Business Intelligence Definition
Business Intelligence (BI) is a set of IT tools and techniques that can be used for various purposes – to monitor business processes and KPIs, provide more insights, compare actuals and forecasts and even provide suggestions of business actions. Once established, BI infrastructure serves for many years, helping to make informed decisions, build long-term strategy, minimize redundant expenses, increase management efficiency.
Business Intelligence Benefits
Data-driven business decisions
A strong BI strategy can deliver accurate data faster to business users to help them make better business decisions.
Faster analysis and intuitive dashboards
BI improves reporting efficiency by condensing reports into dashboards that are easy for non-technical users to analyze.
Increased competitive advantage
A solid BI strategy can help businesses monitor their changing market and anticipate customer needs.
Improved customer experience
Ready access to data can help those responsible for customer satisfaction improve the quality of service.
Improved employee satisfaction
Providing business users access to data without having to contact analysts or IT can reduce friction, increase productivity, and facilitate faster results.
Trusted and governed data
Modern BI platforms can combine internal databases with external data sources into a single data warehouse, allowing access the same data at one time.
