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Business Intelligence

Among the basic definitions of business intelligence (BI) involves a methodology, architecture, tools, and processes as well as technologies that are used to process raw pieces of information into meaningful data for business applications. The tools used in BI accessed and perform analysis of data sets found in various analytical findings such as dashboards, summaries, graphs, charts, reports and maps to provide a detailed intelligence about the state of the business and industry. BI offers the users a chance to examine the data and the trends in business in the business enable them dative insights that help make business decisions.

Tools of Business Intelligence

The BI major tools involve a combination of a wide range of applications of data analysis applications such querying and ad hoc analytics, online analytical reporting (OLAP) enterprise reporting, mobile BI, operational BI, real-time BI, and locational intelligence. Others include software-as-a-service, open-source, and collaborative business intelligence. Data visualization software for designing infographics and charts, designing dashboards and performance scorecards are among other important tools used in business intelligence applications. Advanced analytics programs such as predictive analytics, text, and data mining, as well as statistical analytics, are among other forms that are incorporated in the business intelligence. The BI data is stored in a data warehouse or in data marts that are smaller in size that holds subsets of the information of the company.

Real World Application of Business Intelligence

All industries and organizations of different sizes and varied business activities are benefiting from business intelligence. Some of the major benefits the business is gaining from BI are getting quick answers to questions that are critical to the business, aligning business activities with strategy, and reducing time spent on data manipulation and entry. BI also helps in analyses and identification of areas to cut costs, gain customer insights, as well as getting data against the competitors. Decision-making processes are accelerated with BI, adding operational efficiency in business, optimization of internal business processes as well as creating a competitive advantage to rivals.

There are various challenges in the application of business intelligence. Cost is one these hindrances as small and medium business may not be able to afford costs for software used in BI. Inability to deliver self-service analysis is another hindrance in the adoption of BI. Other limitations include lack of mobile-based business intelligence software, dealing with the impacts caused by poor quality of data, low or lack interactivity in BI and functionality, as well as slow performance of database and query performance.