WHAT IS BUSINESS INTELLIGENCE?

Business Intelligence is “a set of techniques and tools for the acquisition and transformation of raw data into meaningful and useful information for business analysis purposes”. The term “data surfacing” is also more often associated with Business Intelligence functionality. Business Intelligence technologies are capable of handling large amounts of unstructured data to help identify, develop and create new strategic business opportunities. It 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, predictive analytics and prescriptive analytics. The goal of Business Intelligence 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.