Overview
Business intelligence, better known as BI in
the business market, refers to the set of practices, skills,
technologies, knowledge and applications that are used in a business to
gain a better understanding of its current commercial significance. A
manager is required to stay ahead of information and updates about the
market, and proper business intelligence can help a manager do just
that.
Business intelligence imparts the required knowledge to a person to
be able to handle and manage a business efficiently. According to the
verdict of established business managers, the common functions of
business intelligence technologies are reporting, online analytical
processing (OLAP), analytics, data mining, business performance
management, and benchmarking.How It Works
A business intelligence model is designed to cater to the needs of every employee in an organization and to accommodate the structured and unstructured information that the organization uses everyday. A huge database management system that is flexible and adaptable is required for this purpose. Reporting, documenting, and integrating tools are required to merge, study, and analyze the information from every department in the organization.The comprehensive study of all this information helps management in decision-making and strategic planning. It also helps management realize the organizational needs and the needs of every person within the organization.
Benefits
Business intelligence models aid in strategic planning and management and also provide assistance in everyday decision-making. Business intelligence models also provide the necessary information required for a comprehensive analysis of a corporation and its needs. It can also provide a focus on the requirements of every employee in the organization.Analysis of an organization's progress over time and comparative studies of the organization with its competitors provides a better understanding of the company's status in the global market and the best possible opportunity for growth.