What is business intelligence (BI)? Definition of BI
Business Intelligence (BI) is a set of processes and methods that process raw data in short and convert them into meaningful and useful information for analysis and decision support purposes.
Business intelligence is an organization-wide data analysis to analyse current business performance and make informed business decisions.
This data analysis should be integrated with a business intelligence solution (Power BI), making it understandable and evaluable and decision-making for the targeted group of users.
Do you think getting the right data is enough? Let’s assume that raw data reaches us in many different ways. If the data is not analyzed and interpreted correctly, will it not be just piles of data that occupy space in physical memory?
Data analysis has become more important than ever in the technology world, where data sizes are increasing day by day. (Business Intelligence and big data)
In other words, business intelligence helps to translate complex data into meaningful, usable, evaluable information within the organization.
In addition, it also helps to make the desired analysis, reduces the decision-making time and allows more accurate decisions to be made.
For this reason, the spread of Business Intelligence Solutions has been quite rapid, adding value even in the smallest organizations.
Business Intelligence Definition
If we make another definition of Business Intelligence (BI); solutions that help identify new projects that collect and process large amounts of unstructured data, formulate and develop strategies, monitor current business situation, and evaluate performance.
We can also define complex data as solutions that support decision-making by senior management, using tools that make decision-making easier (graphs, maps, tables, indicators, etc.).
Here you can find examples of the visuals in Power BI, which is used as a business intelligence solution or business intelligence reporting tool.
Nowadays data only becomes useful information when processed with the right perspectives and the right formats.
If this information is easily accessible and can be translated into meaningful, usable format when needed, it allows data to be used in decision-making as a value-added information for decision-makers.
If the data is processed correctly, they can turn into the right actions.
Data –> Information –> Interpretation –> Decision –> Action
Data sizes are increasing very rapidly every day. In addition, even the methods of obtaining data turn into very different shapes as time goes on. I would like to tell you this with up-to-date example.
Some of you have noticed that during the Turkish Airlines Euroleague 2017/2018 season, only 2 teams (Fenerbahce, Maccabi Fox Tel Aviv) and teams that playing with two teams were wearing black special sleeveless undershirt under their jerseys. With this special sleeveless undershirt, a technological application has been initiated that provides instant access to the data of basketball players.
Studies on this subject are ongoing. Later on, while we watch the game, we will be able to see instant data of the basketball team players on the screen.
In addition, in order to help the technical crew of the basketball teams, the data obtained by these applications can be analyzed and the training programs can be customized in this direction.
I recommend you review my article titled “Euroleague Statistics in Power BI” where you can find Euroleague statistics and analysis. So you can have an idea about business intelligence and Power BI.
Considering the example I mentioned above, as well as the Internet of Things (IoT) situation – by 2020 it is projected to reach 50 billion devices – it is clear that this data density will come to incredible levels in the future.
Using the power of knowledge more effectively for sustainable competitive advantage has become extremely easy with business intelligence and analytics applications. Business intelligence and business analytics have enabled companies to better understand their industries and businesses.
Essential Components of a Business Intelligence (BI) System
- Data Collection, Storage
- Detailed Interrogations
- Reports and Analysis
- Logical Analysis
- Decision Support
- Complex Event Analysis
- Business Performance Management
- Business Process Benchmarking
- Data mining
- Process Mining
- Multidimensional Analysis Processes
Why Business Intelligence is Important?
Why do you need a Business Intelligence (BI) Solution?
Business Intelligence (BI) solutions, processing and making available data that are continuously increasing, and instant analysis have become an indispensable condition for decision making in an organization.
Business intelligence also helps to predict business opportunities, to solve problems easily, to reduce costs, to make risk assessments, and to increase productivity.
Business Intelligence makes money!
Recommended For You: Who is Business Intelligence Specialist?
For these reasons, the process of spreading BI solutions has been quite fast. My goal with this website is to support, teach and help as much as I can to anyone who uses Power BI, a business intelligence solution developed by Microsoft.
Please write your comments, suggestions and questions in to the comments section about this article.