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Here, we will introduce you to the terminology, tools, techniques and support services we offer.

What is Business Intelligence (BI)?

Business intelligence has two basic different meanings related to the use of the term intelligence. The primary, less frequently, is the human intelligence capacity applied in business affairs/activities. Intelligence of Business is a new field of the investigation of the application of human cognitive faculties and artificial intelligence technologies to the management and decision support in different business problems.

The second, which is the subject of this article, relates to the intelligence as information valued for its currency and relevance. It is expert information, knowledge and technologies efficient in the management of organisational and individual business. Therefore, in this sense, business intelligence is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions. The term implies having a comprehensive knowledge of all of the factors that affect your business. It is imperative that you have an in depth knowledge about factors such as your customers, competitors, business partners, economic environment, and internal operations to make effective and good quality business decisions. Business intelligence enables you to make these kinds of decisions.

A specialised field of business intelligence known as competitive intelligence focuses solely on the external competitive environment. Information is gathered on the actions of competitors and decisions are made based on this information. Little if any attention is paid to gathering internal information.

What are the reasons for Business Intelligence?

Business Intelligence enables organisations to make well informed business decisions and thus can be the source of competitive advantages. This is especially true when you are able to extrapolate information from indicators in the external environment and make accurate forecasts about future trends or economic conditions. Once business intelligence is gathered effectively and used proactively you can make decisions that benefit your organization before the competition does.

The ultimate objective of business intelligence is to improve the timeliness and quality of information. Timely and good quality information is like having a crystal ball that can give you an indication of what's the best course to take. Business intelligence reveals to you:

  • The position of your firm as in comparison to its competitors
  • Changes in customer behaviour and spending patterns
  • The capabilities of your firm Market conditions, future trends, demographic and economic information
  • The social, regulatory, and political environment
  • What the other firms in the market are doing

You can then deduce from the information gathered what adjustments need to be made.

Businesses realise that in this very competitive, fast paced, and ever-changing business environment, a key competitive quality is how quickly they respond and adapt to change. Business intelligence enables them to use information gathered to quickly and constantly respond to changes.

Benefits of Business Intelligence4 

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