What is business intelligence?

In this article, we will discuss "what is business intelligence" or "what is business intelligence?" we will discuss the topics. We will answer your questions and talk about business intelligence applications, tools and functions.

What is business intelligence?

We can define business intelligence as abbreviated BI, which stands for business intelligence. Data-driven can be defined as the strategies, software, and services that businesses use to provide fast, easy, and understandable access to insights about their current state. Defined as the process of uncovering and analyzing business data, business intelligence is used to answer how organizations have performed in the past and why those outcomes occurred.

What are business intelligence applications?

When we talk about what business intelligence applications are, we can say that it is a versatile information acquisition and information sharing era where businesses or organizations use advanced statistics to help them draw conclusions from data analysis studies and predict future events in their business operations.

Business intelligence applications that use predictive analytics include:

Data Mining: Data mining ?makes a significant contribution to Business intelligence technologies that turn data into useful information, helping to find solutions to specific business problems by generating insights from data.

Query: ?A request for specific information or data to derive various results from a database is defined as an information query.

Data preparation: ?Used as the process of preparing, combining and structuring data ready for analysis.

Reporting: Analyzing operational and financial data is a necessary step in the process of sharing the results of research with decision makers so they can draw conclusions and make decisions.

Comparison: ?One of the technical steps applied to compare current business processes and performance measurements with past data according to results.

Descriptive Analytics: ?Involves making comparisons and interpreting historical data to better understand changes in a business or organization.

Statistical analysis: ?The process of gathering results from descriptive analytics and applying statistical data to identify trends.

Data visualization: ?The technical process of providing visual representations such as charts and graphs applied to facilitate data analysis.

What are business intelligence tools?

Business intelligence tools analyze data sets and present analytical findings in reports, graphs, charts, summaries, dashboards, and maps to provide users with detailed information about business health and to evaluate complex data. By applying business intelligence methods, you can transform the raw data your business uses into useful, meaningful information and functional technology.

Business intelligence tools allow you to combine, clean, prepare, analyze and transform data into digestible information. These tools help your business mitigate potential problems.

Below are the business intelligence tools your business will need:

Ad Hoc Analysis: A business intelligence process designed to quickly answer specific business questions. With ad hoc analysis, your business can get the information it needs to make better business decisions.

Online Analytical Generation (OLAP): ?A computational method that enables multidimensional analytical queries. A business intelligence tool needed by large companies, OLAP tools are a technology that allows users to extract and review multidimensional business data from multiple perspectives.

Mobile Business Intelligence: ?Refers to software applications that access, store and analyze data by optimizing desktop business intelligence for mobile devices.

Real-Time Business Intelligence: ?This is a method of data analysis that provides users with real-time information by feeding a data warehouse designed to support business intelligence activities.

Operational Business Intelligence: ?Enables enterprises to respond immediately to changing business and customer needs, operational business intelligence is a data analysis approach that uses real-time business analytics to automatically integrate real-time data into the operational system.

Software as a Service (SaaS BI): ?SaaS is a software model used to connect to cloud-based applications that provide business intelligence software solutions. Processes such as subscription, membership, purchase and licensing are included in this software.

Open Source (OSBI): ?This is a fast and secure business intelligence support analysis that does not require the purchase of a software license and allows users to modify the software.

Collaborative Business Intelligence: ?Collaborative business intelligence, a tool used in a business intelligence system, is used to facilitate the sharing process.

Location Intelligence (LI): ?A type of software designed to link geolocation features with business data.

Data visualization software: ?One of the important software models that makes it easy to discover, evaluate, analyze, and organize patterns in data using visualization tools.

What does business intelligence do?

We can answer the question that in order to keep up with technological developments in a competitive environment, businesses need business intelligence to make faster and more accurate decisions. The need for business intelligence that provides reporting and efficient data analysis in your business is increasing day by day.

By using business intelligence systems for your business, you can gain comprehensive information and turn it into insights in your business processes, so you can make strategic and improved business decisions and gain an edge over your competitors.

Business intelligence helps businesses or organizations analyze data with historical context, optimize results, track performance, accelerate and improve decision-making, and identify and eliminate business problems and inefficiencies. Applying business intelligence methods helps businesses identify market trends and new models, generate new revenue and income, and accelerate growth by increasing productivity and efficiency.