What is Business Intelligence (BI)?

An Overview of Business Intelligence

Business Intelligence is the process of providing accurate and timely information to the appropriate individuals, enabling them to make better decisions quickly. To achieve this, Business Intelligence employs various techniques and software programs to gather and organize unstructured data, transform it into meaningful insights, and present it in a way that enhances business decision-making.

Business Intelligence is the process of collecting and analyzing large amounts of data generated by businesses. This data is then presented in an actionable way, enabling businesses to make informed decisions. Although the basic concepts of Business Intelligence are simple, it is actually a complex field that encompasses a wide range of activities, including performance management analytics, predictive modeling, data and text mining, and much more.

Imagine if Business Intelligence worked like a grocery store. When you enter a grocery store and are looking for specific items such as eggs, milk, and bananas, you do not need to find an employee to ask them where to find them. Instead, grocery stores are organized into aisles and signs that make the store relatively simple to navigate.

Now imagine that the items in the store are like your business’s data. You need to collect information on production, billable hours, and sales goals. You are likely to go to three different experts and ask them where you can find this information. Then, you will go to someone else and have them compile it for you.

Business Intelligence is all about taking your messy information and turning it into a tidy and accessible grocery store. This enables you to navigate your data on your own and find what you need without relying on others organizations. No longer have to dig through complex webs of linked spreadsheets, analyzing the data manually and mashing together reports, instead employees can use BI systems to request the information.

Business Intelligence provides a significant advantage when making strategic decisions, as it allows you to access organized data at any time. This means that you can identify inefficient business processes and hidden patterns, recognize areas of strength and weakness, and discover new opportunities. All of these factors contribute to a better understanding of your company’s operations and challenges.

As a manager of a retail chain that has both physical stores and online shops, you offer your customers a loyalty card. This card can be swiped in the stores or entered into their online accounts. Every item that the customer purchases in-store or online is associated with their unique account number and stored in your organization’s databases.

By using Business Intelligence methods and software, you have the power to analyze vast amounts of customer data. This can help you understand their loyalty to your brand, their purchasing habits, their preferred method of shopping, and even predict their behavior. You can use this information to anticipate new opportunities to sell, deliver better service, or provide targeted marketing campaigns. For example, you can offer instant coupons at the point of sale for products related to their interests based on their past behavior.

In essence, Business Intelligence refers to a set of tools and techniques that collect and organize data in a way that makes sense and is useful. If you want quick and reliable access to actionable information, then Business Intelligence might be the right choice for your organization.

I hope you found this article helpful. If you want to learn more about BI, Datawarehouse, ETL, or Oracle Analytic Cloud (OAC), please feel free to contact me.

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