Business Intelligence (BI) is a technology-driven process used to analyze data and present actionable insights helping businesses come up with informed and viable business decisions. It encompasses a wide variety of tools, applications, methodologies that allows organizations to gather and analyze data from different sources whether internal or external. With BI, companies are able to develop and run queries, create reports, dashboards, and visualize the data making analysis so much easier and decision-making so much more efficient.
Importance of Business Intelligence
Potential benefits of BI include but are not limited to:
- Accelerating and improving decision-making
- Optimizing internal business processes
- Increasing operational efficiency
- Driving new revenues
- Gaining competitive advantage over competitors
- Identify market trends
- Spot business problems and address them accordingly
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