Business intelligence is a compilation of different techniques and strategies for data analysis and fetching useful business information. For getting the historical, current and probable future views the technique of Business Intelligence (BI) is used.
This technique of Business Intelligence is helping organizations for past few years in achieving better growth and stability on the leading position.
What is Business Intelligence?
Business intelligence is a modern day technical process which is used for analyzing data and presenting some useful information in front of the corporate heads and business executives so that they can form effective business policies. Basically, the techniques of business intelligence use the data collected in Data warehouse or data mart in an organization. Once the data is collected i.e. integrated, the tools of Business Intelligence analyze them.
The programmers and software developers have developed excellent and easy tools for this task. After the analysis of Data is done, a relevant bunch of information is presented in front of the business organization so that correct and suitable business decision can be taken. For this, various ERP (Enterprise Resource Planning) software are used. BI also help organizations to spot market trends and customer demand.
Its need and importance
Now organizations have understood the importance of Data. They have come to know that the data cannot be left unorganized and effective techniques are required to manage this data. Thus it is highly beneficial for investing in Business Intelligence tools. These tools collect data from both internal system and external sources. Once some relevant data is collected, the tools of BI create reports and dashboards by running the queries against the data. These visuals then served in front of the business executives to take in use. Thus the whole process of Business Intelligence helps in accelerating and improving the decision-making in an organization.
Tags: analysis of Data, Business Intelligence tools, Business Intelligence