What Is Business Intelligence
Business Intelligence is the practice of gathering relevant information for a particular business need. It involves data mining, data analysis, and reporting.
Business Intelligence is the practice of gathering relevant information for a particular business need. The term comes from the phrases ‘business’ and ‘intelligence’, which are both related to analytical thinking, organizational skills, decision-making, and strategy. BI is basically about deciding what data needs to be collected and analyzed in order to provide actionable insights for decision making.
Data mining refers to the process of analyzing large amounts of raw data with the goal of finding patterns that can be used to make predictions or draw conclusions about reality helpful resources. Data analysis refers to identifying specific factors that contribute to an outcome by looking at individual pieces of information separately or relating them to other pieces of information through statistical modelling.
What is business intelligence?
Business intelligence is an efficient way for companies to understand and analyze their data. It’s used in a variety of contexts, but it is generally used to understand the performance of an organization.
Business intelligence can be broken down into three different categories:
- Data mining
- Business intelligence is a term that is defined in various ways.
- Some say that it is an umbrella term for all the tools and technologies that are used to evaluate, measure, and analyze data.
- Others say it is the application of statistical analysis to business operations in order to optimize performance.
- It can be seen in its simplest form in the world of retail when a leader in the industry uses business intelligence to understand what products are being sold most at their store locations.
- This enables them to make changes or updates to their inventory so they can meet the needs of their customers better.