BI is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics. BI parses all the data generated by a business and presents easy-to-digest reports, performance measures, and trends that help take informed management decisions.
The need for BI was derived from the concept that managers with inaccurate or incomplete information will tend, on average, to make worse decisions than if they had better information. Creators of financial models recognize this as “garbage in, garbage out.”
BI attempts to solve this problem by analyzing current data that is ideally presented on a dashboard of quick metrics designed to support better decisions.
We conduct a thorough assessment of the health of your data systems at the moment and identify
opportunities for business intelligence solutions improvement.
BI represents the technical infrastructure that collects, stores, and analyzes company data.
BI parses data and produces reports and information that help managers to make better decisions.
Software companies produce BI solutions for companies that wish to make better use of their data.
BI tools and software come in a wide variety of forms such as spreadsheets, reporting/query software, data visualization software, data mining tools, and online analytical processing (OLAP).
Self-service BI is an approach to analytics that allows individuals without a technical background to access and explore data.
Business intelligence (BI) tools are types of software applications
that gather and interpret massive volumes of unstructured information
from external and internal systems, encompassing books.
Business Process Redesign.
Spreadsheets: Spreadsheets like Microsoft Excel and Google Docs are some of the most widely used BI tools.
Reporting software: Reporting software is used to report, organize, filter, and display data.
Data visualization software: Data visualization software translates datasets into easy-to-read, visually appealing graphical representations to quickly gain insights.
Data mining tools: Data mining tools "mine" large amounts of data for patterns using things like artificial intelligence, machine learning, and statistics.
Online analytical processing (OLAP): OLAP tools allow users to analyze datasets from a wide variety of angles based on different business perspectives.
Our general intelligence includes mental agility, pattern recognition and
application skills, and the capacity to manage mental complexity.
BI is a core business value; it is difficult to find a business area that does not benefit from better information to work with.
Some of the many benefits companies can experience after adopting BI into their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs, and increased revenues, and the ability to make better business decisions.
If, for example, you are in charge of production schedules for several beverage factories and sales are showing strong month-over-month growth in a particular region, you can approve extra shifts in near real-time to ensure your factories can meet demand.