What is business intelligence

Business intelligence

Business intelligence (BI) combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions. In practice, you know you have modern business intelligence when you have a holistic view of your organization’s data and use it to drive change, eliminate inefficiencies, and adapt quickly to market or supply changes.

Much more than a specific «thing,» business intelligence is more of an umbrella term that covers the processes and methods of collecting, storing and analyzing data from operations or business activities to optimize performance. All of these things come together to create a holistic view of a business with the goal of helping people make better and more viable decisions.

Business intelligence displays current and historical data within its business context for companies to make better decisions. Analysts can leverage BI to provide performance and competitive benchmarks to make the organization run more smoothly and efficiently. Analysts can also more easily spot market trends to increase sales or revenue. When the right data is used effectively, it can help with anything from compliance to recruiting efforts.

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Business intelligence relies on the research process to collect data that is then converted into actionable information. Generally, technological tools are used that allow for in-depth analysis.

For example, a restaurant owner wants to understand the preference of his customers on the type of food they like and assess the demand for a particular style. So he conducts a restaurant survey and collects feedback on various types of preferred cuisines.

We all know that the ability to use real-time data and technology is one of the most important parameters for success in today’s business world. No matter what industry you work in, access to rapid information is critical for an organization to make analytical and impactful decisions.

Always keep in mind that data collection alone is not enough to gain insights; it is the processing and analysis of information that leads to actionable data that drives business decisions.

Business intelligence

Business intelligence, business intelligence, business intelligence or BI, is the set of strategies, applications, data, products, technologies and technical architecture, which are focused on the management and creation of knowledge about the environment, through the analysis of existing data in an organization or company.[1][2] The term business intelligence refers to the use of data in a company to facilitate decision making.[1][2] The term business intelligence refers to the use of data in a company to facilitate decision-making.

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The term business intelligence refers to the use of data in a company to facilitate decision making. It encompasses the understanding of the current functioning of the enterprise, as well as the anticipation of future events, with the objective of providing knowledge to support business decisions.

The intelligence tools are based on the use of an intelligence information system that is formed with different data extracted from production, with information related to the company or its fields, and with economic data.

Using ETL (Extract, transform & Load) tools and techniques, data are extracted from different sources, cleaned and prepared (data homogenization), and then loaded into a data warehouse.

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Business intelligence is a broad field of study. The main objective of business intelligence theory is to provide decision support.  Factors to be analyzed include customers, competitors, business partners, the economic environment and internal operations.

Business intelligence leverages software and services to transform data into actionable intelligence that informs an organization’s tactical and strategic business decisions.

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Today, many companies are investing heavily in creating or evolving their business intelligence processes in order to determine market trends, track competitors, keep abreast of technological advances, and improve their products and/or services. They also use it to find out what their customers need and how they want to be served. In this case, business intelligence meets market intelligence.

More traditionally, some firms specializing in business intelligence track and monitor business practices in a market, follow tenders or the arrival of new suppliers. All this on behalf of their client.

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