"Business Intelligence (BI)" refers to the processes, technologies, and applications for collecting, integrating, analyzing, and presenting business information to make informed decisions. BI software enables companies to capture, process, and transform large amounts of data from various sources into meaningful insights that support business development.
Typical features of software in the "Business Intelligence (BI)" area may include:
Data integration: Gathering and consolidating data from various internal and external sources such as enterprise databases, ERP systems, external databases, cloud services, and more.
Data cleansing and transformation: Cleaning, standardizing, and transforming raw data into uniform formats for consistent analysis.
Data modeling and storage: Building data models and storing data in data warehouses or data marts for efficient analysis and reporting.
Analysis and reporting: Performing data analysis using OLAP (Online Analytical Processing), data mining, statistical methods, and other analytical techniques, as well as generating reports, dashboards, and visualizations to represent business information.
Predictive analytics: Using algorithms and models to predict future trends, patterns, and events based on historical data.
Data discovery and self-service BI: Providing tools and features that allow users to explore data, perform queries, and create reports independently without relying on IT support.
Performance management: Monitoring and evaluating the performance of business processes and metrics using Key Performance Indicators (KPIs) and scorecards.