BI is a general term
for applications, platforms, tools and technologies that support the
process of exploring data, relationships exiting within data and
intelligence (BI) is important in helping organizations stay ahead of the
competition by providing the means for quicker, more accurate and more
informed decision making. Business intelligence (BI) provides timely and
accurate information to better understand your organization and to make
more informed, real-time decisions. Full utilization of BI solutions
can optimize organization processes and resources, improve proactive
decision making and maximize profits/minimize costs.
New facts and relationships can be
generated within short span of time from the huge databases available with
any large organization that can prove to be a significant competitive
advantage. However, just processing transactions and/or information’s
faster and more efficiently, no longer provides the organization with
business excellence and decision making power. What is needed today is not
just the latest and updated information, but the cross-functional
information that can help decisions making activity as "on-line"
process. All these factors have contributed towards the desire to reap the
benefits of new revolutionary technology – viz. "Data Warehousing
and Data Mining".