Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed business decisions.
Make Informed Decisions
As part of the BI process, organizations collect data from internal IT systems and external sources, prepare it for analysis, run queries against the data and create data visualizations, BI dashboards and reports to make the analytics results available to business users for operational decision-making and strategic planning.
The ultimate goal of BI initiatives is to drive better business decisions that enable organizations to increase revenue, improve operational efficiency and gain competitive advantages over business rivals. To achieve that goal, BI incorporates a combination of analytics, data management and reporting tools, plus various methodologies for managing and analyzing data.
Overall, the key benefits that businesses can get from BI applications include the ability to:
- Speed up and improve decision-making
- Optimize internal business processes
- Increase operational efficiency and productivity
- Spot business problems that need to be addressed
- Identify emerging business and market trends
- Develop stronger business strategies
- Drive higher sales and new revenues
- Gain a competitive edge over rival companies
Enterprise BI use cases include:
- Monitoring business performance or other types of metrics
- Supporting decision-making and strategic planning
- Evaluating and improving business processes
- Giving operational workers useful information about customers, equipment, supply chains and other elements of business operations
- Detecting trends, patterns and relationships in data