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