Business intelligence
Business Intelligence
Business Intelligence (pronunciation: /ˈbɪznɪs ɪnˈtɛlɪdʒəns/) is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business managers, and other end users make informed business decisions. The term "Business Intelligence" is believed to have been first used by IBM researcher Hans Peter Luhn in 1958.
Definition
Business Intelligence encompasses a wide range of tools, applications, and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against the data, and create reports, dashboards, and data visualizations to make the analytical results available to corporate decision-makers and operational workers.
Components
Business Intelligence includes several components such as:
- Data Warehousing: A large store of data collected from a wide range of sources within a company and used to guide management decisions.
- Data Mining: The process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems.
- Predictive Analytics: The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
- Data Visualization: The representation of data in a pictorial or graphical format. It enables decision-makers to see analytics presented visually, so they can grasp difficult concepts or identify new patterns.
Related Terms
- Big Data: A field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
- Data Science: An interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data.
- Artificial Intelligence: The simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions), and self-correction.
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