Business Intelligence (BI) is the opportunity to transform data into information and knowledge into understanding, in order to optimize the company decision-making process. Some strategies and tools centered on understanding creation and management with the analysis of existing data from your organization or business.
From the purpose of look at it, we are able to state that BI is some methodologies, applications and technologies that permit a company towards the group and transform the information acquired from structured computer to complete analysis and knowledge generation and increasing the process decision-making from the business. It covers both current knowledge of the functioning from the business plus an anticipation of future occasions, to be able to give a body of understanding to aid business decisions.
Talking about business intelligence, we are able to differentiate the concepts of information, information and understanding. Information is something which is vague, for instance, the amount 10, while the details are better, for example April sales were 10. Finally, understanding is acquired by analyzing the data.
Data would be the minimum semantic unit and therefore are the main aspects of information. These alone are irrelevant towards the decision-making process. A telephone number or perhaps a name of the person are types of data.
The information may come from exterior or internal company sources, could be objective or subjective, qualitative or quantitative.
Furthermore, the data can be explained as some processed data, that are relevant and also have a purpose and context. The details are helpful for decision-making, because it enables reducing uncertainty. The information is changed into information to include value.
The details are able to altering how a receiver perceives something, having an influence on their value judgments and behaviors.
In addition to business intelligence, you need to make sure you have the right tools at your disposal. For example, employee management or time clock software allow you to better keep track of your employees and their work hours. This leads to more accurate paychecks and reduced labor costs.