Business Intelligence Definition
The technology, methods, and applications used for the integration and presentation of business information, is known as Business Intelligence System. The business decisions making made by an enterprise is supported by the Business Intelligence System.
Through business intelligence, one is enabled to have a more tactical and meaningful business decision. In other words, it is also the process of transforming raw data into meaningful information to make an informed business decision that helps in the growth of the business. It is comprised of a combination of data analysis applications and data of varied kinds transformed into data that gives a business enterprise capability to make wise business decisions.
Business Intelligence (BI) is a relatively new term that became popular in the 1990s. Due to high level of competition in the business environment, enterprises require an analytically oriented system that can rejig their capabilities to reinvent and modify information they already posses. Business Intelligence System (BIS) has two different meanings. One which emphasizes on human intelligence capacity incorporated in business affairs and the other that focuses on intelligence as information valued for its currency and relevance. Apart from these two meanings, competitive intelligence is a specialized field of business intelligence that solely focuses on the external competitive environment. Other crucial operational elements of BIS consist of data storage, transform load process, data warehousing and analytical presentation.
BIS is concerned with performance and risk management by critically analyzing both historical and present statistical data. It is more of a kind of descriptive approach that relies on ‘what and how’ things are happening and this makes it different from business analytics which emphasizes more on ‘why’ things are happening. The most important aspect of BIS is to have an advance decision support solution which is a combination of business tools and process. It helps enterprises to proliferate customer support, market research, statistical analysis and product profitability in a more efficient and productive manner. Moreover, BIS enables enterprises to create insights and business values from complex data in order to have a better understanding of external as well as internal environment.
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