Business Intelligence and FMCG Glossary: #businessintelligence
Business Intelligence
What is Business Intelligence?
Business Intelligence (BI) is an umbrella term that includes applications, infrastructures, and tools, as well as best practices, that enable access and analysis of information to improve and optimize a company’s decisions and performance.
Business Intelligence, also powered by Big Data, is sometimes confused with the latter or with Data Science. However, these are different concepts. In summary, we can say that Big Data deals with the capture, storage and processing of massive data, Data Science with predictive and prescriptive analysis of this data and Business Intelligence with the exploitation of data to optimize a company’s decisions and reporting.
Why is this important?
The main strength of business intelligence is that it allows companies to understand the forces that influence markets and results, allowing them to stay ahead of the competition while meeting the needs of consumers.
In search of concrete results, the Business Application Research Center (BARC), which has been conducting the BI survey for more than 15 years, has identified a list of the main benefits to be attributed to business intelligence and to what extent its tools have a positive impact on companies:
- Report, analyze or plan faster and more accurately.
- Improve business decision-making and operational efficiency.
- Increase customer and employee satisfaction.
- Reduce costs and increase sales.
- Obtain better data and greater competitive advantages.
