Business Intelligence

Business intelligence (BI) is a technology driven process for analysing data and presenting actionable information to help executives, managers and other corporate end users make informed business decisions.

Business Intelligence (BI) refers to the tools, technologies, applications and practices used to collect, integrate, analyse and present an organizations raw data in order to create insightful and actionable business information. BI as a discipline and as a technology-driven process is made up of several related activities.(datamining, online analytical processing, Querying, Reporting

BI encompasses a wide variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis develop and run queries against that data and create reports, dash boards and data visualizations to make the analytical results available to corporate decision makers, as well as operational workers.

Why is business intelligence important?

This class of machine learning algorithm involves identifying a correlation generally between two variables and using that correlation to make predictions about future data points.

Benefits of Using Business Intelligence?

The potential benefits of business intelligence programs include:

  1. 1.Accelerating and improving decision making.
  2. 2.Optimizing internal business processes.
  3. 3.Increasing operational efficiency.
  4. 4.Driving new revenues.
  5. 5.Gaining competitive advantages over business rivals.
  6. 6.Identifying market trends.
  7. 7.Spotting business problems that need to be addressed.

Why Should we Use Business Intelligence Systems and Tools?

BI Tools are essentially data-driven Decision Support Systems (DSS). BI is sometimes used interchangeably with briefing books, report and query tools and executive information systems. With these tools, business people can start analysing the data themselves, rather than wait for IT to run complex reports. This information access helps users back up business decisions with hard numbers, rather than only gut feelings and anecdotes.

Differentiate Between Business Intelligence and Analytics

Can you use these terms, business intelligence, and analytics, interchangeably? the majority of the time, people are going to know what you are talking about. And regardless of what you call it, your product needs it to stay modern, drive adoption, and reduce ongoing requests to IT for information that will help your customers do their jobs.