Business intelligence (BI) refers to the process of analyzing and using data to make informed business decisions. It involves gathering, analyzing, and presenting information that helps organizations understand their operations, identify opportunities for growth, and make data-driven decisions.
BI systems typically involve collecting data from multiple sources, such as databases, spreadsheets, and other software applications, and then transforming and analyzing the data to produce reports and dashboards. These reports and dashboards can be used to monitor key performance indicators (KPIs), identify trends and patterns, and generate insights that inform business decisions.
BI can help organizations in many ways, such as improving operational efficiency, identifying new revenue opportunities, reducing costs, and improving customer satisfaction. It is used in various industries, including finance, healthcare, retail, and manufacturing, and is often integrated with other software tools such as customer relationship management (CRM) and enterprise resource planning (ERP) systems.
In summary, business intelligence helps organizations make informed decisions by providing them with the data they need to better understand their operations and identify opportunities for growth.