Business Intelligence comprises of how an organisation uses technologies for analyzing data and how it is helpful in strategic decision-making and data analysis. It includes various strategies and technologies. Business Intelligence is a practice that transform raw data into meaningful and useful business information. With business intelligence technologies, an organisation can easily review past records, current data and predictive views of business operations. Technologies used in business intelligence are Data Warehousing, Dashboard, Ad-hoc Reporting, Data Recovery and Cloud Data Services.
Improved decision-making, increased profit and market efficiency, and reduced costs are some of the potential benefits of Business Intelligence (BI). In the BI environment, data presentation and visualisation happens at the reporting layer through the use of BI reports, dashboard or queries. BI success comprises of numerous critical factors, such as BI capability, data quality, integration with other systems, flexibility, user access and risk management support, and it is successful only if the changes provide or improve a positive experience for users.
Businesss Intelligence can be applied in Analytics quantify process for a business to arrive at optimal decisions. Analytics may variously involve data mining, process mining, statistical analysis, predictive analytics, predictive modeling, business process modeling, data lineage, complex event processing and prescriptive analytics.
Business reporting can use BI data to inform strategy. Business reporting may involve data visualization, executive information system, and/or OLAP.
Knowledge management is concerned with the creation, distribution, use, and management of business intelligence, and of business knowledge in general. Knowledge management leads to learning management and regulatory compliance.
BI can facilitate collaboration both inside and outside the business by enabling data sharing and electronic data interchange
Then there comes business intelligence software which is basically an application software designed to retrieve, analyze, transform and report data for business intelligence. The applications generally read data that has been previously stored. Now, the most important factor to go through is the categories of business intelligence application
Spreadsheets
Reporting and querying software
Online analytical processing (OLAP)
Digital dashboards
Data mining
Business activity monitoring
Data warehouse
Local information systems
Data cleansing
By Ms. Akansha (Student MBA Ist year )