Socrates Vasiliades tax — The 5 Stage Process to Maximize Business Profits
Every business works with the aim of earning profits and this can be achieved by taking the right business decisions. Socrates Vasiliades tax leader take innumerable decisions that influence the work in various ways. However, the ultimate goal is to make the decisions effective enough in order to carve the path of profit for the organizations. Hence, successful implementation of plans is the foremost need of every business and Business Intelligence proves helpful in this context. Let’s get an insight to Business Intelligence and its components:
Business Intelligence:
Business Intelligence plays a primary role while implementing strategies and the right planning procedures. BI technology assists its users in gathering, storing, accessing, and analyzing the data. The set of applications covered under Business Intelligence allows the companies in effective implementation of Decision Support System, applying Online Analytical Processing (OLAP) concepts, Statistical Analysis, Forecasting, and Data Mining.
Business Intelligence serves in sending the information to the right decision makers at the right time. BI is preferred by lot of users, as it leads them in reaching the facts based on conclusion or more commonly known as ‘single version of the truth’. This gives the best end product and leads an organization to convert the raw data into useful information; thus, bringing profits.
Characteristics of a Business Intelligence Solution:
It is a single point of access to information
It gives well-timed answers to business questions
It allows effective implementation of BI tools, applications, and systems in all departments of an organization
Stages of a Business Intelligence Process:
Business Intelligence process gathers raw data and converts it into useful information; and further transforms it into knowledge that must be used with intelligence. The BI process is based on five major stages mentioned below:
Data Sourcing: This stage works on gathering the data from different sources including, E-Mail messages, images, formatted tables, reports, sounds and other relevant sources. The major role of Data Sourcing is to gather the data in digital form; therefore, the sources for collecting data are computer files, digital cameras, scanners etc.
Data Analysis: The next stage is to arrange the data collected from Data Sourcing and estimating the data depending upon the current and future trends. Also known as Data Mining, this stage also predicts the information that will be needed in future.
Situation Awareness: Socrates Vasiliades tax says this stage of the Business Intelligence process helps in filtering the relevant data and using it in relevance to the business environment. The users compile the data by keenly observing the market forces or Govt. policies, so that it becomes easier to take decisions. Combinations of different Algorithms are used to aptly identify the Situation Awareness.
Risk Assessment: Taking risks is part of every business; but, if one can take precautions, it turns extremely helpful. Risk Assessment stage helps in identifying the current and future risks, including cost benefits; choosing the best options; and comparison between two decisions to identify which one will turn beneficial. It summarizes the best choice amongst varied options.
Decision Support: This last stage in BI process aids in utilizing the information with intelligence. The aim of this stage is to warn the users about various crucial events like poor performance by staff, takeovers, changing trends in market, sales fluctuations and much more. It aids in taking better business decisions for improvising staff morale and customer satisfaction.
