Business Intelligence, often referred to as BI, is an umbrella that consists of tools, processes, and technologies to analyze, and process data in order to gather insights & optimize business performance.
Business Intelligence is a combination of business analytics, data processing, data manipulation, data mining, data visualization, and dashboard development.
BI tools & technologies deal with a large amount of structured & unstructured data, which helps in identifying and developing better & more strategic business opportunities. Business Intelligence aims to handle & interpret Big Data and use it for effective business growth.
Business Intelligence can be used by startups, SMEs, and big enterprises, regardless of the industry. Any company around the globe, ranging from manufacturing, marketing, finance, operations, e-commerce, or so on, can benefit from the BI tools.
Why Business Intelligence?
- Decision making gets easy with the help of BI tools.
- BI helps companies to make better decisions by collecting & interpreting historical as well as real-time data.
- In all the industries, BI gets significantly effective when used with the combination of internal & external data derived from the market.
- BI can get you a cutting-edge competitive advantage over your competitors.
The internal data that the company generates, when put up with the industry data (that comes from external sources), can create such magical & intelligent insights that you never may have thought of.
While using BI tools, you can create useful BI applications, that help in automation and creating interactive and beautifully visualized reports. BI applications use data gathered from a Data Warehouse and work on the concept of BIDW (Business Intelligence Data Warehouse).
History of Business Intelligence
The term “Business Intelligence” was coined by Richard Millar Devens in 1865, in his book “Cyclopedia of Commercial and Business Anecdotes”.
He wrote, “The ability to collect and react accordingly based on the information retrieved, is central to business intelligence”.
A great BI helps companies to answer all of their questions regarding business performance & growth.
BI Analysis describes the performance of the business not only in the past but also in the present. Due to its benchmarking statistical & interactive outcomes, Business Intelligence is sometimes referred to as “Descriptive Analysis”.
Business Intelligence Umbrella
As you read before, BI is an umbrella that consists of various processes, tools, and technologies. Here is an overview of all the activities that get performed under BI:
- Data Gathering
- Data Preparation
- Data Mining
- Statistical Analysis
- Descriptive Analysis
- Performance Metrics Analysis
- Visual Analysis
- Data Visualization
- Data Reporting
- Dashboard Development
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