Covering the essentials of business intelligence, explore the features & functions for an overview.
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Business Intelligence is a process that performs data analysis and presents the information to the end users in such a way that they can make informed business decisions.
Business Intelligence analyzes past and current data and provides organizations an insight into the future. Organizations rely heavily on BI in today’s ever-changing business environment so that they can plan strategically from the forecasts of BI technologies; this, in turn improves their overall organizational performance.
BI performs analysis, reporting, data mining, predictive analysis, online analytical processing, and business performance management.
Benefits of Business Intelligence
The benefits of business intelligence technologies include:
Business Intelligence consists of the following four stages: Data Collection, Data Storage, Data Analysis and Providing Data Access.
Data Collection helps to gather past and current data for improved decision-making.
Data Storage helps to store the data efficiently for future reporting and analysis.
In the Data Analysis stage, data is analyzed using qualitative and quantitative approaches, and various patterns and trends are identified to provide future insight.
Providing access to data allows the user to perform an analysis and view the results through various reporting tools and dashboards.
Business Intelligence tools generally contain the following features:
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