What is business intelligence?? Benefits to your business What is business intelligence? How does it work?…If businesses are learning about this issue, you can refer to the article below to understand more about this business area of the business.
What is business intelligence?
To answer the question What is business intelligence? First of all, everyone knows that every business, no matter what field it operates in, has a huge amount of data, documents, knowledge, etc., so it is very necessary for a modern and advanced technology to control, manage it effectively, and help process, analyze, plan, etc. for upcoming business plans.
So, Business Intelligence (abbreviated as BI) is an implementation process with the application of technology and artificial intelligence to help businesses transform and control huge data warehouses, thereby analyzing, processing, and mining. knowledge to form more meaningful, intuitive and understandable information for businesses to easily use for future business decisions and strategies.
Business Intelligence covering the extremely large data system of each enterprise, applying information technology through tools to analyze data, create reports, summarize the situation, overview information, build maps, charts, graphs, etc. for businesses to control, capture and easily apply the information after processing, it also shows in detail the current status of the organization and business.
BI uses data intelligently so that businesses can clearly see the economic situation, infrastructure, changes, market potential, supply, customers, etc. adapt, and will be directly related to the decisions, business strategies, tactics and activities of advertising, launching new products, etc. of the business.
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What does the Bi system include?
The system of What is business intelligence?
A BI technology system will include 3 main components combined together in a cycle as follows:
- Data Warehouse: Contains all the raw data of the business
- Data Mining: Includes tools for data development, information discovery such as classification (Classification), clustering (Clustering), Prediction (Prediction), ...
- Business Analyst (Business Analyst): Enterprises will use the data after BI analysis to make decisions in business activities.
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How BI works
If not app Business IntelligenceWith a huge data warehouse, businesses will spend a lot of time, cost, and use human resources to perform manual tasks such as: synthesis, analysis, systematization, report generation. reports/charts…
Now, BI will make this process much simpler, easier and faster, with just four steps, businesses and organizations can use data the way they want:
Step 1: Collect, synthesize and transform data
BI will use many tools and methods of extraction, transformation and download (Extract, Transform and Load - ETL) to aggregate structured and unstructured data from the aggregate data warehouse, from departments. This data will be converted and processed before being stored in the central data warehouse.
Step 2: Data mining and analysis
BI also uses its own support tools to exploit, analyze data, make statistics and predictions, make suggestions, etc. from the available data after synthesis and classification.
Step 3: Use more visuals to represent data
Visual forms after BI process data will include: reports, charts, forms, dashboards, ... showing many aspects and problems in the current business status of the enterprise.
Step 4: Use data for business activities
BI allows businesses to capture the whole picture of the market and business activities in real time, thereby making decisions to change long-term strategies to eliminate weaknesses, increase efficiency, and adapt to change. of the market, helping businesses develop, earn more profits and reputation.
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7 Benefits of BI for businesses
Role of What is Business Intelligence? BI not only helps businesses control a huge data warehouse simply, neatly in a more accurate and efficient way, but also supports analysis, mining, ... based on that raw data, for businesses to use. Use that data in more understandable forms such as reports, charts, ...
From this post-processed data, businesses can use it to devise activities and business strategies corresponding to each business stage to increase competitiveness and bring more profits to businesses.
So Business Intelligence brings many practical benefits to businesses such as:
- Helping businesses control, store and use data more efficiently and accurately
- Helping business leaders understand the business situation in many aspects before making business decisions
- Enterprises determine their position and competitiveness in the market
- Analyze behavior, tastes, and target customers to have a plan to improve and change Marketing campaigns to attract more customers and consumers.
- Predict the current and future situation in the competitive market of the business
- Contributing much to the operation, management, budget calculation, ... for business owners
- Easier in collecting reports and linking data between departments in the business
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Technologies that support Business Intelligence
BI will use the following tools to perform important tasks on the existing data system of the enterprise:
- Data warehousing management
- Query and report writing technologies
- Data mining and analytics tools
- Decision support systems (Decision support systems)
- Customer relationship management tool
- Enterprise resource planning (ERP) systems
Attention:
Business Intelligence (BI) is a technology that is widely applied to business enterprises, but also to many economic, social, educational (Education), government (Government), health care (health care) organizations. ), ... of the state apparatus used through main activities such as:
- Decision support
- Query and reporting
- Online analytical processing (OLAP)
- Data mining.
- Statistical analysis
- Forecasting (Forecasting)
Who is Business Intelligence for?
Subject of What is business intelligence? Here are the audience groups that get the most benefit from using BI:
- Executive Board of Enterprises and Organizations (Executives)
- Business Decision Makers
- Customers (Customers)
- Business Analyst, Market (Analysts).
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Above has presented information about What is business intelligence? vFor information related to BI with businesses and organizations, we hope that the article has helped readers have more understanding in this field.
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