What is Business Intelligence?
To understand BI, it is important to understand Data.
The term Business Intelligence was first coined by Hans Peter Luhn, in 1958, and later by Howard Dresner, in 1989, which is often termed as a traditional definition. The modern terminology of BI is way more different than the traditional.
Business Intelligence can be viewed as an umbrella term that covers methods and processes for collection, storage, and analysis of data from business operations or activities in order to optimize performance.
Being more specific, BI refers to the technologies, applications, and practices that combine business analytics, data mining, data visualization, data tools, and infrastructure, to help organizations to make more data-driven decisions.
Advantages of Business Intelligence
- Faster reporting, analysis or planning
- To improve data quality
- To improve operational efficiency
- To take better business decisions
- BI systems provide historical, current, and predictive views of business operations using data gathered in data warehouse or data mart.
Why enterprises use BI?
- To analyze customer behavior by optimizing service offerings
- To identify ways to increase profit by getting a comprehensive view of your organization’s data and quickly adapt to market or supply changes
- To track performance
- To optimize operations