Business Intelligence

LO1 Exercise:

Explain Business Intelligence and its purpose

Business Intelligence refers to the tools, technologies, applications, and practices, that is used to collect and analyze and present the organization's raw data to create actionable business information.

Purpose:

• To help corporate executives, business managers, and other operational workers to make a better and more informed business decisions. 
• Companies use business intelligence to identify new business opportunities, and spot inefficient business process

Discuss "Business Process" with example

1. Finance - billing process, risk management process
2. Health - medical assessment, drug approval
3. Banking - credit check
4. Public Sector - application for a government service
5. Travel - trip booking, agent billing

Identify and describe the business process model

• Business process model is a graphical representation of a company's business process or workflows (identifying the potential improvements)
• Usually done through different graphing methods (flowcharts, data flow diagram)

References:

Financesonline.com. (2017). What Is the Purpose of Business Intelligence in a Business? - Financesonline.com. [online] Available at: https://financesonline.com/purpose-business-intelligence-business/#bi [Accessed 7 Oct. 2019].

PNMsoft. (2019). Business Processes - Explanation and Examples. [online] Available at: http://www.pnmsoft.com/resources/bpm-tutorial/business-process/ [Accessed 7 Oct. 2019].

Kothari, A. (2017). Business Process Modeling: Definition, Benefits and Techniques. [online] Tallyfy. Available at: https://tallyfy.com/business-process-modeling/ [Accessed 7 Oct. 2019].