Business Knowledge (BI) is the capacity to transform information into info as well as info into expertise, so as to enhance the business decision-making process. A set of techniques as well as devices concentrated on knowledge production and also monitoring through the evaluation of existing data from a company or business.
From the point of view of information technology, we can state that BI is a set of techniques, applications and also innovations that allow a business to the group and also change the data acquired from structured information systems to do analysis and also information generation and improving the process decision-making of business. It covers both present understanding of the functioning of business as well as an expectancy of future occasions, in order to give a body of expertise to support business decisions.
Referring to business knowledge, we can distinguish the principles of data, details and expertise. Data is something that is vague, for instance, the number 10, while the details is more precise, such as April sales were 10. Finally, expertise is obtained by examining the information.
Data are the minimum semantic unit as well as are the main aspects of information. These alone are unnecessary to the decision-making process. A contact number or a name of a person are examples of information.
The information can originate from exterior or interior firm sources, can be objective or subjective, qualitative or measurable.
Moreover, the info can be defined as a set of processed information, which matter and also have a purpose and also context. The details serves for decision-making, as it enables lowering uncertainty. The information is changed into information to add value.
The info is capable of altering the method the receiver regards something, effecting on their valuation as well as behaviors.
Details = Data + Context (worth added) + Energy (minimize uncertainty).
Expertise can be defined as a blend of experience, worths, information and also knowledge, that create a framework to include brand-new experiences. The expertise derived from the info and also info from information. In order that info becomes expertise is necessary to carry out actions such as:.
Contrast with other components.
Prediction of consequences.
Searching for connections.
Talk with other service providers of information.
By getting knowledge of business once the details is recorded from all locations in the business, you can establish strategies and also specify what are the strengths as well as weak points of business.
Business Intelligence is the more comprehensive principle of using intelligence in organizations. This has arised from the contributions of the different areas of information such as market intelligence, competitive intelligence and business intelligence.
Market Intelligence corresponds to the strategic monitoring discipline within companies that allow a much more deeply understand of the market and also the company’s performance within it, with a constant flow of details.
Affordable Knowledge is defined as the procedure of gathering and also evaluating details on the activities of competitors, so regarding sustain the achievement of the goals of business. With a continuous flow of details, allows a business to know what the competitors are performing in the commercial, economic, and business facets.