How Are Business Intelligence And Business Performance Management Complementary?

How-Are-Business-Intelligence-And-Business-Performance-Management-1

The industries are enhancing their business activities with a blend of various advanced technologies. The IT industry is focusing on enhancing its IT applications by exploring innovative technologies. The business needs to store and analyze a vast amount of data to carry out its operations effectively. This data is analyzed using various methodologies that make the process a lot simpler.

The industries use these methodologies to strategize decision making process, price fixing, channelizing production activities, etc. As the environment is becoming more dynamic, the industries need to shift towards the highly innovative technologies. The traditional technologies no longer serve the purpose of working in such a dynamic environment. The industries are rapidly adopting advanced technologies to make the process efficient and effective.

Business intelligence and business performance management are two widely implemented technologies by the industries as these technologies have eliminated the limitations of the traditional technologies and have given various opportunities to the industries to grow further.

Business intelligence (BI) refers to a set of technologies to carry out the process of data analysis and reporting by converting the raw data into meaningful information. This data is used by the industries for making various strategic and tactical decisions. Business intelligence enables the industries to access real-time data that helps the industries to respond to queries accurately.

Business performance management (BPM) refers to a set of activities that focus on optimizing the business performance to achieve the desired goals. This methodology is used for setting up business goals and monitoring the methods to achieve those goals. It helps to enhance the operation of the management and personnel. It is a tool that is used for giving a direction to the company.

Business performance management works by adopting business intelligence. BPM requires business intelligence capabilities to operate effectively.

Industries use business intelligence for analyzing data and carrying out the reporting process for strategizing multiple aspects of the business.

On the other hand, business performance management is used by the industries to budget and plan out the activities of the business. This is done by retrieving weekly or monthly data from multiple sources and carry out the analysis process. The BPM activities are carried out in a multidimensional environment and it is usually merged with online analytical processing to operate efficiently.

Business intelligence plays a major role in carrying out business performance management process. It enables the organizations gather the raw data and deliver the data into a meaningful insight.

BPM works by taking into account various business intelligence tools and other specialized applications that enables a company to plan and monitor its performance. It is accustomed by multiple relational database systems, data marts, OLAP, reporting dashboards, and other portals. Business performance management has opened a plethora of opportunities for industries to carry out the process of business analytics. Earlier, the industries need to incur a heavy cost and resources with the use of traditional technologies. The use of business performance management has enabled the industries to cut down costs and resources to a great extent and made the process a lot more accurate.

Business intelligence and business performance management have helped the industries to plan, monitor and optimize its operations. BI is generally used to carry and analyze customer information, order information, product information, etc.

BPM is used to take this information and plan or change the operations of the business as and when required.

Both these technologies need to work simultaneously and foster innovation in the operations that helps the industries to lead from the forefront in the market.

The methodologies enable the industries to store and access the data from a centralized location and meet the diverse needs of the business.

Business intelligence and business performance management have given new ways to the industries to carry out the strategic business activities in a streamlined manner. The industries are exploring diverse methodologies for carrying out critical activities such as price fixing, inventory management, production activities, etc.

Various industries operate by combining business intelligence and business performance management as these two technologies certainly complement each other. Although, they both perform different functions but the industries can get maximum benefits, when these two are used parallely. These two technologies help the executives to determine major pain points of the business and rectify them quickly.

There is no point of a vast amount of data if that data is not converted into a meaningful form of information for the industries. The analysis and reporting of data are important elements and need to be carried out effectively. BI and BPM have enabled the industries to explore various innovative tools and work with taking the strengths of both the technologies in a single unit.       

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