Business Intelligence (BI) is an umbrella term that utilizes data to make decisions in support of a company. Knowing what your data means through analysis allows for change, efficiencies, and adaptions to be made at a readily fast rate. You can't make informed decisions without business intelligence.
Business intelligence is used to store, collect and analyze data. And that can't happen without the smaller processes within BI's large umbrella. These smaller processes include:
These are just a few of the processes that contribute to BI's overall process. BI is an extremely useful tool and should be referred to often. Knowing what your data means and what you can manipulate/do with that data will be crucial to growing, adapting, and improving your business.
What are the benefits of using Business Intelligence?
The benefits of using BI include improved decision-making, increased efficiency, better customer service, improved operational performance, and more informed strategic planning.
How does Business Intelligence work?
BI works by collecting data from various sources such as databases, spreadsheets, and other systems. This data is then analyzed using algorithms or statistical models to uncover trends and insights that can be used to make better decisions.
What types of tools are used for Business Intelligence?
Common tools used for BI include data visualization software, reporting tools, analytics platforms, predictive analytics software, and artificial intelligence (AI) solutions.
Fun Fact:
"According to a survey by Dresner Advisory Services, 94% of organizations are using business intelligence in some form or another" (Dresner, 2017).