The Importance of Business Intelligence to Small and Large Businesses
Data has a better idea, indeed.
Definition of Business Intelligence
It is a set of technologies, methodologies, processes, applications, platforms and architectures that draw on raw data to derive meaningful insights and useful information that could serve the business actions and purposes. Business intelligence is based on facts that are used to inform business decisions; hence, improve the tactical and opertaional decision-making. It has to do with the use of information resources. It allows businesses to act effectively through the right strategies obtained from the right information.
How can Business Intelligence (BI) help take your entreprise to the next level?
Business Intelligence has gone global. Small and big businesses in all industries can benefit from Business Intelligence today. Yahoo and Amazon are tow examples of extremely analytical sites that have gone beyond the ecommerce niche.
BI is inclusive of BA (Business Analytics), although technically they might not be defined in identical terms. Some would argue that BA is the core of BI. However, BI is more inclusive of the decision-making processes. BA is more focused on data collection and analysis. It exploits predictive analysis.