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
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
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 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