#Bi business intelligence definition software

Studies by Merrill Lynch indicate that 85 percent of all business information is made up of unstructured or semi-structured data, including emails, news, reports, Web pages, presentations, phone conversation notes, image files, video files and marketing information. Business intelligence (BI) is a data analysis process that organizations use to gain insights into business performance and improve operational decision-making and strategic planning. CI manages information focused on business competitors, whereas BI manages these functions (and more) by focusing on internal business products and departments. Like CI, BI is considered a decision support system (DSS). Use of knowledge management programs to identify and create insights and experiences for learning management and regulatory complianceīI also involves specific methodologies and procedures for implementing such interactive information gathering techniques, including:īI and its subset, competitive intelligence (CI), are considered synonymous.Collaborative programs that allow internal and external business entities to collaborate through electronic data interchange (EDI) and data sharing.Reporting of departmental/divisional and enterprise perspectives of data visualization, EISs and OLAP.Quantitative analysis through predictive analytics, predictive modeling, business process modeling and statistical analysis.

Measurement of performance and benchmarking progress toward business goals.

In practice, you know you’ve got modern business intelligence when you have a comprehensive view of your organization’s data and use that data to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes.

#Bi business intelligence definition software

BI did not achieve widespread acceptance until the late 1990s.īI software applications are used to gather data from data warehouses or data marts, which are separate yet linked BI architectural stack segments used for the preparation and use of data.īI is used for multiple business purposes, including: Business intelligence (BI) combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions. Techopedia Explains Business Intelligence (BI)ĭeveloped in the mid-1980s, modern BI evolved from 1960s-era decision support systems (DSS), which, with help of computer-aided models, assisted with planning and decision-making, leading to executive information systems (EIS), data warehouses (DW), OLAP and BI.