Business intelligence (BI)
Companies succeed by making the right decisions based on the right information, in the right place at the right time. This is called business intelligence (BI). The process of transforming information into knowledge conveyed by graphs and reports that offer support to management has come on in leaps and bounds in recent years.
This knowledge-based approach to business is not dependent on the size of the company. Companies of any size – and not only the large enterprises – may be knowledge-intensive and manage large quantities of data. In the future, the role of business intelligence operations will increase even more.
Information required for decision-making must be stored in one location in a format that is suitable for the user. Information garnered from internal and external sources is usually collected in a data warehouse, from where it can be retrieved and utilised with BI tools.
The continuously developing cloud-based information processing tools add another dimension to these procedures, while mobile applications make it possible to carry out BI processes regardless of time and place.