Understanding Business Intelligence (BI)
The need for BI was derived from the concept that managers with inaccurate or incomplete information will tend, on average, to make worse decisions than if they had better information. Creators of the finance model recognize this as “garbage in, garbage out.”
BI attempts to solve this problem by analyzing current data that is ideally presented on a dashboard of quick metrics designed to support better decisions
Benefits Of using Business intelligence
There are many reasons why companies adopt BI. Many use it to support functions as diverse as hiring, compliance, production, and marketing. BI is a core business value; it is difficult to find a business area that does not benefit from better information to work with.
Some of the many benefits companies can experience after adopting BI into their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs, and increased revenues, and the ability to make better business decisions.
Types of BI Tools and Software
BI tools and software come in a wide variety of forms. Let’s take a quick look at some common types of BI solutions.
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