Business
Intelligence is a technology-driven process to collect business data and
convert it into meaningful and actionable information towards a strategic goal.
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| What is Business Intelligence and How Does BI Tools Work? |
What is Business Intelligence (BI)?
Business
Intelligence (BI) is
a set of systems, processes, strategies, tools, and technologies used by
organizations or companies to analyze business information data and convert raw
data into useful information that leads to profitable business processes.
Business intelligence is considered a technology-driven
process to analyze data and provide actionable information to help executives,
managers, and other end-users to make informed business decisions.
Business intelligence has become an important asset for all
companies that want to reach the next level.
Self-Service Business Intelligence (SSBI)
Self-service
business intelligence (SSBI) or self-service analytics is a relatively new approach
to data analysis that enables End-users to access and perform data analytics on
their own and deploy their queries, reports, and analyses within an
architecture supported by business departments in the organization even if they
do not have a background in information technology, statistical analysis,
business intelligence or data mining.
There is often no need
for a specialist to work on these BI tools, but the decision-maker himself can
deal with and learn these tools and begin to analyze data and guide
decisions.
Most of these solutions are based on the point-and-click concept of doing
things.
How Business Intelligence Works
Business
intelligence (BI) is a technology-driven process that includes various steps:
data extraction, analytical processing, query, and reporting.
Business
intelligence works by obtaining information from any system then registering it
in a database and then submitting it to the business.
Business Intelligence includes strategies and technologies
that provide business leaders with the information they need to analyze data
and make more informed business decisions.
Business intelligence tools help companies deal with large
amounts of structured and sometimes unstructured data to identify, develop, and
create new strategic business opportunities. They bring all disparate sources
into one single offering, providing real-time reporting, dashboards, and
analytics.
Business Intelligence Services
Business
groups are in dire need of intelligent reports and analysis tools for data and
information. The more data within an organization, the greater the need for
such reports and tools.
Decision-makers
within organizations face many problems and challenges that require a faster
and more specialized way to help them make decisions.
Business intelligence tools and BI programs, based on partnerships with the
world's leading business intelligence software such as IBM, Oracle, and
Microsoft, can address these types of challenges.
Some
important business intelligence services may include:
- Data Discovery
- Classify data and create data warehousing
- Purification and revision of data
- Analytical study of customer requirements
- Set KPIs for business
- Set KPIs based on client wishes and requirements
- Build the logical data layer in the data warehouse
- Data mining
- Select appropriate data collection methods for market research
- Build transfer tools
What is the Process of Business
Intelligence?
Business
Intelligence (BI) is
about making better decisions within your business and guiding them through
data analysis.
Business Intelligence tools connect to different data sources (Flat files,
Databases, Web, etc) and extract data of interest, and then analyze this data
and convert it to information in the form of graphs and dashboards that help
the businessmen understand the current situation of the company.
The overall
purpose of business intelligence is to achieve company and management goals. It
is not just the work of a set of reports and graphs that interact with each
other.
It is important that these reports answer specific questions that ultimately
aim to guide the decisions of the company and employees to achieve the best possible
performance through the available data.
You can use
business intelligence solutions and tools to analyze any company activity, for
example, monitoring sales performance. You can imagine that you live in a
water-filled environment (data).
Business intelligence tools are a boat with fairly limited possibilities that enable you to sail and explore amazing things (information and insights into the current state of the company).