Business intelligence (BI) is a process of analyzing data and presenting it as an actionable information to help executive and other enterprise users make informed business decisions. BI incorporates applications, methodologies and tools to enable organizations collect data from different sources and order it in logical patterns. The data is then ready to be used by analytics software which can create reports, run queries to answer specific questions and visualize the data in dashboards to make it clearer to business users and enable them find data correlations and discover insights which would otherwise go unseen.
The term Business Intelligence is frequently used instead of Business Analytics, which sometimes incorporates both terms to include BI and Advanced Analytics. Below you can see comparison between the 2 terms. Businesses of any industry can benefit from BI applications in many ways. The main aspect is decision making process improvement, which leads to various optimizations and overall efficiency and effectiveness of the organization. BI users can also gain unprecedented understanding of their industry, company processes and customer behavior, that may open new market opportunities and increase of market share and revenue.
B EYE main Business Intelligence tool is the Qlik platform, which delivers knowledge to our customers that could become a competitive advantage. Each business decision maker from all company departments can make their own research through the enterprise data, using the self-service BI applications anytime. This enables individuals to test their ideas and make discoveries that lead to smart thinking and better decisions.
Before a raw data can be used by a BI software it must be stored in data warehouse, then all the data from different sources (data warehouses) must be consolidated, integrated and cleansed. This process ensures that BI analytics applications have access to structured and correct data to process and present as a valuable information on dashboards, reports etc. BI analytics tools can be divided in 3 main categories: