Companies need to translate data into information to plan for future business strategies. For most companies, valuable data is stored in massive spreadsheets or servers. Ideally, this data should provide you with information on sales trends, consumer behavior and resources allocation. Company data can indicate the viability of your product and help in the planning of your future growth. Hence data can help maximize revenues and reduce costs.
Before we talk about Business Intelligence , we should first highlight the fact that , Companies need to translate data into information to plan for future business strategies , because for most companies , valuable data is stored in massive spreadsheets or servers . In perfect senarios , this data should provide you with information on sales trends , consumer behavior and ressources allocation . To be more precise , company data can indicate the viability of your product and plan for your future growth . Hence data can maximize revenues and reduce costs . that’s why we need BI solutions .
Business Intelligence ( BI ) is a segment of information technology that comprises software systems that enable finding , storing , organising and supplying data ; when incorporated into an information system , it enables company to utilise real time analysis of information .
in brief , it can be considered as a software that enables business users to see and use large amounts of complex data (e.g. multidimensional analysis, query tools, data mining tools) .
Cognos.com defines the BI as a category of applications and technologies for gathering, storing, analysing, reporting on and providing access to data to help enterprise users make better business decisions .
So to resume it all , we can say that the business intelligence is a management decision support framework that empowers business users to understand data => resulting in actionable insights that improve the business.