Business intelligence (BI) mainly refers to computer-based techniques used in identifying, extracting, and analyzing business data, such as sales revenue by products and/or departments, or by associated costs and incomes.
BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing,data mining, process mining, business performance management and benchmarking.
Business intelligence aims to support better business decision-making. Thus a BI system can be called a decision support system (DSS). Though the term business intelligence is sometimes used as a synonym for competitive intelligence, because they both support decision making, BI uses technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence gathers, analyzes and disseminates information with a topical focus on company competitors. Business intelligence understood broadly can include the subset of competitive intelligence.
The importance to business
The importance to business
One of the scariest aspects of doing business is the failure to come up with the right decision. This is one of the reasons why many businesses have failed because of one small wrong decision. In business, it is important to know everything about your product, market and competitor.
Business intelligence refers to technologies, process, skills and the right application and use of this information to make a sound decision. No matter how great the products are, if competitor failed to make the right decision in marketing those products then the chances of failing is huge.
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