What is Business Intelligence?
Business Intelligence(BI) is a terminology representing a collection of processes, tools and technologies helpful in achieving more profit by considerably improving the productivity, sales and service of an enterprise.
With the help of BI methods, the corporate data can be organized, analyzed in a better way and then converted into an useful knowledge of information needed to initiate a profitable business action. Thus its about turning a raw, collected data into an intelligent information by analyzing and re-arranging the data according to the relationships between the data items by knowing what data to collect and manage and in what context.
Importance of Business Intelligence:
A company’s collected raw data is an important asset where one can find solutions to many of an organisation’s critical questions like ‘what was the net profit for a particular product last year and what will be sales this year and what are the key factors to be focused this year in order to increase the sales?’. So there arises a necessity of a well planned BI system which can lead to a greater profitability by reducing the operating costs, increasing the sales and thereby improving the customer satisfaction for an enterprise.
With the help of a Business Intelligence System, a company may improve its business or rule over its competitors by exploring and exploiting its data to know the customer preferences, nature of customers, supply chains, geographical influences, pricing and how to increase its overall business efficiency.