The dictionary definition of the word intelligence states;
- Accelerating and improving decision making
- Optimizing internal business processes
- Increasing operational efficiency; driving new revenues
- Gaining competitive advantages over business rivals
- BI systems can also help companies identify market trends and spot business problems that need to be addressed
- Identify sales trends to develop sales strategies and to manage future sale
- Manage employee performance
- Identify quality issues on the shop floor
- Optimize business processes through the use of technology
- Forecast, budget, and plan within a process-centric environment
- Allow C-level executives the ability to monitor the organization’s performance regularly and centrally throughout the day
In order to achieve these, the business intelligence process uses a lot of data analysis application tools, online analytical processing (OLAP) tools, querying processes and enterprise reporting amongst others to process data mined or stored in data warehouses and marts.
Some of the key players in the area of business intelligence include Microsoft, IBM, Tableau, Domo, SAP, Oracle, Gooddata, Targit, Exact amongst others.