The acronym for BI (Business Intelligence) stands for business intelligence, but it can be called business intelligence because it covers all sectors of the company, from finance to marketing. The term came up with the decision support systems of the 60s and was widespread in the 80s.
Business Intelligence (BI) is a practice that consists of gathering and analyzing a series of data related to the activity of your business in order to, later, transform them into relevant information for the decision-making processes.
Business Intelligence is a set of techniques and concepts for collect, organize data, enabling an analysis to create a support for decision making.
BI allows you to have a complete view of the company so that you can make an intelligent decision based on evidence. Today, with the amount of data no one else makes a decision based on feeling.
All positions must be made based on studies and what reality proposes, it is not healthy to set impossible goals.
BI is a set of techniques and tools that aim to support decision making in a realistic way and to monitor the results of the company's investments.
Example of the services involved in BI:
- Data mining.
- Generation of reports.
- Benchmarking and performance metrics
- Descriptive analysis
- Generating queries
- Statistical analysis
- Data visualization
- Data preparation.
How can business intelligence help companies?
- Identifying areas or ways to increase profit
- Analysis of customer behavior
- Data comparison with competing companies
- Monitoring company performance
- Optimization of company operations
- Predicting the success of new ventures
- Identification of market trends.
- identification of business problems or challenges.
In summary, the central objective of this concept is to assist in the integration of your business, management and IT:
The digital transformation has created a huge flow of information, data is everywhere. In this way, BI is able to bring all possible numbers to its decision making. For the numbers will indicate what needs to be changed and what must be maintained.
In short, with Business Intelligence you will leave the guesswork and start to be more certain in your actions.
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