Business Intelligence (BI)
Business Intelligence (BI) is a computer-based technique used in spotting, digging-out, and analysing business data, such as sales revenue by products or departments or associated costs and incomes.
BI technologies provide historical, current, and predictive views of business operations. Common functions of Business Intelligence technologies are reporting, online analytical processing, analytics, data mining, business performance management, benchmarking and predictive analytics.
Business Intelligence uses technologies, processes, and applications to analyse structured data and business processes, providing management with the knowledge to make better business decisions.
BI simplifies information discovery and analysis, making it possible for decision-makers at all levels of an organization to more easily access, understand, analyse, collaborate, and act on information, anytime and anywhere.
Jigsaw Technology delivers BI tools that can give every employee access to the data required to make informed decisions and that have the flexibility to work the way they do.
Business is not about management's ability to make quick and decisive decisions it is about making better decisions that are more informed. Having access to tools and information that support or in some instances challenge past experiences and gut feelings result in better decisions and outcomes that are more profitable.
In a report from Gartner (formerly META Group) entitled "Sarbanes-Oxley: The Impact on Financial Reporting," it is recommended that organisations focus on the following financial-reporting criteria:
- Collecting financial data
- Making financial details more accessible
- Drilling down on accounting reports
- Highlighting key analysis areas based on tolerance and financial metrics
- Segmenting reporting into significant elements
- Enabling workflow
- Offering frequent flash reporting
- Instilling a financial management mindset within the organisation.
When your BI solution successfully achieves some of the compliance goals, you can look forward to auditing and reporting becoming a great part of your enterprise culture.
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