What Is Business Intelligence (BI)? Webopedia Definition

business intelligenceLeveraging your data with BI & Analytics to meet your business goals. Self-service Business intelligence gives end-users the ability to do more with their data without necessarily having technical skills. In addition to reducing cost, the average profitability of an acquired customer was three times higher than usual because data mining had targeted the customers whose needs best matched The Big Bank’s services.

Create a compelling need for developing a business intelligence application within your organization. Business intelligence tools and applications correlate data about business performance and process it to determine the best course of action for a wide range of business functions.

Many BI projects attempt to entirely replace old tools and mechanisms, but this often results in poor user adoption, with users reverting to the tools and processes they’re comfortable with. Provide a single point of access to all analytics content and tools, no matter where they reside.business intelligence

A business intelligence system enhances decision making by giving stakeholders the ability to tap into enterprise information assets in order to make data-informed decisions. Real-time transparency into company performance across all business functions — from summary level to transaction level.

Business Intelligence Systems for the purpose of Business Retention and Expansion (BRE) are designed to store and report on data used for multi-dimensional, holistic economic development strategies. In contrast, business intelligence is understood as internal business insights, what your company is doing.