Business Intelligence And Analytics
Introduction to Business Intelligence The strategy and the planning that is incorporated in any business is known as business intelligence. It may also include products, technologies, and analysis and presentation of business information. This chapter will provide an integrated understanding of business intelligence.
The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with 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. BI can be used to support a wide range of business decisions ranging from operational to strategic.

Basic operating decisions include product positioning or pricing. Strategic business decisions include priorities, goals, and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an "intelligence" that cannot be derived by any singular set of data. Amongst myriad uses, BI tools empower organizations to gain insight into new markets, assess the demand and suitability of products and services for different market segments, and gauge the impact of marketing efforts.