What is Business Intelligence ?

business intelligence definition

Business Intelligence (BI) consists of strategies and technologies used by enterprises for analyzing data and presenting actionable information to make informed business decisions. Often BI applications get their data from a data warehouse or from a data mart to make these decisions.

The common functions that come with a business intelligence application are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics.

Benefits of a Business Intelligence Software

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Data Visualization

The presentation of company data is displayed in charts to provide better insights.

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Improved Reporting & Planning

The system can readily generate strategic reports and analytics. Allowing users to make better-informed decisions based on end-to-end trends and metrics.

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Data Discovery

Search for patterns using visual tools such as geographical maps, heat maps, and pivot tables.

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Forecasting

Determine future trends from historical data and successfully plan ahead.

Types of Business Intelligence Applications

  • OLAP
  • Data Warehouse
  • Data Mining
  • Business Activity Monitoring
  • Reporting and Querying Software
  • Digital Dashboards
  • Local Information Systems
  • Data Cleansing
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