Business Intelligence (BI) is the opportunity to transform data into information and knowledge into understanding, in order to optimize the company decision-making process. Some strategies and tools centered on understanding creation and management with the analysis of existing data from your organization or business.
From the purpose of look at it, we are able to state that BI is some methodologies, applications and technologies that permit a company towards the group and transform the information acquired from structured computer to complete analysis and knowledge generation and increasing the process decision-making from the business. You can understand this better with your company’s investment in software such as Deputy, for timesheet, payroll and scheduling purposes, or other employee management or CRM software, where data is
collected and resulting analytics thoroughly processed to help your
decision making processes. It covers both current knowledge of the functioning from the business plus an anticipation of future occasions, to be able to give a body of understanding to aid business decisions.
Talking about business intelligence, we are able to differentiate the concepts of information, information and understanding. Information is something which is vague, for instance, the amount 10, while the details are better, for example April sales were 10. Finally, understanding is acquired by analyzing the data.
Data would be the minimum semantic unit and therefore are the main aspects of information. These alone are irrelevant towards the decision-making process. A telephone number or perhaps a name of the person are types of data.
The information may come from exterior or internal company sources, could be objective or subjective, qualitative or quantitative.
Furthermore, the data can be explained as some processed data, that are relevant and also have a purpose and context. The details are helpful for decision-making, because it enables reducing uncertainty. The information is changed into information to include value.