Business Intelligence (BI) is a process for gathering, storing, analyzing, and providing access to data to help users make better business decisions. BI tools provide users with the ability to access data from multiple sources, including databases, spreadsheets, and text files. BI tools also provide users with the ability to create reports and dashboards to visualize data in-detail.

Business Intelligence Techniques

There are a variety of business intelligence techniques that can be used to help organizations make better decisions. Some of these techniques include data mining, predictive analytics, and business rule management. Data mining is a process of extracting information from large data sets. Predictive analytics is a technique that uses statistical models to predict future outcomes.

Business Intelligence Platforms

Business intelligence platforms are software solutions that help organizations gather, store, analyze and provide access to data. BI platforms typically provide users with the ability to access data from multiple sources, create reports and dashboards, and conduct data mining and predictive analytics. Some of the most popular BI platforms on the market include SAP Business Objects, IBM Cognos etc.

Benefits of Business Intelligence

The benefits of business intelligence are vast and can help organizations in a variety of ways. Some of the most common benefits include improved decision making, increased operational efficiency, better customer service, and increased revenues. BI can also help organizations save time and money by reducing the need for manual data entry and analysis. Additionally, BI can help improve organizational agility to respond during changing times and amidst dynamic circumstances.

Business Intelligence v. Data Science

Business intelligence and data science are often confused because they both deal with data. However, there are some key differences between the two fields. Business intelligence is focused on helping organizations make better decisions. Data science, on the other hand, is focused on discovering new insights from data. Additionally, data science is more exploratory in nature, while business intelligence looks towards the past + present to drive decisions.

Wrap-up

In conclusion, business intelligence is a process for gathering, storing, analyzing, and providing access to data to help users make better business decisions. BI tools provide users with the ability to access data from multiple sources, including databases, spreadsheets, and text files. BI tools also provide users with the ability to create reports and dashboards to visualize future potential.