Evaluation and display of information about an object or group of objects
The goal of Business Intelligence is to gain insights from the data and information collected through processes in the company to support decision-making. The evaluation of data – internally, regarding competitors or the general market development – is done by employing analytical concepts as well as more or less specialized software and IT systems.
Statistical methods are used to identify outliers and correlations, to form clusters and to classify the data. In general, the term data mining is used for this. The quality of these methods depends largely on the algorithms used. Thus, many companies try to improve the quality of their processes by means of machine learning.
Location and identification information may be particularly useful in understanding dynamic processes in production and logistics. Reports and dashboards, which illustrate these process flows, are implemented on the basis of maps or control flow diagrams in addition to the classical reports. Based on this kind of information on process flow, the methods used in process mining, a specialized variant of data mining, are particularly suitable for the detection of bottlenecks, conformity to specifications, problem areas or simply optimization potential. The focus here is on uncovering the seven „mudas“, the seven types of waste within the framework of lean management.
With the knowledge gained, the company can improve its business processes and its customer and supplier relationships. The results of this may be cost reduction, risk reduction and value creation.
Please do not hesitate to contact me if you have any questions.