efining Business Intelligence – What is Business Intelligence
Business Intelligence or BI is a term that can be defined as the tools and set of techniques used for the collection of data and then reforming that data into an asset for organizations. The main objective of Business Intelligence is to help organizations or businesses in aiding for better decision-making. Business Intelligence helps in an easy interpretation of large volumes of data helping businesses in implementing effective strategies by identifying new opportunities to have a competitive advantage and long-term stability.
Origins of Business Intelligence
The origins of the word “Business Intelligence” can be traced back to 1865 when Richard Millar Devens used the term Business Intelligence to describe about the banker Sir Henry Furnese gaining profit by receiving information about his environment and acting upon it prior to his competitors. Business Intelligence as we know in its present format evolved from the computer-aided models of Decision Support Systems (DSS) during 1960s and later on evolved further with the technological breakthrough in the field of computer science.
During 1989-90, the usage of Business Intelligence became widespread with a new definition brought up by Howard Dresner who defined “Business Intelligence” as a methodology that helps in refining business decisions. By using, the fact-based support system Business Intelligence as of today has emerged as a technology driven process using variety of Business Intelligence software tools or software solutions to integrate data from across the enterprise and providing the end users with self-service reporting and analysis.
Different Business Intelligence (BI) Tools-
There are different types of Business Intelligent tools that help companies in monitoring data and in generating business insights. Some of these tools include-
- Reporting and querying software
• Digital dashboards
• Data Warehousing
• Data Mining
• OLAP – Online Analytical Processing
• Visualizing the processes
• Data Warehouse Appliances
• Tools of Adhoc Reporting
• Open Source Free Products in the form of Jasper Reports, Pentaho, and TACTIC etc.
• Proprietary product such as IBM Cognos, InetSoft, SAS, Teradata, Oracle’s Business Intelligence Suite Enterprise Edition (OBIEE)
Future of Business Intelligence and career prospects:-
Business intelligence’s growth in developed economies is much faster than in developing economies. The current trend in Business Intelligence is in transition or towards 3rd generation BI tools that involve less IT involvement and allowing business owners to do their own business intelligence analysis.
The future of BI lies with the evolution of Embedded Analytics that is poised to help organizations in every sector or industry in cementing ties with their customer and suppliers. Career wise BI Analytics are most sought after employees with companies paying BI Analysts huge salary package.
For instance, in the United States, the median salary of BI Analyst is around $102,000, which is higher than industry average of any technology job. In India, the base salary for a beginner level of business intelligence job starts around Rs.350,000 that increases by around 20% with every additional year of experience.
The career as a Business Analyst is quite lucrative with BI emerging as a fast growing function for companies in sectors such as e-commerce, retail, finance, food, public transport and in many other sectors. The dependence of data requires the services of BI analysts with their role becoming strategic in driving business data availability for end users.
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