As the presence of business intelligence continues to grow in organizations, it is important to understand the essence. However, more than anything, it is important to understand where you can utilize and implement business intelligence in your organization. Business intelligence is widely used across many industries, as well as many departments.
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The big question is: What is the importance of business intelligence? Before diving into this, it’s important to understand the topic in itself. Business intelligence is the transformation of raw data into meaningful information for your business; the term encompasses the processes and methods of analyzing, displaying, and reporting from your business operations for the goal of performance optimization. Through business intelligence, organizations can have an all-around view of their business, allowing for better decisions to be made.
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“By changing nothing, nothing changes.” – Tony Robbins
In business, change is often a notion that comes with reluctance. The old saying goes, “If it ain’t broke, don’t fix it” applies to many of us as each fiscal cycle passes. Sometimes, an opportunity for improvement is among us and as technology becomes a more integral part of business, we must look to the future and challenge tradition with innovation.
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What is BI?
According to Wikipedia, ‘Business intelligence(BI) mainly refers to computer-based techniques used in identifying, extracting and analyzing business data, such as sales revenue by-products and/or departments, or by associated costs and incomes.’
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