What is business intelligence (BI)?
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Business intelligence (BI) encompasses technologies and strategies used by businesses to conduct data analysis of business information.
Technologies and strategies deployed for collecting business intelligence include data analytics platforms and software services for data mining, data visualization, automated reporting, benchmarking, and many others. Leveraging the latest software and analytics platforms, business analysts are able to collect actionable business intelligence to inform the decision-making process by managers and executives.
Enterprises use business intelligence to describe processes and predict outcomes. It can also help identify trends and other insights through thorough data examination.
BI helps organizations make better decisions
A strong business intelligence platform gives a thorough overview of a business’s current state by presenting analytical findings in graphs, charts, reports, summaries, maps, and other visualizations. Business intelligence can support both strategic and operational decision-making through predictive and prescriptive business analytics and intelligence. Since businesses rely on external factors when making decisions, such as market demand and trends, combining external data from the market in which a business operates with a business’s own internal data can create accurate and valuable models of reality.
The process of compiling business intelligence starts with identifying proper data sources. Data sources are then integrated into a common system for thorough analysis. Data is managed, examined, modeled, and analyzed by business analysts who create reports for upper management. Information is then disseminated to facilitate the decision-making process.
Precisely helps enterprise facilitate the migration and integration of data residing on legacy mainframe systems to their next generation data analytics platforms. Precisely also supports data legitimation by improving data quality, creating trustworthy and complete systems.
See how Precisely's big data products can help you make informed decisions for your business today.