Business Intelligence or BI is basically the prediction of business operations. With the reference of history, what’s a good, bad, current or past view of business, BI analyzes and operates the business strategy and makes it do good or bad?
So, if we put it in simple terms, we can say business Intelligence means one has to go through some research before taking any step for any business, to make sure they aren’t making any mistake and are going in the right direction. But wait, it not only refers to researches but also technologies, applications and some practices to collect and analyze and then present the business information.
This way, a business can follow a good path that has been followed by all the successful businesses in regard to the strategies and what would work and what wouldn’t. This then leads to much better decisions for the business.
More about Business Intelligence:
If you’re looking for more information related to business intelligence or BI then you’re at the right place. Here we’ll combine and present some of the most basic things that you must know about BI.
The main role of BI is to present tools and systems. These tools and systems play a key role in the strategic planning of a corporation. This helps in gathering, storing, accessing and then analyzing the data that would help in decision making.
Some of the Basic Benefits and Advantages of Business Intelligence include;
- Faster analyzing, planning or reporting of data.
- A more accurate reporting and analyzing or planning.
- Chances to make much better decisions in business.
- Better and improved the quality of data.
- Availability of an improved employ satisfaction.
- Better customer satisfaction.
- Higher rate of competitive advantage.
- Better efficiency in operations.
Some common and known examples of BI technologies include warehouses, tools for data discovery, reporting of ad hoc, dashboards and services of cloud data.
Types of Business Intelligence:
Now that we have all that cleared up, don’t you think there might be some types of BI too? Well, yes there is; and let’s not waste time and learn about the different types of business Intelligence. So, here are some key general categories of BI applications.
- Spreadsheets are the most common type of BI, which is most in use nowadays.
- Data mining is another most used type of Business Intelligence which is mostly used in the business world.
- Business activity morning is also a really important part of BI.
- Data warehouse.
- Digital dashboards are also included here.
- OLAP which is known as online analytical processing is also an important type of BI.
- With all these, one of the most important parts of BI that help in evaluating the BI of any business is the reporting and querying software.
So, this is all you need to know what is business intelligence. Now even if you are a newbie in this business-related world, this post will help you get right into the business field and get started with it.