Business intelligence (BI) is a powerful set of strategies and technologies that companies use to analyze business information and transform it into actionable insights.
BI
tools allow business users to access different types of historical and current, internal and third-party data, as well as semi-structured and unstructured data, such as social networks. With the help of data visualizations, users can analyze this information to obtain valuable insights about the company's performance. From financial institutions to social media giants, the world's most advanced and successful companies are taking advantage of BI to boost their prosperity.Business intelligence (BI) comprises the strategies and technologies used by companies for data analysis and business information management. Common functions of BI technologies include report generation, online analytical processing, analysis, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analysis, and prescriptive analysis. When combined, external and internal data can provide a complete picture that, in effect, creates intelligence that cannot be derived from any single data set. In this definition, business analysis is the subset of BI that focuses on statistics, prediction and optimization.
Visualizing current and historical data in the context of business activities allows companies to quickly move from information to action. They include comprehensive platforms, data visualization, embedded software applications, location intelligence software, and self-service software built for non-tech users. Data mining or data discovery often uses automation to quickly analyze data to find patterns and outliers that provide information about the current state of the company. Traditional business intelligence is still a common approach for generating periodic reports and answering static queries.
Twitter staff and its business intelligence tools monitor live video broadcasts and categorize them according to topic. Artificial intelligence (AI) is also being used more frequently in BI applications. AI can be used to automate processes such as customer segmentation or predictive analytics. Learn how companies are using artificial intelligence (AI), its benefits and advantages, and much more.
AI can help organizations make better decisions faster by providing insights into customer behavior or predicting future trends. It can also be used to automate processes such as customer segmentation or predictive analytics. Learn how your organization can use business intelligence tools such as Microsoft Power BI to work more efficiently and allow all members of the company to make decisions based on data. If managed well, you'll better understand your company's problem areas and you'll be able to find opportunities for improvement.
The most successful companies use BI to boost revenues, customer loyalty, operational efficiency, publish announcements, increase shareholder value, predict customer behavior and develop new business opportunities. NetSuite has grouped the experience gained from tens of thousands of deployments around the world over two decades into a set of leading practices that open a clear path to success and have been proven to offer rapid business value.
