Posted in Information Technology & Systems, Total Reads: 506
Definition: Business Intelligence
Business Intelligence is a very broad term which includes applications and tools to identify meaningful data, analyse it and draw meaningful insights out of it. The prime purpose of BI is business decision making, so BI systems are also used as data driven DSS (decision support systems).
Some of the examples of business intelligence technologies are OLAP (online analytical processing), predictive analytics, data mining etc. In modern days new trends have been emerging in BI technologies. These trends typically are related to drawing business conclusions by analysing structured and unstructured data, which is generally termed as big data analytics.
The paradigm of BI keeps changing. It started with decision support systems, moved to predictive analytics and now it is used in prescriptive analytics. But the motive of these technologies has been same throughout years i.e. to draw meaningful business conclusion out of available data.