Business intelligence is applications, practices and technology all combine for the use of collecting data and presenting them in a form which would be more useful to its users in doing their jobs and in making decisions. The first generation business intelligence, however, has its limitations. While it is useful in providing information to its intended users in a fast and timely manner, it is very much dependent on data and reports.
Just like technology, business intelligence is constantly changing, developing and also evolving. The term "Business Intelligence 2.0" actually just refers to the second generation business intelligence. It does not just examine past decisions but it helps decision making as things happen and as eventualities are predicted or foreseen. The data you will see in this next generation business intelligence is but dynamic and the analysis brought about is always in tuned with things as it happens. It does not only make information available to the people in the organization, but it also does so to third parties who have interest in the organization like the suppliers. The idea behind this is that if sales forecasts changes, for instance, it would affect production and in turn the suppliers. Unavailability of materials would hinder production from producing enough amount of goods and so it may not be able to serve the predicted sales should it come to fruition. Production would then be prompted to look into the matter and check their options and decide accordingly.
So in effect, "Business Intelligence 2.0" is a notch up to the first generation business intelligence in that it provides a more dynamic, timely and a more integrated data provision and retrieval. Because of this users are better served and are able to do their easier especially in terms of decision making.
Business intelligence helps decisions makers take the optimal business choices. Doing this task requires utilization of the different technologies and software applications. Its task is really collating data, checking its integrity, interpreting them and bringing the output to its users.
Various analysts develop different software tools that aid this endeavor. It tackles the employee side and so does it on the operations and even on suppliers, customers and the whole market. For all these, different business intelligence vendors have and continuously developed various different packages to target what specific clients need.
Well, there are different business intelligence associates and each caters their chosen niche in this field. There are business associates that serve the health care area. There are also those who do more work on production and sales.
Business can go so big and quite complicated. That is why many employ the services of business intelligence associates. This is perhaps a wise decision on their part because business intelligence associates are better equipped to do this task. They will be able to do business intelligence without any disruption in business operations. Being their only task, they will be able to collect, interpret and deliver the information better. They might also have better software applications for this type of work. And they don t focus just on the business internally. They have the resources to be more comprehensive and global. They can also provide accurate and dynamic market changes and trends. So in effect, managers will not only have a complete picture about their company but they will also be able to see where it is in the market and how the entire market is moving. Being provided with such vital information then would make senior managers and its other end users be better decision makers.