Business intelligence (BI) is a set of theories, methodologies, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI can handle enormous amounts of unstructured data to help identify, develop and otherwise create new opportunities. BI, in simple words, makes interpreting voluminous data friendly. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability. Generally, Business Intelligence is made up of an increasing number of components, these are: Multidimensional aggregation and allocation Denormalization, tagging and standardization Realtime reporting with analytical alert Interface with unstructured data source Group consolidation, budgeting and rolling forecast Statistical inference and probabilistic simulation Key performance indicators optimization Version control and process management Open item management BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics. Though the term business intelligence is sometimes a synonym for competitive intelligence (because they both support decision making), BI uses technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence gathers, analyzes and disseminates information with a topical focus on company competitors. If understood broadly, business intelligence can include the subset of competitive intelligence.
Posted on: Wed, 05 Mar 2014 05:31:06 +0000
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