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“BI is about providing the right data at the right time to the right people so that they can take the right decisions.”
The processes, tools and the technologies required to convert the data into the information, information into the knowledge and the knowledge into the plans that drives the action of the profitive businesses. Business Intelligence enclosed with the data warehousing, proper knowledge management and the business analytics.
Business Intelligence can be more further define as the business knowledge gained through the use of different technologies of hardware and software enabling the organizations to convert data into the information.
Software and services are being leveraged by the Business Intelligence for transforming data into the actionable intelligence informing about the strategies of the organizations and tactics decisions made by the business. Tools of Business Intelligence is used to acquire and analyze the data sets and presents the analytical findings in the summaries, reports, dashboards, graphs, maps and charts for providing the detailed intelligence to the users about the business state.
Business users are not being told about the business Intelligence of what is to be done and what will be happened if certain course is being taken. Business Intelligence is neither just about generating the reports, rather Business Intelligence provides the way of examining the data for understanding the trends and driving the insights to the people.
At very fast speed the future of Business Intelligence is coming into process, especially when the the people started talking about the advancements coming into the technologies. There is no exceptions in the future of the Business Intelligence. Though the introduction of the Business Intelligence wast not long ago for us, but evolution of the business Intelligence is preceding at very fast speed. Game changing use cases and the stories of success continued to emerge, so came out with the new and great ideas for enhancement, functions for next level analytics and innovations.
Acceleration and improvement in decision making, increased operational efficiency, driving new revenues, optimized internal processes of business, and gaining competitive advantage over business rivals are some of the potential advantages of the tools of the Business Intelligence. Systems of Business Intelligence helps the companies for identifying the marketing trends and spotting the problems of the business that are needed to be addressed.
Historical information which is stored in the data warehouse, also the gathered new data being generated from the source systems are included in the business Intelligence making the tools enabled of the business Intelligence supporting both the strategic and the tactic processes of decision making.
Primarily Data analysts used the tools of the Business Intelligence and also IT professionals running analysis and producing the reports with the query results for the users of the business. However, Business Intelligence platforms are themselves being used up by the Business executives and the workers thanking to the development of business Intelligence self service and data discovery tools and dashboards.
Sometimes business Intelligence and Business analytics are being used interchangeably, having the alternate definitions. Contrasting the two definitions, Business Intelligence states that collecting the data for the business for finding the information though asking the questions primarily, reporting and online analytics processes. Therefore on the other hand, Business Analytics can be defined as the use of statistical and quantitative tools for explanatory and predictive modeling.