Business Intelligence (BI) is the transformation of raw data into meaningful and useful information for business analysis purposes. BI can handle enormous amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. BI allows for the easy interpretation of volumes of data. Identifying new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability.
BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics.
Business intelligence is made up of an increasing number of components including:
Multidimensional aggregation and allocation
Denormalization, tagging and standardization
Realtime reporting with analytical alert
A method of interfacing with unstructured data sources
Group consolidation, budgeting and rolling forecasts
Statistical inference and probabilistic simulation
Key performance indicators optimization
Version control and process management
Open item management