5 Stages of Business Intelligence
Organizations rely heavily on business intelligence (BI) to plan strategically in today's business environment. BI technologies analyze past and current data to provide organizations an insight into the future. The BI process transforms related business data into information, information into knowledge, and knowledge into intelligence. This allows organizations to make better decisions, improve operations, and gain a competitive advantage. With the ever-changing business landscape, BI is becoming increasingly important for organizations of all sizes. Thus, the BI process includes five key stages:
Data Sourcing: Data sourcing is all about getting information from different sources. The data can be from text documents, email messages, images, sounds, formatted tables, web pages, and URL lists. The key to getting this information is to have it in electronic form.
Data Analysis: You turn all your data into something valuable during the data analysis stage. This is accomplished by observing current trends, fusing various data sources, validating conceptual models, and projecting possible trends for the future.
Situation Awareness: During situation awareness, irrelevant information is filtered out, and only vital information remains. The user needs key information that is relevant to their needs. Situation awareness is understanding the context in which to make decisions.
Risk Assessment: During this stage, we discover what could happen and what might be the risks. Businesses need to consider the future and the best options and choices available.
Decision Support: Business intelligence is a way to use the information to make better decisions for your business. It helps you stay aware of things like takeovers, changes in the market, and poor staff performance. This way, you can take steps to prevent these things from happening.