How Business Intelligence Technologies Lead Firms to Success
Business Management Review |
Although business intelligence technologies serve various purposes, their primary goal is to aid in a firm's decision-making process and assist knowledge workers, such as managers and research analysts, in making better and faster judgments.
Fremont, CA: The technological and data infrastructure is referred to as business intelligence (BI). BI has evolved into a broad phrase that refers to a variety of technologies and processes, including:
• Exploration of data
• Analyze the procedure
• Benchmarking of performance
• Descriptive analytics
BI parses all of a company's data and displays it in easy-to-understand reports, metrics, and trends that help managers make better decisions.
Business intelligence refers to IT technologies that a corporation uses to collect and analyze internal, company-specific data to make data-driven choices. These numerous tools and software platforms come together to construct robust systems that allow a firm to gather, store, and analyze raw business data in a way that aids decision-making.
Customer service, market research, competitive intelligence, product performance, and other areas that benefit from statistical analysis are common uses for business intelligence systems.
What Are the Different Applications for Business Intelligence in Different Industries?
Business intelligence tools have different functions depending on the industry. For example, they're used in manufacturing for order fulfillment and customer service, in retail for user targeting and profiling, in financial and banking services for claims and risk analysis, in transportation for fleet management, in telecommunications for customer drop-off rates, and in power and utilities for power usage analysis, to name a few.
Business intelligence is a technology-driven process that involves several functions, technology tools, applications, and techniques that assist a corporation in collecting data, preparing analyses, developing and conducting database queries, and creating reports. Every function is utilized to aid in the making of company decisions.
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