Business Intelligence or BI refers to the technology-driven process of analyzing data to help organizations increase profitability, optimize internal processes, discover new revenues, identify market trends and detect business problems through effective decision-making and data analysis.
BI covers a variety of tools such as business analytics, visualization, data mining, statistical analysis, predictive analysis, etc. Examples of BI tools include dashboards, reports, data warehouses, and cloud data services.
Let’s take a closer look at some of the terms and tools, associated with BI.
It is a management tool that visualizes tracks, analyzes key performance indicators, metrics, and graphics to monitor business performance. Dashboards are customizable, so you can design them to meet the specific needs of your company.
Key Performance Indicators measure how effectively a company achieving a key business objective.
It is a document that provides suggestions and observations about business trends, identifies risks, etc.
It is the method of displaying raw data in a visual manner that can be understood by everyone.
Read our article to discover how to develop a BI strategy.