Business Intelligence Definition

Business intelligence (BI) is an extensive category of methods, technologies and software for collecting, storing, structuring, analyzing, and accessing the data with the object of making better business decisions.

We also can define business intelligence  as business processes for accumulating and analyzing the business data from databases and data warehouses.

Main business intelligence goal is to provide sufficient information for making business decisions. Depending on the aim of the business decision, business intelligence methods can provide information about company customers, market trends, effectiveness of marketing campaigns, companies competitors, or even predict future activities.

Business Intelligence Benefits

Amongst the benefits provided by Business Intelligence are increasing organizations competitive strength, enhancing adaptability and productivity of business activities, and enabling organizations to respond rapidly to changes on market, in financial conditions and customer demands.

By improving the efficacy of business decisions, Business Intelligence improves the overall performance of the company. A correct utilization of  Business Intelligence software allows to perform fast, or even real time business analysis with the help of newest data mining techniques.

Business Intelligence Software

Business Intelligence software is a mean for performing versatile analysis of enormous data volumes with the purpose of improving efficacy of decision making.

The essential in Business Intelligence software are statistical, predicting, and data mining technologies. Usually BI applications also include decision support, query and reporting. Business intelligence software  is an important assistant in decision making for an enterprise, department, and a single manager. For a full effect, these technologies should be available to employees, managers, consultants, suppliers.

Business intelligence software is the key to become and to remain the forward-thinking enterprise.

Example of business intelligence application

Customer Segmentation

Customer segmentation will help you in understanding your customers needs and expectations. Improve your CRM by determining a personificated strategy for working every single client and discover marketing strategies and offers that provide the best response from various customers segments.

Customer segmentation will improve companies marketing efforts.

WHAT IS CUSTOMER SEGMENTATION?

Customer segmentation is a process of grouping people, companies or various organizations according to their attributes.
The attributes can vary from gender to purchasing patterns.

For customer segmentation you can use data mining software and statistical tools to analyze data, collected in databases and data warehouses.

A meaningful customers segmentation is a key to most effective interactions with your clients. Using this method you will be able to:

• select most appropriate campaigns and offerings
• receive more profit and ROI from your campaigns
• provide a targeted way of communication with your customers
• easily assign tasks and objectives on all marketing initiatives