Business Intelligence refers to technologies for gathering, storing, analyzing and providing access to data to help enterprise users make better business decisions.
Business Intelligence (BI) applications are decision support tools that enable real-time, interactive access, analysis and manipulation of mission-critical corporate information.
Goals & Purpose
The goals for Business intelligence projects are to provide information used to:
- Support internal enterprise users in the assessment, enhancement and optimization of organizational performance & operation.
- Deliver critical business information to end-users about value chain constituencies such as customers and supply-chain partners.
Business Intelligence is a nebulous term, as used in the popular business literature. More specifically, business intelligence can be defined by the collection of cutting-edge technologies that help to make systems more intelligent. This includes:
- representation, communication, execution and retrieval of business policies, rules, and processes
- data mining and visualization
- machine learning and knowledge discovery
- information retrieval
- competitive intelligence/analysis
- dynamic pricing
- agents and the Semantic Web
- recommendation and reputation systems
- automated contracting, brokering, and negotiation
Over the past five years, the appearance of applications requiring or benefiting from business intelligence has accelerated. For example, electronic markets for the buying and selling of goods and services over the Web is a fast-growing, multi-billion-dollar segment of the world economy. Knowledge-based techniques for product recommendation, auctions, need identification, vendor selection, negotiation, agent communication, ontologies, business rules, and information integration are of rising interest, and have started having practical impact on real markets.
Objects of Analysis
Business Analysis focuses on:
- changing trends in market share
- changes in customer behavior and spending patterns
- customers' preferences
- company capabilities
- market conditions
Companies need to have accurate,up-to-date information on customer preferences, so that company can quickly adapt to their changing demands. BI applications can also help managers to be better informed about actions that a company’s competitors are taking. It help analysts andmanagers to determine which adjustments are mostly likely to respond to changing trends.