BI refers to the technology-rich process involved in analyzing data and gaining actionable insight that aids executives, marketers, and others in making better, more informed business decisions. BI involves a range of tools, applications, and practices that aid organizations in collecting data from various sources, preparing it for analysis and then analyzing it, and creating reports and visualizations that present the results in a meaningfulway to decision makers and employees who use the results to optimize business processes, deliver an enriched customer experience, and more.
Importance of BI
The potential benefits of business intelligence tools include accelerating and improving decision-making, optimizing internal business processes, increasing operational efficiency, driving new revenues and gaining competitive advantage over business rivals. BI systems can also help companies identify market trends and spot business problems that need to be addressed. BI data can include historical information stored in a data warehouse, as well as new data gathered from source systems as it is generated, enabling BI tools to support both strategic and tactical decision-making processes. Initially, BI tools were primarily used by data analysts and other IT professionals who ran analyses and produced reports with query results for business users. Increasingly, however, business executives and workers are using BI platforms themselves, thanks partly to the development of self-service BI and data discovery tools and dashboards.
Benefits of BI
Organizations around the globe are just now beginning to realize all of the potential benefits of Business Intelligence, as they harness the power of Big Data. BI may include historical information and new data, which enables organizations to make strategic and tactical decisions. Specific benefits of Business Intelligence include faster and improved decision making processes, optimized business processes, increased operational efficiency, and new revenue. Companies that use BI effectively also identify market trends and business issues that need to be corrected. Business Intelligence delivers the insight executives need in order to make the right decisions because it connects the data, technology, analytics, and knowledge that business professionals need to ensure success. It is with Business Intelligence that organizations and enterprises gain competitive advantage.
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