Business Intelligence
The term "business intelligence" (BI) refers to the methods and technology that companies use in order to do data analysis and information management for their respective businesses. Reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics are all typical functions of business intelligence technologies.
When it comes to assisting in the discovery, development, and other aspects of the creation of new strategic business possibilities, BI solutions are able to manage vast volumes of organised and occasionally unstructured data. They want to make it possible for anybody to easily comprehend these massive amounts of data. Firms may get an edge in the market, long-term stability, and assistance making strategic choices if they identify new prospects and execute an effective plan based on insights. This can give the businesses with a competitive market advantage.
Enterprises may utilise business intelligence to support a broad variety of business choices, ranging from tactical to strategic. These decisions can vary anywhere from operational to tactical. Product positioning and price are examples of fundamental operational choices. The most important aspects to consider while making strategic choices about a company are its objectives, goals, and directions. Data obtained from the market in which a company operates is referred to as external data. Data obtained from company sources that are internal to the business, such as financial and operations data, are considered internal data. Business intelligence is at its most effective when it combines both types of data (internal data). When integrated, external and internal data may give a comprehensive picture that, in effect, provides a "intelligence" that cannot be acquired from any single collection of data. This intelligence cannot be derived from any one set of data.
Business intelligence tools enable organisations to gain insight into new markets, assess the demand for their products and services as well as the suitability of those products and services for different market segments, and evaluate the impact of their marketing efforts, among a myriad of other uses.
The terms "business intelligence" (BI) and "data warehouse" (DW) are sometimes abbreviated as "BI/DW" or "BIDW" to reflect the combination of these two ideas. BI applications get data either from a data warehouse (DW) or from a data mart. A data warehouse stores several copies of analytical data in order to improve decision-making capabilities.