September 10, 2020
You’ve no doubt heard the term ‘business intelligence’, but what exactly does it mean?
1 minute read
In essence, business intelligence (BI)* refers to the way in which data from an organisation’s software, tools and systems can be used to gain actionable insight. By digging into these sources of data, often going back years, BI applications seek to find new snippets of information that can benefit the business in some way.
These days, business intelligence is often synonymous with complex data mining and detailed data analytics, although really, the insight BI uncovers should offer clear and tangible next steps for improvement.
The idea is that analysing all the different types of data and information a business holds and generates at once, as BI applications do, will bring visibility and clarity to your data and reveal as yet undiscovered opportunities for improvement.
Business intelligence helps businesses to make relevant business decisions and take action based on what the data tells us. In today’s commercial space, it is the organisations that use business intelligence to create their strategies that stay ahead of their competition.