Business Intelligence Flashcards, test questions and answers
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What is Business Intelligence?
Business intelligence (BI) is the process of collecting, analyzing and reporting data to help businesses make better decisions. It encompasses a variety of tools, processes and technologies that enable organizations to use their data more effectively. Business intelligence can be used for market research, competitor analysis, customer segmentation, sales forecasting and performance management.Business intelligence has become increasingly important in today’s competitive business environment as it helps companies gain valuable insights into their customers, markets and operations. By understanding what drives their business success they can develop new strategies to improve efficiency and maximize profits. BI solutions allow companies to access real-time data from multiple sources so they can quickly identify trends and anticipate changes in the market before their competitors do. Furthermore, with predictive analytics they can forecast future outcomes in order to plan ahead for potential risks or opportunities which may arise due to changing conditions.Organizations rely on business intelligence software solutions such as dashboards, reports and analytics applications for greater visibility into organizational performance metrics across departments or regions of the company. These solutions provide an interactive way to explore data sets from many different sources so decision makers have accurate information at their fingertips when making critical decisions about strategy or operations. Furthermore, BI solutions often integrate with existing enterprise systems such as CRM platforms or ERP systems providing even more insight into customer behavior or operational efficiencies respectively. Overall, businesses are leveraging BI solutions for improved decision making capabilities that drive better results than ever before possible. With all of these benefits it’s no wonder why companies are investing heavily in this technology it truly is â€˜business intelligence.