Phases of Business Intelligence

Business Intelligence (BI) is a process of growing the competitive benefits of a company by intelligent applying of available data in decision making. By Business intelligence is often meant a software program for the assistance to the business management to increase profits. BI allows to find where the company loses money or where it is possible to earn more. So, expenses on BI should be comparable to the company plans to earn or save.

There are five main phases of Business Intelligence:

• Data Sourcing
• Data Analysis
• Situation Awareness
• Risk Assessment
• Decision Support

Data sourcing

Business Intelligence is aimed to collect information from multiple sources of data. The information can be extracted from: text documents (e.g. notebooks, emails, reports, etc.), pictures and photos, sounds, tables and schedules, web resources and URL lists. The main idea of data sourcing is to obtain the information in electronic form.

Data analysis

Business Intelligence is aimed to apply benefits from collections of data. The process of data analysis is also called data mining. On this phase BI is about to estimate ongoing trends, integrate disparate information, validate and predict missing information or future trends.

Situation awareness

Business Intelligence is aimed to filter off all irrelevant information, and then use the remaining information for the best business performance. The manager requires the relevant data (market forces, government policy, competitive advantages, etc.) in order to understand and make right decision.

Risk assessment

Business Intelligence is about to reveal what probable actions might be taken or decisions made at different times. It is about to help you assess the current and future risk, cost or benefit of taking one action over another. On this phase BI is intended to conclude your best options or choices.

VIP Task Manager provides a comprehensive set of business intelligence capabilities and applies tools to create a complete and easy-to-use business intelligence solution. VIP Task Manager fits requirement of the organization management as well as its personnel. The managers spend less time managing the business processes, and personnel spend less time executing tasks, so more time is spent on making better and more informed decisions. VIP Task Manager allows you to analyze the past, monitor the present and forecast outcomes as you move your business ahead.

Better time management is not the only advantage that gives VIP Task Manager. The software creates grounds for improvement of employee task performance and better task planning. Managers get full control on task lists performance of an employee and can make analysis for future planning.