Business Intelligence Information Storage Facility Software – Business intelligence is the process by which businesses use strategies and technologies to analyze current and historical data to improve strategic decision-making and provide competitive advantage.
Business intelligence systems combine data collection, data storage, and knowledge management with data analytics to evaluate and transform complex data into meaningful, actionable information that can be used to support more effective strategic, tactical, and operational insights and decision-making. Business intelligence environments consist of a variety of technologies, applications, processes, strategies, products, and technical architectures that enable the collection, analysis, presentation, and dissemination of internal and external business information.
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Business intelligence technologies use advanced statistics and predictive analytics to help businesses draw conclusions from data analysis, discover patterns, and predict future events in business operations. Business intelligence reporting is not a linear exercise, but rather a continuous, multifaceted cycle of data access, discovery and information sharing. Common business intelligence functions include:
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Modern business intelligence systems prioritize self-service analytics, enabling businesses to gain insight into their markets and improve performance with comprehensive data discovery tools, methods, processes and platforms. Such business intelligence solutions include:
A business intelligence platform enables enterprises to leverage existing data architecture and create unique business intelligence applications that make information available to analysts for querying and visualization. Modern business intelligence platforms support self-service analytics, so end users can easily create their own dashboards and reports.
Simple user interfaces combined with flexible business intelligence backends enable users to connect to a variety of data sources, including NoSQL databases, Hadoop systems, cloud platforms and traditional data warehouses, to create a unified view of their diverse data.
As artificial intelligence and machine learning continue to grow, and as businesses strive to become more data-centric and collaborative, business intelligence continues to evolve, enabling users to integrate AI insights and harness the power of data visualizations. Popular business intelligence platform providers include Oracle, Microsoft, IBM, and Salesforce.
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The importance of business intelligence continues to grow as businesses face ever-increasing flows of raw data and the challenges of gaining insights from huge amounts of information (big data). By applying business intelligence systems, businesses can get a comprehensive view of their organization’s data and gain insight into their business processes, so they can make better and strategic business decisions.
Business intelligence helps organizations analyze data in historical context, optimize operations, monitor performance, accelerate and improve decision making, identify and eliminate business problems and inefficiencies, identify market trends and patterns, achieve new revenue and profitability, increase productivity and accelerate growth, analyze customer behavior, compare data with competitors, and ultimately gain a competitive advantage over rival businesses.
Both business intelligence and data science offer ways to interpret data to support better, tactical decision-making. The main difference lies in the type of questions they ask. While business intelligence interprets past data and provides new value from currently known information, data science focuses more on predictive analytics. Business intelligence simply asks, “What happened and what needs to change?” and data science asks, “Why did X happen, and what happens if we do Z?”
Data science can be seen as an evolution of business intelligence in response to the increasing volume and complexity of data and data input technologies. While business intelligence deals with highly structured, static data and offers solutions for today’s decision-making, data science systems are designed to handle high-speed, multi-structured data and provide future solutions by continuously refining their algorithms.
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Data science empowers business intelligence, providing algorithmic models into which business intelligence developers can feed their prepared data; In return, business intelligence analysts offer their expertise in business intelligence analysis requirements. The two disciplines can work together to build an effective model for predicting the future.
Has redefined the limits of speed and scale in big data analytics, offering a versatile data science platform that can dramatically accelerate custom analytics applications as well as legacy business intelligence, data visualization, and GIS tools. .iDB can accelerate various data visualization and business intelligence tools by executing queries orders of magnitude faster than traditional general analytics systems. Every business runs on data – information from many sources internal and external to the company. And these data channels act as a pair of eyes for executives, providing them with analytical information about what is happening with the business and the market. Accordingly, any misconceptions, inaccuracies or lack of information can lead to a distorted assessment of the market situation and internal operations, which is followed by bad decisions.
Making data-driven decisions requires a 360° view of all aspects of your business, even those you may not have thought about. But how do you make unstructured chunks of data useful? The answer is business intelligence.
In this article, we discuss the actual steps involved in building business intelligence into your existing enterprise infrastructure. You will learn how to set up a business intelligence strategy and how to integrate the tools into your company’s workflow.
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Business intelligence, or BI, is a set of practices for collecting, structuring, and analyzing raw data to transform it into actionable business insights. BI considers methods and tools that transform unstructured data sets and compile them into easy-to-understand reports or information dashboards. The main goal of BI is to support data-driven decision-making.
Business intelligence is a technology-driven process that relies heavily on input. In BI, the technologies used to transform unstructured or semi-structured data can also be used for data mining, as well as front-end tools for working with big data.
. With the help of descriptive and diagnostic analytics – or BI – businesses can study the market conditions of their industry and their internal processes. Reviewing historical data helps identify pain points and opportunities for improvement.
Based on data processing of past and current events. Rather than providing an overview of historical events, predictive analytics provides predictions of future business trends. It also allows the simulation and comparison of scenarios. To make this possible, a professional data science team must create a complex data architecture that includes advanced ML techniques.
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So we can say that predictive analytics can be considered the next stage of business intelligence. Meanwhile, prescriptive analytics is the fourth and most advanced type, which aims to solve business problems and recommend actions to solve them.
Is a broad term that can include the organizational aspect (data governance, policies, standards, etc.), but in this article we will focus primarily on the technology infrastructure. It is most often included
Now we will look at all the infrastructure elements one by one, but if you want to expand your knowledge about data management, check out our article or watch the video below.
First, the central element of any BI architecture is a data warehouse. A warehouse is a database that stores information in a predetermined format, usually structured, classified, and cleaned of errors.
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However, if the data is not preprocessed, the BI tool or IT cannot query it. Because of this, you cannot directly connect your data warehouse to information sources. Instead, you should use ETL tools.
ETL (Extract, Transform, Load) or data integration tools pre-process the raw data from the initial source and send it to a warehouse in three consecutive steps.
ETL tools are usually supplied by manufacturers together with factory BI tools (we will cover the most popular ones below).
Once you’ve set up data transfer from the selected sources, you need to set up a warehouse. In the field of business intelligence, data warehouses are a specific type of database that usually stores historical information in a tabular format. Warehouses are connected to data sources and ETL systems at one end, and reporting tools or dashboard interfaces at the other. This makes it possible to present data from different systems through a single interface.
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But a warehouse usually contains a large amount of information (100 GB+), which makes query response understandably slow. In some cases, data may be stored unstructured or semi-structured, leading to a high error rate when analyzing data for reporting. Analytics may group certain types of data in one repository for ease of use. This is why businesses are using additional technologies to access smaller, more thematic blocks of information more quickly.
Recommendation: If you do not have a large amount of data, a simple SQL warehouse is sufficient. Additional structural elements such as data marts cost a lot without adding any value.
Data stored in a warehouse has two dimensions, as it is usually represented in a tabular format (tables and rows). The data storage method of the warehouse is also known as a
. A database can contain thousands of data types, so querying a data warehouse takes a significant amount of time. In order for analysts to quickly access data, analyze it from different dimensions and group it whenever they need it, OLAP cubes are used.
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OLAP, or online analytical processing, is a technology that analyzes and represents data from multiple dimensions at the same time. Structuring data into OLAP cubes helps overcome data warehouse limitations.
An OLAP cube is a data structure optimized for fast analysis of data from SQL databases
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