Business intelligence
Business intelligence (BI) can be described as "a set of techniques and tools for the acquisition and transformation of raw data into meaningful and useful information for business analysis purposes".[1] The term "data surfacing" is also more often associated with BI functionality. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.[2]
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.
BI can be used to support a wide range of business decisions ranging from operational to strategic. Basic operating decisions include product positioning or pricing. Strategic business decisions include priorities, goals and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an "intelligence" that cannot be derived by any singular set of data.[3] Amongst myriad uses, BI tools empower organisations to gain insight into new markets, assess demand and suitability of products and services for different market segments and gauge the impact of marketing efforts.[4]
Contents
[hide]- 1Components
- 2History
- 3Data warehousing
- 4Comparison with competitive intelligence
- 5Comparison with business analytics
- 6Applications in an enterprise
- 7Prioritization of projects
- 8Success factors of implementation
- 9User aspect
- 10BI Portals
- 11Marketplace
- 12Semi-structured or unstructured data
- 13Future
- 14See also
- 15References
- 16Bibliography
- 17External links
Components[edit]
Business intelligence is made up of an increasing number of components including:
- Multidimensional aggregation and all
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