Business Intelligence (BI) is a broad classes of computer software solutions that enables an organization or company to gain penetration into its critical operations through analytical tools and reporting applications.
Business Intelligence is the set of tools & techniques for the transmutation of raw data into meaningful and practicable information for business analysis intends. BI technologies are capable of dealing large amounts of unstructured data to help discover, develop and otherwise produce new strategic business opportunities. BI applications may let in a variety of components such as spreadsheets, charts, tabular reports and dashboards. The goal of Business Intelligence is to permit easy interpretation of these large volumes of data. Identifying new opportunities and carrying out an effective strategy based on brainstorming can provide businesses a long-term stability along with competitive market advantage.
Well-designed Business Intelligence applications can provide anyone in your company the ability to make better conclusions by quickly understanding the several “information assets” in your organization and how these act with each other. These assets can include personnel data, product data, customer databases, supply chain information, sales and marketing activity, manufacturing, as well as any other source of information vital to your operation. A robust Business Intelligence application, which includes data cleansing and integration functions, can permit you to integrate these heterogeneous data sources into a single logical framework for real-time reporting and elaborated analysis by anyone in your extended enterprise – customers, partners, managers, executives and employees.
Business Intelligence techniques provides historical, current and predictive views of business operations. Business intelligence covers the following elements:
Analysis and reporting are the building blocks of business intelligence. The universal process of business intelligence is as follows: