Business Intelligence is the use of computing technologies for
the identification, discovery and
analysis of business data such as sales,
revenue, products, costs, income, etc. BI provides historical, present and
predictive view of internally structured data for products and departments by
more effective decision-making and strategic operational insights. BI software
applications make use of Data warehouses or Data marts which are separate yet
related BI architectural fragments and are used for preparation and use of
data.
BI is used for multiple business purposes, including:
- Measurement
of performance and benchmarking progress toward business goals
- Quantitative
analysis through predictive analytics, predictive modelling, business
process modelling and statistical analysis
- Reporting
of departmental/divisional and enterprise perspectives of data
visualization, EISs and OLAP
- Collaborative
programs that allow internal and external business entities to collaborate
through electronic data interchange (EDI) and data sharing
- Use
of knowledge management programs to identify and create insights and
experiences for learning management and regulatory compliance
BI also involves specific methodologies and procedures for implementing such interactive information gathering techniques, including:
- Identifying
interview teams
- Researching
organizations
- Selecting
and preparing interviewees
- Developing
interview questions
- Scheduling
and sequencing interviews
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