Business intelligence (BI) refers to the technologies, applications, and practices used to collect, analyze, and present data in a meaningful and actionable manner to support business decision-making. It involves gathering data from various sources, transforming it into valuable insights, and delivering those insights to the right people at the right time.
The goal of business intelligence is to help organizations make informed decisions by providing them with accurate and relevant information. It allows businesses to gain a deeper understanding of their operations, identify trends and patterns, and make data-driven decisions to improve their performance and competitiveness.
Business intelligence typically involves the use of specialized software tools and systems that enable data integration, data modeling, data analysis, and data visualization. These tools can process large volumes of data from multiple sources, such as databases, spreadsheets, and external sources, to generate reports, dashboards, and interactive visualizations.
Business intelligence is used across various industries and departments within organizations to support a wide range of activities, including strategic planning, financial analysis, sales and marketing optimization, supply chain management, and customer relationship management. By leveraging business intelligence, businesses can make more informed decisions, improve operational efficiency, identify new business opportunities, and gain a competitive advantage in their respective markets.