There are a lot of definitions for Business intelligence. In short, Business intelligence (BI) is all about delivering relevant and reliable information to the right people at the right time. It comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations.
Common functions of business intelligence technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics. They aim to allow for the easy interpretation of these big data.
Advantages of BI
Business intelligence can be used to have anytime access to an organised data. We can use it to find out the inefficient business processes and hidden patterns. We can identify the areas of strengths and weaknesses in our business. And thus we discover the new opportunities and threats in the business.
The ultimate goal of BI is to help in making effective decisions and reducing the risks.
Applications of Business intelligence(BI)
BI can be used in the following departments-
It can be used in enrollment of students in a particular institution. It will take care of the recruitment and retention of students. It will check on the course offerings of the institution also. It can also help in programs for fundraising from alumni and other reliable donors.
Marketing teams need to track the progress of campaigns and measure the results where Bi is of great use. BI can be helpful in getting valuable feedback from customers too.
Health care and wellness
BI can help in treatment efficiency and diagnosis of diseases. It can also check on the frauds and abuses in the medical field. It can collaborate data regarding public health management.
Customer relationship management
Here, BI helps to maximize the returns on marketing campaigns, improve customer retention and maximize customer value. It identifies the highly valued customers and also manages the brand image.
BI analyzes the customers’ online big data from the travel industry to make better decisions on service offerings. It also helps in giving discounts and offers at the right time.
It gets data on hiring campaigns, combines data from different departments, and measures the impact on the organization’s performance. It helps in fulfilling a number of key functions within a company, such as hiring, training, organizing corporate events, and even the business of firing.
It can help in gaining customer's insight, improving efficiency and in making quick and clear decisions.
There are many possible applications of business intelligence, and these are just a few of the main applications of business intelligence.