What is Business Intelligence(BI)?
“Business Intelligence (BI) helps business people make more informed decisions by providing them timely, data-driven answers to their business questions. BI analyzes data stored in data warehouses, operational databases, and/or ERP systems (i.e. SAP®, Oracle, JD Edwards, Peoplesoft) and transforms it into attractive and easy to understand dashboards and reports. BI delivers the insight needed to make strategic planning decisions, improve operational efficiencies, and optimize business processes.” -Microstrategy.
What are BI tools?
Business Intelligence (BI) tools are a set of software systems and practices that enable organizations to analyze data, and make better decisions based on the insight from that information. Companies can use this insight to take the following steps to improve overall corporate performance:
- Enhance cost-efficiency and productivity
- Build strong customer relationships
- Optimize revenue-generating strategies
- Increase revenue and maximize profitability
- Monitor trends and discover anomalies
- Forecast business opportunities
- Maintain compliance and perform risk management
Categories of BI Tools:
- Spreadsheets
- Reporting and querying software
- OLAP
- Digital Dashboards
- Data mining
- Process mining
- Business performance management
- Local information systems
State of art of BI in Industry today:
In one word, most companies do not use BI to their fullest potential according to market research.
Some stated reasons include:
- Lack of proper training, followed by limited staffing resources.
- Most custom reports remain very sophisticated
- IT staffs still create the majority of BI reports, followed by business analysts.
- Dissatisfaction with BI technology is found among all user communities.
- The idea that BI applications can create more work
Now the latest of all is the move of BI from industry to everyday life.
