Business Intelligence (BI) is a collection of tools that process, store, analyze, and visualize the data transactions made by companies. It includes data mining, analysis of processes, performance benchmarking, and descriptive analytics. BI resolves all data generated by a business and presents easy-to-digest reports, performance measures, and trending parts that inform the decisions of the management department. By analyzing the situation with the current data on records present on the interactive dashboarding platform, BI helps in making better decisions for the sake of the company.
The BI tools process and structure all the unstructured data in large amounts from internal and external systems like books, journals, health records, business records, and more. BI provides detailed analysis and creates reports, dashboards, and data visualizations. Traditionally used for straightforward querying and reporting of business data, BI tools include ad hoc analysis and querying, enterprise reporting, online analytical processing, real-time BI, operational BI, cloud, and software as a service BI, collaborative BI, and location intelligence. It also includes data visualization software for chart designing, as well as tools for building BI dashboards and performance scorecards that display business metrics and KPIs to bring company data to life with easy-to-understand visuals.
The usages of Business Intelligence that make it the most efficient part of the company include accurate and smooth analysis, better organizational efficiency, improved customer experience, competitive advantage, trusted and governed data, driving revenue, and finding business solutions. BI helps businesses stay in competition in the market and monitors seasonal changes that occur in the market, working according to the customers' needs.
Microsoft Power and Zoho Analytics are some of the top BI tools/software that will help businesses make informed decisions. BI platforms are designed to perform heavy-duty processing of data on the company's servers, analyze data according to users' queries, drag-and-drop reports, and data dashboards. The benefit of BI dashboards is mainly making the data analysis easier and more intuitive, empowering the non-technical section to tell stories with data without having to learn technical codes.