What is Business Intelligence?
Business intelligence (BI) is a strategic, technology-driven process for analyzing your business data to make more informed business decisions.
Business intelligence is presented to business users via reports, dashboards, and data visualizations to help your team make more informed business decisions. Global companies use business intelligence for strategic planning and daily decision-making.
In the simplest of terms, business intelligence is the visualization of your business data.
Business intelligence tools only go so far.
BI tools turn raw data into helpful dashboards, graphs, and charts. Over time, a business can drill down into data sets by audience and channel. An organization can request a business intelligence tool to visualize a key metric.
But an organization that relies on business intelligence loses sight of subtle changes in its data, and dashboards don’t guarantee insights. To pull insights out from a business intelligence tool, you need to know what you want to look for.
The achievement of a business intelligence tool is also its greatest weakness.
It only goes as far as the business asks of it, revealing only part of its story. Business intelligence tools can only view a visualization of data alone without identifying the significance of an increase or decrease in activity because there is no context or expectation beyond what is being visualized.
Business intelligence tools were not made to autonomously uncover unusual, unexpected, or interesting activity in data, surfacing actionable insight to analysts. You are left with fancy-looking charts on dashboards that do not tell a business’ full story of underlying challenges or opportunities.