What is Business Intelligence?
Business intelligence is the measurement, collection, reporting and analysis of raw data into meaningful information that drives profitable business actions.
Business intelligence helps decision makers by utilizing useful data from the past rather than using their gut instincts.
Your business can't be based on assumptions. You need to know the where you stand in terms of numbers in order to make better decisions.
Business intelligence is a way for businesses to collect data so they can figure out what their customers want, what influences sales and if there are any issues with the product.
Let’s suppose, a company enables BI analytical applications.
The statistical information about product database, customer database and advertising database are collected by the designated roles.
This data is fed into BI analytical applications, helping the company quickly understand relevant metrics to make necessary changes and identify their competitive position with various markets within different demographic and geographical regions.