Business intelligence

Business intelligence is the process of systematic gathering, storing, providing access to data and      analyzing information in the field of business with the purpose to help users in strategic business decision      making.

Primary business intelligence information is collected from the internal business sources. Such sources      help decision-makers to understand how well they have performed. Business intelligence often uses so      called key performance indicators in order to assess the present state of business and to prescribe a      course of action.  Secondary business intelligence information is obtained inter alia about customers'      profiling, customersEneeds and their decision making process, product profitability, market research in      a particular sector, and general economic, technological and other trends. It is clear that business      intelligence plays an important role in customer relationship management (CRM).

Information technology systems serve to facilitate the work, especially when the business intelligence task      involves gathering and analyzing large amounts of unstructured data. Typical categories of tools include      the activities on decision support, query and reporting, online analytical processing, statistical analysis,      forecasting and data mining, data visualisation, data warehousing, management information systems etc.

Therefore, one can say that business intelligence process consists of three main components: people with      their tasks and responsibilities, the technology used and information obtained.  

Business intelligence is carried out to gain sustainable competitive advantage, and is a valuable core      competence in some instances. Every business intelligence system has a specific goal determined e.g. by      an organisational goal or a vision statement. These business intelligence goals could be both a short-term      and a long-term.

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