Business intelligence (BI) is the ability of an organization to collect, maintain, and organize knowledge. This produces large amounts of information that can help develop new opportunities. Identifying these opportunities, and implementing an effective strategy, can provide a competitive market advantage and long-term stability.
BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics.
The goal of modern business intelligence deployments is 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 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. If understood broadly, business intelligence can include the subset of competitive intelligence.
Read more about Business Intelligence: History, Business Intelligence and Data Warehousing, Business Intelligence and Business Analytics, Applications in An Enterprise, Prioritization of Business Intelligence Projects, Success Factors of Implementation, User Aspect, Marketplace, Semi-structured or Unstructured Data, Future
Famous quotes containing the words business and/or intelligence:
“My business was great, and in such a case as mine a man may strain courtesy.”
—William Shakespeare (1564–1616)
“Since an intelligence common to us all makes things known to us and formulates them in our minds, honorable actions are ascribed by us to virtue, and dishonorable actions to vice; and only a madman would conclude that these judgments are matters of opinion, and not fixed by nature.”
—Marcus Tullius Cicero (106–43 B.C.)