WIKI Page - Business Intelligence
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Description
| For getting a better insight of your business and to make better decisions you need all your data collected, integrated and analyzed. For that you'll need business intelligence tool that aid the analysis and the presentation of data |
Basically, a BI tool gathers, stores, accesses, analyzes company data for the strategic planning process of the corporation. Customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis are just some of the areas where business intelligence software can operate
Brief history
The collecting of data was not automated prior to the 20th century so mostly the decisions were made based to intuition. Later with the development of poor IT infrastructure long therm decisions were helped by reports that took months to generate but short time decisions were still made on guts feeling
In the present times, business intelligence tools can sift through large amounts of data and they extract only the useful information that turn the power of knowledge into better business decisions
Classification
- Predictive Analytics tools enable the analysis of past and present data to predict future outcomes. Typically offers scenario simulations, sensitivity analysis and other decision making support
- Query, Reporting and Analysis are business intelligence tools for report and analysis of data
- Data mining software is used at extracting useful information or knowledge from large data stores or sets
- Packaged data mart/data warehouse products are software applications that combine data transformation, management and access in a single package
- Technical Data Analysis software applications used to transform data in order to extract useful information and facilitate conclusions
- Spatial Information Management Software is used to organize and manage spatial resources systematically
