Business intelligence combines business analysis, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-based decisions. Business intelligence (BI) is software that ingests business data and presents it in easy-to-use views, such as reports, dashboards, tables, and graphs. BI tools allow business users to access different types of data, historical and current, internal and third-party, as well as semi-structured and unstructured data, such as social networks. Users can analyze this information to gain insights into the company's performance.
Business intelligence (BI) reveals information to make strategic decisions. Business intelligence tools analyze historical and current data and present findings in intuitive visual formats. Business intelligence (BI) encompasses the strategies and technologies used by companies for data analysis and business information management. Common functions of business intelligence technologies include reporting, online analytical processing, analysis, dashboard development, data extraction, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.
The main function of a BI tool is to filter relevant business information and project an analysis over a specified period of time. Business intelligence gives organizations the ability to ask questions in simple language and get answers they can understand. Organizations can use information gained from business intelligence and data analysis to improve business decisions, identify problems or issues, detect market trends, and find new revenues or business opportunities. Companies collect and analyze the data needed to find answers to questions and track the progress of their business objectives.
If you're planning to pursue a career in business intelligence, you're taking a step in the right direction. Companies can use business intelligence to support a wide range of business decisions, from operational to strategic. According to Merrill Lynch, more than 85% of all business information exists in these formats; a company could only use such a document once. Become a business intelligence expert with Simplilearn's specialized business intelligence courses.
Business intelligence (BI) is a set of strategies and technologies for analyzing business information and transforming it into actionable information that serves as the basis for strategic and tactical business decisions. Even without IT, analysts and business intelligence users needed extensive training to be able to successfully query and analyze their data. Once the reports are complete, archetypical BI tools come into play, such as control panels, which automatically collect this data and represent it in graphs and tables to provide a vision of the immediate state of the company. A major financial institution in the United Kingdom used business intelligence to connect all its data sources and allow business users, as well as IT staff, to develop reports and BI solutions, allowing the company to be more agile and more responsive.
Now, self-service BI platforms make business intelligence available to everyone, from executives to operations teams. Visualizing current and historical data in the context of business activities allows companies to quickly move from information to action. BI tools access and analyze data sets, and present analytical results in reports, summaries, dashboards, graphs, tables, and maps to provide users with detailed information about the state of the company. Unstructured data can also simply be the knowledge that business users have about future business trends.
