Business intelligence (BI) is a process that uses data and analytics to help businesses make better decisions. It consists of four main components: data, tools, processes, and people.
The first component of BI is data. Data can come from a variety of sources, including internal systems, external sources, and social media. The data needs to be clean and organized in order to be useful for BI.
The second component of BI is tools. BI tools are used to collect, store, analyze, and visualize data. There are a variety of BI tools available, both commercial and open source.
The third component of BI is processes. BI processes are the steps that are taken to collect, clean, analyze, and visualize data. These processes need to be well-defined and documented in order to ensure that BI is used effectively.
The fourth component of BI is people. BI is a team sport. It requires a team of people with different skills, such as data analysts, business users, and IT professionals. These people need to work together to ensure that BI is successful.
How the Components Work Together
The four components of BI work together to create a cycle of continuous improvement. The data is collected, cleaned, and analyzed. The results of the analysis are then used to create reports and dashboards. These reports and dashboards are used by business users to make decisions. The decisions that are made then lead to changes in the business, which generates new data. This new data is then collected and the cycle begins again.
BI is a powerful tool that can help businesses improve their performance. If you are looking for ways to improve your business, BI is a great place to start.
Business Intelligence Components Use Cases
Here is A Sory.
A story about a travel agency manager in Alexandria, Egypt, who uses business intelligence to improve their business:
As the manager of a small travel agency in Alexandria, Egypt, you know that the tourism industry is constantly changing. You need to be able to adapt to new trends and customer demands in order to stay ahead of the competition.
One way you’re doing this is by using business intelligence (BI). BI is the process of collecting, analyzing, and presenting data to help businesses make better decisions. By using BI, you can gain insights into your customers, your competitors, and the market as a whole. This information can help you make smarter decisions about everything from pricing to marketing.
For example, you recently used BI to analyze your customer data. You found that most of your customers are millennials who are interested in eco-tourism. This information led you to start offering more sustainable travel options, such as hiking and biking tours.
You’ve also used BI to track your competitors’ prices. You found that one of your competitors is offering a lower price on flights to a popular tourist destination. You were able to match this price, which helped you keep your customers from switching to the other agency.
By using BI, you’ve been able to improve your business in a number of ways. You’ve increased your customer satisfaction, boosted your revenue, and gained a competitive edge. If you’re a travel agency manager who wants to stay ahead of the curve, BI is a valuable tool that you should consider using.