Business Intelligence: Concepts, Components, Techniques and Benefits
Business intelligence (BI) 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 relates to the intelligence as information valued for its currency and relevance. It is expert information, knowledge and technologies efficient in the management of organizational and individual business. The paper explores the concepts of BI, its components, emergence of BI, benefits of BI, factors influencing BI, technology requirements, designing and implementing business intelligence, and various BI techniques. Powerful transaction-oriented information systems are now commonplace in every major industry, effectively levelling the playing field for corporations around the world. To remain competitive, however, now requires analytically oriented systems that can revolutionize a company’s ability to rediscover and utilize information they already own. The Business Intelligence (BI) has evolved over the past decade to rely increasingly on real time data. The Business Intelligence (BI) has evolved to rely increasingly on real time data. Business analysis is becoming essential. It involves actions in response to analysis of results and instantaneously changes parameters of business processes making BI beneficial for several reasons.