What is Business Intelligence (a.k.a BI)?

What is BUSINESS INTELLIGENCE?

• A set of technologies, techniques and tools for acquisition and transformation of raw data into meaningful and useful information for business analysis purposes

Tags: Market Research, Marketing Research, Business Analysis, Data Surfacing, As a Concept vs As a Service Vs as an executed Project

What is the Purpose of BI?

• To Identify, develop and create new strategic Business opportunities
• Gain insight into new markets
• assess demand and suitability of products and services for different market segments
• gauge impact of marketing efforts
• To Support wide range of Business Decisions 
• Operational: Internal, Financial and Operations data
• Strategic Business Decisions: Priorities, Goals, Directions
• Product positioning
• Pricing

What is BI made up of? 

BI Components

• Multidimensional aggregation and allocation
• Denormalization, tagging and standardization
• Realtime reporting with analytical alert
• A method of interfacing with unstructured data sources
• Group consolidation, budgeting and rolling forecasts
• Statistical inference and probabilistic simulation
• Key performance indicators optimization
• Version control and process management
• Open item management
 

BI Technologies, Techniques and Tools

• Handle large amounts of unstructured data
• Functions include
• Reporting
• Online Analytical Processing
• Analytics
• Predictive Analysis
• Perscriptive Analytics
• Data Mining/ Process Mining/ Text Mining
• Complex event processing
• Business Performance Management
• Best when combined with External and Internal data to give complete picture.

ReSearch

Reference and Links

• https://en.wikipedia.org/wiki/Business_intelligence

Backstory: (more later!)

What happened?

As I am developing many platforms, projects and services, I have to first learn and master the concept and ideas behind business intelligence, and to be able to tie up everything together logically and in a manageable form.

What did I do?

I had various research neatly tucked away in my repository thats waiting to be read. Started the wiki site page and did a rudimentary summary on BI from wiki.

Resolution

I need to continue the depth and breath of research by creating the following artifacts and completing further research on them.

• The Big Picture/ Visual Map: Mindmap or Doc
• Concepts and Overview: Aldrintee blog
• Research: This Blog, Google Doc
• As a Service: Aardvark Services (Service), 3is (Marketing Research), TSD (Consulting)
• As an executed Project: For 3is, for TSD, for tanda, for  

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