BUSINESS INTELLIGENCE Meaning and
Definition
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Business intelligence (BI) refers to the use of data, analytics, technology, and other tools to acquire meaningful insights and valuable information from various business processes and data sources. It involves collecting, organizing, analyzing, and presenting data in a format that enables organizations to make informed decisions and gain a competitive advantage.
Business intelligence encompasses a range of activities, including data mining, data integration, data visualization, data warehousing, and reporting. It involves the gathering and interpretation of data from internal and external sources such as sales transactions, customer interactions, market trends, and industry reports. Through sophisticated analytical techniques, BI helps uncover patterns, correlations, and trends that provide actionable insights.
The purpose of business intelligence is to empower organizations to make data-driven decisions and optimize existing operations. It enables businesses to identify opportunities for growth, detect areas of inefficiency, improve decision-making processes, and enhance overall performance. By transforming data into meaningful and easily digestible formats such as charts, graphs, and dashboards, BI enables key stakeholders to understand and interpret complex information quickly.
In today's fast-paced business landscape, business intelligence has become crucial for organizations across various industries. It aids in identifying customer preferences, tracking market trends, forecasting performance, and streamlining operations. With the help of BI, companies can gain a comprehensive view of their organization, which leads to better strategizing, increased profitability, and greater success in an increasingly data-driven world.
Etymology of BUSINESS INTELLIGENCE
The word "business intelligence" has its etymology rooted in the Middle English and Old English languages.
The term "business" comes from the Middle English word "bisinnes" or "bisynes", which originates from the Old English word "bisignes". It referred to one's occupation, concern, or purposeful activity. "Bisignes" is a combination of the prefixes "bi-" (meaning "by" or "near") and "singan" (meaning "to go"). So, "business" essentially means being engaged or occupied with one's purposeful activity or occupation.
The word "intelligence" comes from the Middle English word "intelligens" or "intilgens", which was borrowed from the Old French word "intelligence".
