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Business Intelligence (BI) is an umbrella term used to define the collection, storage, analysis, and visualization of business data to aid in making informed decisions. BI represents the technology infrastructure that gathers and stores information that can be utilized to gain insight and make strategic choices. This infrastructure consists of a wide array of tools, ranging from spreadsheets and reporting/query software to data mining tools and online analytical processing (OLAP).
Using BI, managers and executives can access their data on demand and discover patterns, trends, and correlations within their company. BI tools can answer questions like how much revenue was made in the last quarter and provide users with the necessary data to make intelligent decisions. With the right BI tools, users are able to view visual summaries of data and uncover patterns and trends that may otherwise remain hidden, such as high-level sales trends across regions.
BI also can generate reports that can help managers to track effectiveness and efficiency, identify areas of improvement, and provide guidance on future actions, once the data has been collected, processed, and analyzed. Ultimately, BI provides executives with a comprehensive, up-to-date view of the organization that enables informed decisions and strategic planning.
In recent years, self-service BI has become popular, as it allows individuals with limited technical skills to access and explore data on their own. This type of BI is marked by choice, autonomy, and self-service, as users have easy access to data from multiple sources. This type of BI is designed to provide users with the power and flexibility to integrate data from multiple sources and quickly uncover useful insights.
Overall, BI provides the foundation for better decisions making and more informed outlooks. To gain the true value of this technology, organizations need to invest in smart tools and software that will allow them to collect, store, analyze, and visualize the data that’s necessary to make smarter decisions. Without BI, organizations are unable to gain insight into their company’s activity and make informed decisions in a timely manner.
Using BI, managers and executives can access their data on demand and discover patterns, trends, and correlations within their company. BI tools can answer questions like how much revenue was made in the last quarter and provide users with the necessary data to make intelligent decisions. With the right BI tools, users are able to view visual summaries of data and uncover patterns and trends that may otherwise remain hidden, such as high-level sales trends across regions.
BI also can generate reports that can help managers to track effectiveness and efficiency, identify areas of improvement, and provide guidance on future actions, once the data has been collected, processed, and analyzed. Ultimately, BI provides executives with a comprehensive, up-to-date view of the organization that enables informed decisions and strategic planning.
In recent years, self-service BI has become popular, as it allows individuals with limited technical skills to access and explore data on their own. This type of BI is marked by choice, autonomy, and self-service, as users have easy access to data from multiple sources. This type of BI is designed to provide users with the power and flexibility to integrate data from multiple sources and quickly uncover useful insights.
Overall, BI provides the foundation for better decisions making and more informed outlooks. To gain the true value of this technology, organizations need to invest in smart tools and software that will allow them to collect, store, analyze, and visualize the data that’s necessary to make smarter decisions. Without BI, organizations are unable to gain insight into their company’s activity and make informed decisions in a timely manner.