REDUCT & Lobbe Technologies

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WHAT IS BUSINESS INTELLIGENCE?

 
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Business Intelligence (BI) is a code-name for a range of technologies which unlock knowledge that is hidden in business data and tell us how to use it more effectively. The overall objectives of BI are to improve planning, productivity, service quality, and profitability by making information and data more comprehensible and using business knowledge more effectively. Business Intelligence helps us to use business data for competitive advantage.

Business Intelligence allows management to gain insight into their business by analyzing business data to spot trends or using "what-if" analysis for scenario forecasting. BI technologies provide management with up-to-date information on vital business aspects of their operations.   Some of the tools and technologies provided by to BI are described below.

Data Warehouses and Data Marts allow the collection of large amounts of  data generated in today's dynamic business environment.  Many companies have already taken this first step of data collection but the more advanced tools discussed below will help those companies get the most of the data they are collecting.

Data Mining is used to discover patterns, relationships and knowledge in business data.  The knowledge from data mining can then be used to predict outcomes in business situations (ex. credit risk), or to classify objects or people (ex. target marketing). 

Predictive Modelling techniques are used to build models that predict or forecast numerical outcomes such as sales volume.

Genetic Algorithms and other advanced algorithmic methods can be used to solve complex optimization problems such as scheduling and logistics.

Decision Support Systems provide the decision maker with models and data to support decision making tasks.  These systems can either contain expert knowledge which has been captured or rules and models developed from data.  These systems support delegation of decision-making authority by distributing knowledge and allow effective decision-making in very complex situations.

Intranet Web technologies make business information available company-wide in a format that addresses employees’ needs.

Business Intelligence can be used in all areas of a company's operations. Some examples include:

  • Marketing - pricing strategy, market segmentation, sales forecast

  • Finance - forecasting income/expenses, investment strategy development, credit analysis

  • Human Resources - employee profiles, training

  • Operations - production scheduling, transportation logistics (also see Process Intelligence)

  • Customer Service - help desk, claims audit

For more information please contact us.

 

REDUCT & Lobbe Technologies Inc.
P.O. Box 800,  186 - 8120 No.2 Road., Richmond, BC,  Canada  V7C 5J8
ph: (604) 275-3711   fax: (604) 275-3715  email: dispatch@reduct.com