What Is Business Intelligence?
Business intelligence includes the collection, storage, and analysis of data generated during business activities. While competitive intelligence focuses on external competitors, business intelligence focuses on the company itself. Although competitive intelligence and business intelligence can be related, they are technically distinct. Enterprises that need insight into their own business practices will often implement business intelligence initiatives. Doing so can offer insights into opportunities, strengths, and weaknesses within the organization itself. Business intelligence can improve company-wide operations in a number of areas, such as:
- Hiring and HR
- Marketing and sales
- Marketplace analysis
- Budgeting and financial planning
Application of business intelligence brings about a number of positive effects, including:
- Improved data quality
- Better decision-making
- Increased employee satisfaction
- Decreased waste
- Boosted revenues
Digital technology greatly enhances the quality and possibilities of business intelligence. Cutting-edge technologies such as data science, machine learning, and artificial intelligence are helping business intelligence to gain more insight than previously possible. Companies that employ such advanced technologies are able to extract more value from their data than those that do not. Business intelligence platforms capture and analyze a wide variety of company-wide data. This data can then be turned into information for business leaders. Enterprises that want improved visibility, forecasting, and actionable information should consider implementing a modern business intelligence solution.
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