Question: How would one define business intelligence (BI)? Identify and briefly discuss a real-world application of BI?
Now a days there are many software technologies available in market where they are used to deal with data and provide with accurate insights where it allows organizations to make accurate and correct decisions without any problems and also on time and here we are speaking about business intelligence which is similar as explained above. There are tools in BI which are used in analysing where they will generate final outcome using graphs, charts, tables in visualization format where it allows employees to understand quickly and make necessary decisions depending on the time. This way they can survive fierce competitive markets which are increasing rapidly and performance is also increased as they expected.
So we will discuss about real time application of business intelligence
Data is collected and stored by organizations so that it can be used in operations and this processing and analysing will be depend on the technologies like business intelligence which are used for saving money and time. So business intelligence is boon for companies where it deals with large amounts of data without any issues or delays. Because of this employees will be functioning accurately and decisions made by them will be accurate and performance is increased as well. So employees from various departments can make use of this tool and analyse data so that they can find insights from them and make use of them in strategy making. This way services and products offered customers will be better and sales will be increased and be able to survive (Pratt, Fruhlinger, 2019).