Business intelligence (BI) is defined as the ability for an organization to take all its capabilities and convert them into knowledge. This produces large amounts of information which can lead to the development of new opportunities for the organization. When these opportunities have been identified and a strategy has been effectively implemented, they can provide an organization with a competitive advantage in the market, and stability in the long run (within its industry).
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.
Business intelligence aims 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 used as 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. Business intelligence understood broadly can include a subset of competitive intelligence.
Business intelligence can be applied to the following business purposes, in order to drive business value.
Benefits of Business Intelligence
- Reduce resources and labor costs used for the collation, analysis and distribution of vital business data
- Help you identify and capitalize on up-sell and cross-sell opportunities
- Allow you to use customer data to meet and exceed customer expectations
- Make you aware of emerging crises
- Help streamline operations by quickly, easily and effectively identify and address areas of operational inefficiency.
- End-to-end insight into their supply chain (Deliver superior supply chain visibility)
- Improve data security
- Help to develop and deliver better forecasting
- Improve data accessibility to enable better and faster fact-based decision-making
- Help you achieve competitive advantage and mitigate risk
- Help define/align departmental and organizations actions with goals
- Help to set, measure and monitor progression towards benchmarks
- Assist with the development and implementation of competitive benchmarking
- Helps conduct an effective SWOT analysis
Solutions We Offer: SAS, QlikView, Ideal Analytics, etc.