Although much of today’s hype is centered around big data and advanced analytics, as well as artificial intelligence and machine learning, Business Intelligence is still relevant for multiple reasons. Business intelligence () is not a single technology. It’s a way of supporting outcome-oriented strategies by incorporating data-driven decision making.
BI technologies provide an accurate understanding of past events and current states and perform predictive analytics of business operations through their ability to handle large amounts of structured data. Whether for the purpose of identifying, developing or even creating new strategic business opportunities,
Common functionalities of business intelligence technologies include reporting, data analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.
Applying all the aforementioned methods to raw data is at the heart of Business Intelligence. Step by step, more valuable information can be extracted and incorporated into your businesses decision-making process.
Business Intelligence tools access and analyze data sets and aggregate analytical findings in the form of reports, summaries, dashboards, graphs, charts, and maps to provide detailed intelligence about the state of the business.
Insights gained through the use of BI technologies are what will allow your business to automatically evaluate the success of existing processes by looking at key metrics, determine areas in need of improvement, provide the much-needed justification for investing and pursuing new opportunities and, ultimately track all aspects of your business strategy moving forward, allowing you to evaluate progress at any point.