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Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...
In other words, business intelligence focusses on description, while business analytics focusses on prediction and prescription. [ 1 ] Business analytics makes extensive use of analytical modeling and numerical analysis, including explanatory and predictive modeling , [ 2 ] and fact-based management to drive decision making .
A business analyst should have knowledge in IT and/or business, but the combination of both of these fields is what makes a business analyst such a valuable asset to the business environment. As a minimum standard, a business analyst should have a "general understanding of how systems, products and tools work" in the business environment. [2]
Business informatics (BI) is a discipline combining economics, the economics of digitization, business administration, accounting, internal auditing, information technology (IT), and concepts of computer science.
Microsoft Power BI is an interactive data visualization software product developed by Microsoft with a primary focus on business intelligence (BI). [7] It is part of the Microsoft Power Platform . Power BI is a collection of software services, apps, and connectors that work together to turn various sources of data into static and interactive ...
Business intelligence software is a type of application software designed to retrieve, analyze, transform and report data for business intelligence (BI). The applications generally read data that has been previously stored, often - though not necessarily - in a data warehouse or data mart .
Business analysis is a professional discipline [1] focused on identifying business needs and determining solutions to business problems. [2] Solutions may include a software-systems development component, process improvements, or organizational changes, and may involve extensive analysis, strategic planning and policy development.
All real-time business intelligence systems have some latency, but the goal is to minimize the time from the business event happening to a corrective action or notification being initiated. Analyst Richard Hackathorn describes three types of latency: [2] Data latency; the time taken to collect and store the data
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