Business Intelligence is the ability to transform data into information and information into knowledge, so as to optimize the business decision-making process. A set of strategies and tools focused on knowledge creation and management through the analysis of existing data from an organization or business.
From the point of view of information technology, we can say that BI is a set of methodologies, applications, and technologies that allow a business to the group and transform the data obtained from structured information systems to do analysis and information generation and improving the process decision-making of the business.
It covers both current understanding of the functioning of the business as well as an anticipation of future events, in order to provide a body of knowledge to support business decisions. You may visit http://vizbp.com to understand all the essential aspects of BI.
Referring to business intelligence, we can differentiate the concepts of data, information, and knowledge. Data is something that is vague, for example, the number 10, while the information is more accurate, such as April sales were 10. Finally, knowledge is obtained by analyzing the information.
Data are the minimum semantic unit and are the primary elements of information. These alone are irrelevant to the decision-making process. A phone number or the name of a person are examples of data.
The data can come from external or internal company sources, can be objective or subjective, qualitative or quantitative.
Moreover, the information can be defined as a set of processed data, which are relevant and have a purpose and context. The information is useful for decision-making, as it allows reducing uncertainty. The data is transformed into information to add value.