stored in a database like Oracle or SQL server or in any other DB. Every month, banks and other financial institutions will send the report to the bureau on their customers usage behavior. Based on that data you can develop Cognos BI reports which can help to determine user's credit score. And I believe that algorithm to determine credit score can be developed and implemented in in Cognos using Cognos SDK.

    For your other 2 objectives.... I an not too sure, because I guess the terms (CPV and KYC) might have a different name here or I am not familiar with. But that said, BI applications are being used in every banks and financial institutions all over north america. They produce their statements, their forecasting, their internal financial reporting and for almost every kinds of reporting. Bottom line is.... if you have a need to generate any kind of report and the data is stored in a Database, BI is your best and fastest solution.

    Hope it helps. Please feel free to let me know if you need further info.

    Thanks
    Omar K

    Last replied by Omar Khan on Tuesday, 07 October 2014