19 Jul THE CONCEPTS OF BUSINESS INTELLIGENCE HAVE HOWEVER BEEN USED SINCE TIME IMMEMORIAL EVOLVING THROUGH TIME WITH CHANGES IN TECHNOLOGY.
Theoretical foundation of Business Intelligence
Need for Business Intelligence
Organizations have seen the need to develop a way of acquiring, processing and analyzing vast amounts of data from different sources as a way to acquire new knowledge. Management Information Systems (MIS) helped organizations in some of these tasks. They however have not been very effective. Some of their disadvantages are –
They are slow and cannot make decisions on time.
Inability to monitor competition
Ineffectiveness in carrying out constant performance analyses
There was need to have a fast management information system that could perform a more accurate analyses of business performance and competition.
Business Intelligence involves businesses using their processes and capabilities to create knowledge for use in their betterment. The right information should be gotten from the right people at the right time through the right channel. As the knowledge expands, new opportunities are created/ identified. Business Intelligence thus gives an organization a competitive advantage in the market with good stability to maintain its position.
The term ‘Business Intelligence’ was probably used for the first time in the eighties. Researcher Howard Dresner proposed ‘Business Intelligence’ as an umbrella term referring to concepts and vailamethods used to improve business performance based on historical and other able data (Panian). The concepts of Business Intelligence have however been used since time immemorial evolving through time with changes in technology. Business Intelligence started from the early days of computing. There were applications that had their own database, which supported their functions.
Information is an important factor in production in the society (Hannula, 2001). Moreover, lot of people work in occupations where information is the main focus and is an important factor, and a wide variety of information and communication technologies are used (Sitra, 1998). The evolution of the information needs from individuals, communities and societies requires the contrubtion from these parties to improve, share and manage information. Hence, information is found to have a significant role in the present society, and it is very important for the term information to be defined precisely enough for the significance of information to be understood.
With reference to the classical definition, information is a well-defined true judgment. It is based on the conception of the theory of knowledge, and it comes from the ideas of Plato and Greek philosophers. There are three conditions that the information has to do. First, that the information is explained that it can never be a bare claim. Second, everyone is always in need to know the truth. The third condition is that erroneous belief cannot be information, and it will be impossible to find a final truth, and the classic definition might set overly strict demands for information.
In the literature, there are several definitions for data, information, knowledge, and intelligence (Davenport and Prusak, 1998; Thierauf, 2001; Silver, 2004). In addition to that, there are many opinions concerning the relationships of these concepts. For instance, there is a hierarchy for the information that starts from knowledge as the broadest one, then the information and the data, which is understood as the lowest level.
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