What Is Business Intelligence? (E)
What is the Business Intelligence? What is the difference between BI and Data Warehousing? What are the main functions of business intelligence?
Posted: Jun 2011
The Business Intelligence is a term that relates to a range of different activities a company may take in order to gather information about their market and competition. Business intelligence (BI) is based on computer techniques that are used for identifying, gathering and analyzing different business data.
What is business intelligence? Business intelligence is based on different applications and technologies for gathering, storing, analyzing, with the purpose of better decision making of the company. These systems allow a company to gather, store, access and analyze corporate data, but also external data ( marketplace ). Since the business intelligence helps the decision making it is also known as decision support system (DSS).
Beside inside business analysis, business intelligence is dealing with competition analysis, market analysis, industry analysis, knowledge gathering, product marketing and support of business execution.
Beside use for improved decision making, BI is also used for costs reduction and identification new business opportunities. Business intelligence goes beyond the company reporting tool. BI is the tool that integrates data throughout the system. The industrial espionage, which operates for information collection purposes, is also considered to be part of business intelligence.
The companies collect a large amount of data from their business operations. In order to keep track of that information, a company is using a different system and software programs. The SAP, as and enterprise management system, is one of the most powerful tools for business intelligence.
Sometimes the business intelligence is confused with data warehousing. Actually, data warehousing is used for business intelligence analysis, but BI relies on wider range of data gathering sources.
BI technologies provide historical, current and forecasted views of business operations. Business intelligence technologies provides different tools, such as reporting, analytics, data gathering, process mapping, business performance management, benchmarking, forecasting...
The competitive environment of global market is forcing corporations to heavily rely on the Business Intelligence. Without BI the company would be as a ship with the compass, but without the map.