Question

How would one define business intelligence (BI)? Identify and briefly discuss a real-world application of BI?

Need 300 own words with no plagrism

Answer 1

Business Intelligence(BI):

Business intelligence is a popular term in business environment for a long time. It is a method, practice or tool of making the best informed decisions or intelligent decisions which are based on structured or unstructured data collected by various technologies which is usually in transactional data form. This is called business intelligence because with the use of data from various data points, companies or top level managers are able to make more intelligent decisions and it is a common practice nowadays.

Application in real life?

BI is just a tool of performing better based on what a company collects as data and then using the same to improve and find target points.
For instance : a company has various units like manufacturing, logistics, marketing, customer care etc. Each unit creates a lot of data which is stored in databases like erp and later analyzed. Standards are usually set for each unit individually and then that collected data is analyzed and compared to find the deviations to target the unit that needs to be looked at. Say, customers are unhappy and data shows that their complaints aren't getting resolved as quickly as it should. Company or management would learn from it and make the decision of investing in that particular unit to match the standard which is an intelligent decision and it might take some time to come to such decisions without the BI tools or techniques.