Published on : Jul 21, 2017
Albany, New York, July 21, 2017: Business intelligence (BI) optimize the business decision-making process by providing a set of strategies and tools that basically focus on knowledge creation and management through the analysis of existing data from an organization or business. To understand the BI in various scenarios, Market Research Hub (MRH) has recently added a study titled as “Business Intelligence: Patent, Trend, and Business Opportunity Analysis” to its vast report repository.
Business intelligence is the process to analyze the infrastructure, applications, tools, and fruitful practices which enable access to the information for improving decisions and performance. The BI application comprises logistics management, inventory management, hotel management, financial services, customer services, eShopping, online payment, commercial marketing, and healthcare. This study is a comprehensive BI overview and thorough patent mining results that further reflect major vendors' patent deployment status and technology readiness.
This study covers both current understanding of the functioning of the business as well as an anticipated future events, in order to provide a body of knowledge to support business decisions. Business intelligence analysis foresees the future events and improve the response times, thus preventing the obstructions long before they've even taken place. Referring to business intelligence, people can differentiate the concepts of data, information, and knowledge. The data is something that is ambiguous, for example, the number 10, but the information is more accurate, such as April sales were 10. Finally, knowledge is obtained by analyzing the information for future business opportunity and increase the revenue.
Business Intelligence solutions trend analysis enables to analyze the business opportunities of companies by following major steps; it process the requirements quickly, intelligently & efficiently, respond quickly and efficiently to changing conditions affecting the company, establish the information as the main asset of the business and finally transform business data into intuitive graphical reports that can be analyzed quickly & easily and provide the business opportunity prospect.
The evaluated research commences with the BI patent mining that studies the patent search for the business opportunity. The patent search includes selecting a patent database, identifying search keywords, data selection and data analysis. Further, it also discusses the trends for data mining that analyze trends by country, field, key technology, and by relevant technology. It concludes with the usability analysis of BI and the technology for BI. It shows that BI patents are more commonly used in computer technology, followed by IT methods for management. It further detects the frequently used technology for BI that comprises natural language data processing being the most commonly used technology followed by the experts' systems.
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