Business intelligence     In the era of globalization, rapid growth and competition today we have to walk through the world with hasty pace than others. Today we will learn about a demanding and sophisticated technique which will swift us a far from others and you know that is business intelligence. Business intelligence is the process of enhancing data into information and then into knowledge. Business intelligence (BI) is a broad category of application programs and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions. BI applications include the activities of decision support, query and reporting, online analytical processing (OLAP), statistical analysis, forecasting, and data mining. Organizations typically gather information in order to assess the business environment, and cover fields such as marketing research, industry or market research, and competitor analysis. Competitive organizations accumulate business intelligence in order to gain sustainable competitive advantage, and may regard such intelligence as a valuable core competence in some instances. Many Business intelligence Softwares are used now a days. Business intelligence collectors gather their primary information from internal business sources. Such sources help decision-makers understand how well they have performed. Secondary sources of information include customer needs, customer decision-making processes, the competition and competitive pressures, conditions in relevant industries, and general economic, technological, and cultural trends. If you are new to the above terms then don’t worry we will go through all the above terms one by one. First lets take marketing research, it is the process of methodically gathering, analyzing and interpreting data pertaining to the company's market, customers and competitors, with the goal of improving marketing decisions. Next we can go through online analytical processing; it is an approach to quickly provide the answer to complex queries. It is used in business reporting for sales, marketing, management reporting, data mining and similar areas. Do you know why we use statistical analysis for data gathering? Because it involves developing knowledge through the use of empirical data expressed in quantitative form. And also one aim of statistics is to produce the "best" information from available data; some authors consider statistics a branch of decision theory.
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Business intelligence
