New Facets Of Biz Intelligence For Real-time Enterprises

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: Enterprises today are competing in global markets where rapid change and hyper competition have introduced greater instability.

As executives seek increased organisational insight and better analytical acumen to drive decisions, the arguments for using business intelligence (BI) have never been stronger and more compelling. BI has become a necessity for survival, rather than a fringe, discretionary business option.

BI has proven advantages as a strategic catalyst in the managerial decision process and aims at increased profits, pro-active response to customer needs, higher ROI (return on investment), shorter time to market and effective strategic decisions. In the recent past, the demands of such enterprises have moved from analysing ‘historic’ data to leveraging ‘real-time’ data, thereby changing the decision-making process from controlled to pro-active. A market-focused BI intervention calls for a real-time oriented ‘Three R Approach’ for maximising the value of enterprise data.

R1: Real-time Data Warehousing

In enterprises, decision support systems and executive information systems are key components for BI solutions. Rapid development in key data warehousing tools and technologies such as ETL, OLAP, VLDBMS, and storage support has led to the emergence of real-time data warehousing (RTDW).

Today, top-of-the-line ETL tools help in extracting real-time data, integrating the data with other EAI tools, deriving enterprise intelligence and providing near-eternal availability to expect event-driven data. A contemporary set of BI tools in the market deliver data anytime, anywhere when a critical business event happens leading to real-time decisions and actions. By integrating various data sources into a consolidated real-time view of information and enhancing business intelligence and analytic functions, RTDW triggers ‘real-time decisions’ to enable ‘real-time solutions’ to business problems.

RTDW offers significant advantages to enterprises. In tough market conditions, enterprises are under increasing pressure to be aware of the most current actionable information, and react to changing business conditions by examining all sources of information that can help improve bottom-line performance.

R2: Real-time Analytics

As we evolve towards increased usage of analytical tools and metrics in conjunction with data warehouses, real-time analytics (RTA) will spur the next phase of growth in the BI market.

Using the superiority of real-time analytics, a new band of BI vendors are delivering a heightened threat to entrenched suppliers of analytical software.