While a broad term, Business Intelligence (BI) has a wide scope of significance involving data, processes, performance, and measurements. BI is the means and infrastructure used to aggregate, maintain, and analyze data to develop business strategies and operational efficiencies.
Leaders utilize BI to improve decision-making and target activities.
BI answers monetization questions, such as:
- What happened?
- Where and when did it happen?
- How often?
- What is the trend?
- What should we do based on what happened?
- What potential optimization can be made?
- What action can we take to boost performance?
There are a range of data tools that fall under BI including mining, analytics, visualization, benchmarking, reporting, warehousing, and technology-driven planning and processes.
In all instances, data must be prepared before being applied to a tool effectively.
- Extracting and Provisioning
- Compiling and Cleansing
- Standardizing and Formatting
- Parsing and Structuring
- Eliminating Errors or Anomalies
- Grouping and Clustering
- Storing and Securing
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