Business Intelligence (BI) is all about using applications and technologies for gathering, storing huge operational data and converting it to valuable business information enabling enterprise business users make faster and smarter business decisions.
BI allows organizations to get more accurate and detailed view of what is going on in terms of the business, its customers and competition. With a proper Business Intelligence system in place, you can get visibility to: accurate view of costs, compliance issues, latent liabilities, potential risks, customer behaviour, market and competition analysis, budgeting and forecasting, financial planning etc.
Business Intelligence allows companies to answer following:
- What is happening? – Operations/KPIs
- What has happened? – Historical Data Analytics/Identify Patterns
- Why it is happening? – Reasons which impact KPIs
- What will happen? – Predictive Analytics
- How to make it happen? – Actionable Tasks and Iterative Improvement