What is Business Intelligence? (BI / Business Analytics)
The meaning of Business Intelligence is based heavily on the analysis, integration, collection, and presentation of business data. Business Intelligence is used for multiple reasons such as to make better decisions business wise, create reports, create business dashboards as well as integrating technology into your current business structure.
Business Intelligence has become a new trend in recent years and in some ways still very new. A big reason for this is because businesses are now coming to terms that their data shows a lot of insightful and useful information, not just what has happened in the past but also what can happen in the future this is also known as predictive analytics.
The unique thing about BI is not that it just shows valuable aspects of past and current data but it can also give you useful insight into the future performance of your business. Another term is used to show future business performance is Predictive Analytics.
The information that can be extracted from BI can be shown in many different forms to suit businesses owners needs. Some of these forms are Reports, Dashboards, Metrics and KPI's. These ways are used to make everything clear, informative and easy to understand for the business owner.