The term “business intelligence” (BI) is used to describe the information-based strategies and practices used by organizations to make better decisions and maximize their potential. BI comes in many forms and can be divided into three main categories: data, analytics, and insights. Data is composed of the raw material used to inform decisions, analytics is the process of analyzing data to uncover trends, and insights are the identified actionable conclusions derived from the analysis. With a strong focus on leveraging data and technology, business intelligence is essential for any organization that wants to stay competitive in today’s digital world.
In short, business intelligence is the practice of gathering, analyzing, and leveraging data to inform strategic decisions and drive organizational success. By combining data, analytics, and insights, organizations can learn more about their customer base, market, and operations in order to make more informed decisions.