Take large amounts of data. Refine it. Analyze it. Then make decisions based off the resulting information.
That, in a nutshell, is business intelligence, or BI. BI is not a single tool, but a variety of resources, from hardware to software, and anything that provides data, including the treasure trove available from your social media channels.
Business intelligence software organizes the data, and users create reports, dashboards, and data visualizations. As a term, BI now includes advanced and augmented analytics, and while traditional BI focuses on what happened in the past and what’s happening in the present, business analytics (BA) identifies current trends in order to predict future trends.
Essentially, business intelligence software takes your company’s data and helps you better understand what happened, why it happened, what will happen, and what you can do about it. And the advantages for business are clear.
To learn more about business intelligence, check out this infographic.