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Business intelligence refers to the procedural and technical infrastructure that gathers, stores and studies the data produced by a company's activities. It scrutinizes data and produces report and information that aid managers to articulate better decisions.
Business intelligence, inorder to be useful, must find ways to increase the preciseness, promptness, and amount of data. These necessities mean finding more methods to procure information that is not already being recorded, checking the information for errors, and designing the information in a way that makes broad analysis possible. In practice, however, companies have data that is unstructured or in diverse formats that do not make for easy collection and analysis. Software firms thus deliver business intelligence solutions to maximize the information gleaned from data. These are enterprise-level software applications designed to unite a company’s data and analytics.
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BI tools and software come in a wide variety of forms...
- Spreadsheet enables you to perform operations on the data based on formulas.
- Reporting and querying tools present data on an easy-to-understand fashion-via formatted data, graphs and charts.
- Online analytical processing is a method used to analyze multidimensional data from many different perspectives.
- Drill-down analysis enables decision-makers to gain insight into the details of business data to better understand why something happened.
- Data mining is used to explore large amounts of data for hidden patterns to predict future trends and behaviors for use in decision-making.
- Reality mining is the study of human interaction based on data gathered from mobile phones and other portable communicating devices.
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