Business intelligence (BI) refers to skills, technologies, applications and practices used to help a business acquire a better understanding of its commercial context. Business intelligence may also refer to the collected information itself. Business intelligence aims to support better business decision-making. Thus a BI system can be called a decision support system.
BI applications provide historical, current, and predictive views of business operations. Common functions of business intelligence applications are reporting, OLAP, analytics, data mining, business performance management, benchmarks, text mining, and predictive analytics. Business Intelligence (BI) incorporates a wide range of information and data management techniques, beginning with data extraction, collection, cleansing, integration, aggregation, analysis and manipulation through the use of data marts, cubes, data warehouses and databases.
The use of metadata and data modeling helps standardize data definitions and use across the enterprise. From these information sources, department and enterprise level reporting, monitoring, queries and analysis can be performed, and results presented as either ad hoc or standardized reports, dashboards, triggers and alerts.
Beyond reporting, business intelligence provides complex statistical capabilities such as trend analysis, predictive forecasting, pattern detection and analysis, optimization, guided decision-making and experiment design, among others. Through enterprise portals, business intelligence technologies can provide a wide range of users with the timely access to high quality data and advanced analytics they need to make smart strategic decisions and improve operational effectiveness.
Knowledge management methodologies record and disseminate both explicit and tacit process and performance strategies and actions to identify and share best practices and innovative techniques and ideas.
M.E. Solutions helps companies to implement effective information strategies that return the highest value. M.E. Solutions guides companies to use business intelligence to maximize the value of their information resources.