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Business Intelligence (BI)

Business intelligence (BI) is a process driven by technology that analyzes business data in order to provide information that can be actioned so that executives and managers can make better-informed business decisions.

Business intelligence is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics. BI parses all the data generated by a business and presents easy-to-digest reports, performance measures, and trends that inform management decisions.

KEY TAKEAWAYS

  • Business intelligence represents the technical infrastructure that collects, stores, and analyzes company data.
  • Business intelligence parses data and produces reports and information that help managers to make better decisions.
  • Software companies produce BI solutions for companies that wish to make better use of their data.
  • BI tools and software come in a wide variety of forms such as spreadsheets, reporting/query software, data visualization software, data mining tools, and online analytical processing (OLAP).
  • Self-service BI is an approach to analytics that allows individuals without a technical background to access and explore data.

 

BI Tools and Software

BI tools and software come in a wide variety of forms. Let's take a quick look at some common types of BI solutions.

  • Spreadsheets: Spreadsheets like Microsoft Excel and Google Docs are some of the most widely used BI tools.
  • Reporting software: Reporting software is used to report, organize, filter, and display data.
  • Data visualization software: Data visualization software translates datasets into easy-to-read, visually appealing graphical representations to quickly gain insights.
  • Data mining tools: Data mining tools "mine" large amounts of data for patterns using things like artificial intelligence, machine learning, and statistics.
  • Online analytical processing (OLAP): OLAP tools allow users to analyze datasets from a wide variety of angles based on different business perspectives.