Business intelligence (BI) is a set of strategies and technologies that companies use to analyze business information and transform it into practical information that serves as a basis for strategic and tactical business decisions. Business intelligence (BI) is software that collects business data and presents it in easy-to-use views, such as reports, dashboards, tables, and graphs. Business intelligence tools allow business users to access different types of data, historical and current, from third parties and internal, as well as semi-structured and unstructured data, such as those from social networks. Users can analyze this information to obtain information about the company's performance.
Automate planning, budgeting, forecasting, and analysis processes. Go beyond spreadsheets to increase efficiency and eliminate manual steps. We are thrilled with IBM Planning Analytics on Cloud; it has become the one-stop shop for all of our financial and accounting needs. We are much more confident in our metrics; in fact, there is now an attitude in the company that “it doesn't count if it doesn't come from Cognos”.
Just add data. What became known as BI tools evolved from previous analysis technologies, often based on mainframes, such as decision support systems and executive information systems, which were mainly used by business executives. As artificial intelligence and machine learning continue to grow, and companies strive to be more data-driven and more collaborative, business intelligence also continues to evolve, allowing users to integrate AI knowledge and harness the power of data visualizations. AI has redefined the limits of speed and scale in big data analysis and offers a versatile data science platform that can greatly accelerate custom analytics applications, as well as traditional business intelligence, data visualization and GIS tools.
Business intelligence was created to help companies avoid the problem of garbage entering and leaving as a result of inaccurate or insufficient data analysis. The IDB can accelerate a variety of data visualization and business intelligence tools by executing queries orders of magnitude faster than traditional conventional analysis systems. Some of the insights gained from big data make companies strive to capture everything, but data analysts often filter sources to find a selection of data points that can represent the state of a process or business area as a whole. Initially, BI tools were mainly used by BI and IT professionals who conducted queries and produced dashboards and reports for business users.
Modern BI tools also allow scenario analysis to compare potential results based on dynamic parameters. Hospitals and clinics use business intelligence to store data in a centralized data warehouse so that different departments can access it while keeping it secure. Simple user interfaces, combined with flexible business intelligence back-end software, allow users to connect to a variety of data sources, including NoSQL databases, Hadoop systems, cloud platforms, and conventional data warehouses, to develop a coherent view of their diverse data. Mobile business intelligence refers to accessing data and performing analytics on mobile devices and tablets.
However, in most cases, advanced analytics projects are carried out by independent teams of data scientists, statisticians, predictive modelers, and other analytics professionals, while BI teams more easily oversee the querying and analysis of business data. While business intelligence interprets data from the past and provides new value to currently known information, data science focuses more on predictive analysis. They need the right tools to add business information from anywhere, analyze it, discover patterns and find solutions. In addition, BI, data management and IT teams themselves benefit from business intelligence and use it to analyze various aspects of technological and analytical operations.
