Business intelligence (BI) is a process of collecting and analyzing data in order to determine trends and patterns.
It allows companies to learn from past events and avoid problems before they happen.
While not every company will benefit from the latest technology, all companies can benefit from better data.
Business intelligence tools can help organizations operate more efficiently, uncover issues and improve profitability.
These tools collect and process raw data that organizations generate. The consolidated data can then be used to answer business questions.
Once the BI strategy is defined, it is important to implement it successfully.
A business intelligence strategy must be implemented with the support of the entire organization.
This includes determining who is involved and what the purpose is for each. Depending on the company's needs, it might need to include data from different data sources.
A good BI tool can also automate data analysis, data fulfillment, and predictive modeling. It can also help identify buying trends.
It is important to look for a BI solution that offers security, ease-of-use, and sharing.