📌 Business Intelligence Summary
Business Intelligence refers to technologies, practices, and tools used to collect, analyse, and present data to help organisations make better decisions. It transforms raw information from various sources into meaningful insights, often using dashboards, reports, and visualisations. This helps businesses identify trends, monitor performance, and plan more effectively.
🙋🏻♂️ Explain Business Intelligence Simply
Imagine you are trying to improve your school grades, so you track your test scores, homework, and study habits in a notebook. You then look for patterns, like which subjects need more attention, and use that information to plan your study time. Business Intelligence works in a similar way, but for companies, helping them make smarter choices using data.
📅 How Can it be used?
A company can use Business Intelligence to analyse sales data and adjust inventory levels for popular products.
🗺️ Real World Examples
A retail chain uses Business Intelligence software to combine sales, customer, and inventory data from all its stores. Managers review dashboards showing which products sell best at each location and use this information to optimise stock levels and plan promotions, reducing waste and increasing profits.
A hospital uses Business Intelligence to monitor patient wait times, staff allocation, and treatment outcomes. By analysing this data, hospital administrators can identify bottlenecks, improve scheduling, and enhance patient care quality.
✅ FAQ
What is business intelligence and why do companies use it?
Business intelligence is about using technology and tools to turn company data into useful information. Companies use it to spot trends, track how well they are doing, and make decisions that help them grow or solve problems. It makes it easier for people at all levels to understand what is happening in the business and act on that knowledge.
How does business intelligence help with decision-making?
Business intelligence takes lots of information from different sources and presents it in clear charts, reports, and dashboards. This helps managers and teams quickly see what is going well and what needs attention. With better information, decisions can be made faster and with more confidence.
What are some common tools used in business intelligence?
Common tools for business intelligence include software for creating reports, dashboards, and data visualisations. Programmes like Microsoft Power BI, Tableau, and Qlik Sense are popular because they help people make sense of large amounts of data and spot patterns or issues more easily.
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