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Business intelligence (BI) comprises the strategies and technologies used by companies to analyze data and obtain business-relevant information. The aim is to make well-founded decisions and improve company performance by systematically evaluating data from various sources.
The term “business intelligence” was coined back in the 1960s, but has gained new meaning as a result of digitization and the associated data explosion. Modern BI systems use advanced data analysis tools to process and interpret complex amounts of data.
Business intelligence is used in almost all industries, but particularly in areas such as finance, retail, manufacturing, and healthcare. Industrial companies use BI, for example, to optimize supply chains, control production and market analysis.
Using business intelligence provides companies with numerous benefits, including improved decision-making, increased efficiency and productivity, better risk management capabilities, and the ability to respond quickly to market changes.
Challenges in implementing BI systems include the integration of heterogeneous data sources, data security protection, and the lack of qualified data analysts. In addition, interpreting the insights gained requires a deep understanding of the business context.
A specific example of the use of BI in industry is the use of real-time data analysis in a Self-service portal for suppliers to optimize inventories and minimize delivery times. Such systems enable companies to respond more quickly to customer requirements and make the supply chain more efficient.
Business intelligence is an indispensable tool for companies to gain valuable business insights from large amounts of data and to make strategic decisions based on this. Using BI effectively can lead to significant competitive advantages.