Fundamentals of business inteligence and analysys in 10 points

Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information.

  1. Data collection and integration: Gather data from various sources and integrate it into a central repository for analysis. For example, sales data from different regions can be collected and integrated into a single database for analysis.
  2. Data cleansing and preparation: Remove errors, inconsistencies and duplicate data to ensure accuracy of the analysis. For example, in a retail business, customer data may be cleaned to remove duplicate entries and correct inaccurate information.
  3. Data warehousing: Store and manage large amounts of data in a structured manner to facilitate efficient querying and analysis. For example, a company may store customer data in a data warehouse to facilitate customer segmentation analysis.
  4. Data mining: Use statistical and machine learning techniques to extract insights and patterns from data. For example, a marketing team might use data mining to identify customer segments and predict customer behavior.
  5. Business intelligence reporting: Create reports and visualizations to present data-driven insights to decision-makers. For example, a financial analyst might use BI reporting to create a report that shows the financial performance of a company over a period of time.
  6. Analytics: Use statistical and mathematical techniques to analyze data and make predictions. For example, a company might use analytics to predict demand for a product, or the likelihood of a customer churning.
  7. Data visualization: Use charts, graphs and other visual elements to display data in a clear and easy-to-understand manner. For example, a dashboard showing website traffic and conversion rates can help identify patterns and trends.
  8. Scorecards and dashboards: Create interactive scorecards and dashboards to provide real-time performance metrics. For example, a company might use a dashboard to monitor and analyze website traffic and conversion rates.
  9. Collaborative BI: Facilitate team collaboration and data sharing by providing tools and interfaces that allow teams to work with data together.
  10. Predictive modeling: Use advanced statistical techniques to determine the near future trend.