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About BI :

Business Intelligence (BI) is a broad category of computer software solutions that enables a company or organization to gain insight into its critical operations through reporting applications and analysis tools. BI applications may include a variety of components such as tabular reports, spreadsheets, charts, and dashboards. Although traditional business intelligence systems were delivered via host terminals or paper reports, the typical modern deployment of a BI application is over the web, via Internet or intranet connections. It is also possible to develop interactive BI applications optimized for mobile devices, smart phones, and e-mail.

Well-designed BI applications can give anyone in your company the ability to make better decisions by quickly understanding the various “information assets” in your organization and how these interact with each other. These assets can include customer databases, supply chain information, personnel data, manufacturing, and sales and marketing activity, as well as any other source of information critical to your operation. BI software allows you to integrate these disparate data sources into a single coherent framework for real-time reporting and detailed analysis by anyone in your extended enterprise – customers, partners, employees, managers, and executives.

The term Business Intelligence (BI) represents the tools and systems that play a key role in the strategic planning process of the corporation. These systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. Generally these systems will illustrate business intelligence in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis to name a few.
Most companies collect a large amount of data from their business operations. To keep track of that information, a business and would need to use a wide range of software programs , such as Excel, Access and different database applications for various departments throughout their organization. Using multiple software programs makes it difficult to retrieve information in a timely manner and to perform analysis of the data.

Applications in an enterprise

Business intelligence can be applied to the following business purposes, in order to drive business value.

1. Measurement – program that creates a hierarchy of performance metrics (see also Metrics Reference Model) and benchmarking that informs business leaders about progress towards business goals (business process management).
2. Analytics – program that builds quantitative processes for a business to arrive at optimal decisions and to perform business knowledge discovery. Frequently involves: data mining, process mining, statistical analysis, predictive analytics, predictive modeling, business process modeling, complex event processing and prescriptive analytics.
3. Reporting/enterprise reporting – program that builds infrastructure for strategic reporting to serve the strategic management of a business, not operational reporting. Frequently involves data visualization, executive information system and OLAP.
4. Collaboration/collaboration platform – program that gets different areas (both inside and outside the business) to work together through data sharing and electronic data interchange.
5. Knowledge management – program to make the company data driven through strategies and practices to identify, create, represent, distribute, and enable adoption of insights and experiences that are true business knowledge. Knowledge management leads to learning management and regulatory compliance.