PAKISTAN BUSINESS REVIEW - Institute of Business Management

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Business Intelligence: A New Dimension to Business Market Report one is “Production Reporting” and the other is “Business Query and Reporting”. ii. Online Analytical Processing: The objective of Online Analytical Processing (OLAP) is to promote information based insight and understanding by providing decision makers with information they need quickly, and in the form they want it. An OLAP allows manager to tailor their information and knowledge requirements by discriminating according to user defined criteria by making comparisons, analyzing trends based on past and current data. Online Analytical Processing is a category of software tools that provides analysis of data stored in a database. The OLAP cube consists of numeric facts called measures which are categorized by dimensions. Measures are derived from the records in the fact table and dimensions are derived from the dimension tables. According to industry visualization expert Stephen Few (2006), a dashboard is a visual display of the most important information needed to achieve one or more objectives; consolidated and arranged on single screen so the information can be monitored at a glance. These tools can display multiple objects by connecting from multiple data sources. These tools provide the user specific dashboard at all the three hierarchical levels of the organization by combining ease of use with meaningful information. Scorecards are a management system that enables organization to set, track, and achieve key business strategies and objectives. It has four business perspectives Customer (e.g. Customer satisfaction), Financial (Operating income and cash flow), Internal business process (Productivity) and Learning & Growth (No of training Hours). It focuses on metrics and compares it with targets. It also generates alerts when potential problems arise, analyzes the root cause of problems by exploring relevant information in detail and allows the user to take corrective action. The scorecard allows a user to answer the question: “How does my PAKISTAN BUSINESS REVIEW JULY 2011 404
Market Report Business Intelligence: A New Dimension to Business goal support the corporate strategy?” Scorecards enable an organization to improve processes and reduce cost by aligning strategy, plans, targets, and forecasts by creating a consolidated, strategic view of existing data. Performance Management is involved with monitoring and managing an organization’s performance, according to key performance indicators such as revenue, return on investment, overhead, and operational costs. These applications include budgeting, planning and financial consolidation. Performance Management may be related to workforce planning, supply chain optimization, capacity planning etc. other than finance. Craig Schiff (2007) stated that performance management is really about the business process that enables a business to set strategic goals and measure how successfully it is performing in terms of its objectives. The technology that supports these processes include BPM packaged applications such as budgeting, planning, and consolidation, as well as BI tools such as ETL, Query and Report, and OLAP cubes. Predictive Analytics and Data Mining provide highly specialized functionality for statisticians and skilled senior analyst to find the pattern in data and generate statistical models and rules. These tools are based on neural network, decision tree, artificial intelligence, Bayesian network theory, and statistics. Predictive analytics is an area of statistical analysis that deals with extracting information from data and using it to predict future trends and behavior patterns. The core of predictive analytics relies in capturing relationships between explanatory variables and predicted variables from past occurrences, and exploiting it to predict future outcomes. The accuracy and usability of results will depend greatly on the level of Business and Data Understanding of the user. 405 PAKISTAN BUSINESS REVIEW JULY 2011
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PBR ISSN 1561-8706 PAKISTAN BUSINES
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Volume 13 Number 2 July 2011 Editor
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