Published Jul 22, 2023 Business Intelligence (BI) refers to the process of using technology, software, and other tools to analyze and interpret data to gain insights that can be used to make better business decisions. BI helps organizations to collect, integrate, analyze, and display data in a way that provides a clear picture of their current situation and helps with forecasting future business trends. To understand how BI works in practice, let’s consider an example of a retail store. The store has several branches and wants to identify which of their branches are performing well and which are not. In the past, the store manager would have to manually input data from each branch and then use spreadsheets to analyze that data. This process is time-consuming and may not be very precise. However, with BI software, the data from all retail store branches can be automatically collected and analyzed quickly. This data may include sales data, marketing data, customer feedback, employee performance, etc. The BI software then processes this data and presents it in easy-to-understand dashboards and reports, which help the store manager to visualize trends, identify performance issues, and make data-driven decisions. Business Intelligence enables organizations to make informed and strategic business decisions. By using BI, companies can gain insights and make predictions that would not have been possible with manual analysis. It helps businesses to optimize their operations, reduce costs, and increase revenue. In addition, BI enables organizations to quickly respond to market changes, identify new market opportunities, and plan for the future. Hence, BI is a critical tool for businesses that want to remain competitive and stay ahead of the curve.Definition of Business Intelligence (BI)
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Why Business Intelligence Matters
Business Economics