Business intelligence is more than just some numbers and data on a computer screen or printed report. BI offers the fundamental data needed to make decisions. Additionally, business intelligence offers feedback data that can be used to assess a choice. Organizations can give people access to their information assets thanks to BI systems.

There are 5 key stages in the business intelligence process:

  1. Obtaining the data:
    Business intelligence is the process of obtaining information from various data sources. The information could include text documents like memos, reports, or emails, as well as pictures and sounds, formatted tables, web pages, and URL lists. Getting the data in electronic form is essential for data sourcing. Scanners, digital cameras, database searches, online searches, computer file access, etc. are examples of common data sources.
  2. Data analysis:
    The goal of business intelligence is to create meaningful knowledge from data sets. It entails forecasting future trends or missing information, as well as assessing present trends and integrating and summarizing different types of information. Data analysis is also known as knowledge discovery or data mining.
  3. Contextual awareness:
    Business intelligence is the process of removing unimportant information and contextualizing the remaining data for the business and its surroundings. The user needs summaries that are summaries of all the pertinent facts and the essential pieces of information pertinent to his or her needs (market forces, government policy, etc.). Understanding the situation in which to understand things and make judgments is known as situation awareness. Automated situation assessment algorithms provide these syntheses.
  4. Risk evaluation:
    The goal of business intelligence is to discover what probable actions or decisions might be made at various times. It aims to assist you in evaluating the present and potential risks, costs, and benefits of one course of action or choice over another. It involves deducing and condensing your best selections or decisions.
  5. Support for decision-making:
    Using information wisely is the goal of business intelligence. It seeks to alert you to significant events such as takeovers, market shifts, and subpar employee performance, so you may take preventive action. It aims to assist you in decision-making and analysis so that you may increase sales, customer satisfaction, and worker morale. It provides you with the information you require at the appropriate time.