BI tools business intelligence? use data from all types of sources to give decision-makers faster access to information about the financial health of their organization, so they can make smart strategic decisions in real time.
These tools began as simple spreadsheets by end users, but have into highly software applications that have the way we collect and use data to increase profits and efficiency in our businesses. Here are some of the most important milestones in the history of Business Intelligence development.
What is Business Intelligence?
Business Intelligence is an umbrella term for a range of technology-driven data analysis practices and processes.
The more formal definition refers to an organizational initiative to improve business operations through the collection, organization, and dissemination of data about customers, products, assets, finances, and other vital factors that drive business growth.
Historically, these initiatives have taken two main forms: internal Business Intelligence (also corporate or business intelligence) and external Business Intelligence (also competitive or market intelligence).
So before you tell your story about it, you’ll to figure out which story to tell. Does your company use BI internally? Or externally? Both? There are some differences between the two approaches that I’ll highlight later in this post, but first, let’s talk about where things …
The first steps
People have been collecting data for centuries to gain a competitive advantage. If you’re in business, especially in sales or logistics, keeping track of your customer base is important.
In ancient times, before computers merchants kept lists and records by hand on clay tablets or other easily accessible .
But as large corporations became in deeper analysis of their current and potential customers, companies had to find new ways to collect information.
Business Intelligence began as early as 1887 with an invention cards that were at the Massachusetts Institute of Technology (MIT) to manually student classes on mainframe computers; they were also to tabulate census data.
The First Tools
Business Intelligence is a field that has been around for some time. The first tools that would fit into what we know today as Business Intelligence were created by Thomas J. Watson Sr., former president of IBM, in 1911.
They were just starting to country email list gather data and use it to figure out where they should be selling their products.
Since then, both software and hardware have improved greatly so that companies can gain even more insight into customers, companies, and overall trends so they can make better decisions in the future.
As technology advances, you will definitely see more changes in Business Intelligence tools from now on!
Main solution architectures
The Information Solutions Group (ISG) was formed in 2000 as a result of Microsoft’s acquisition of a leading Business Intelligence provider, DecisionWorks.
ISG was tasked design your form to accept apple pay with bringing together all Business Intelligence products into one group that could focus on further development of these offerings.
This group was renamed Business Solutions and Server & Tools (BST) in 2003, and again Microsoft Business Division (MBD) in 2007 after Microsoft its server products division.
As a result, there are several architectures that can be to solve BI problems: Standard MBD Reporting, MDX/RDM Cubes, Data Mining Warehouse (DMV), Datawarehouse/Data Marts and Predictive Analytics… etc.
Adoption
It can be easy to forget that BI is a relatively young industry. In fact, if you ask around, most people will have a hard time pinpointing when they first using Business Intelligence software.
But as time went on and more and more companies tracking their data effectively, we were able to learn from other europe email people’s past mistakes, which to faster adoption.
At last count, 80% of all Fortune 500 companies are reporting some form of Business Intelligence software in use (up from 40% just two years ago).
Of course, not every company has their own BI solution yet, but that will change as adoption continues to increase at such an impressive rate.
The era of Big Data begins
In 1988, computer scientist and executive vice president of NCR Corporation, Barry Devlin, made an interesting observation in his research paper on data storage: Data is a strategic asset.
This a significant shift in the way companies their data. Before this, most companies their data as a liability – an expense to be as much as possible.
Devlin’s article drew attention to three things that were happening in industry at that time: data was becoming more abundant as more information systems were and ; information was becoming more valuable as markets became increasingly competitive; and data could be strategically by organizations if it could be , , and more quickly than competitors.
Data analysis as a solution
It’s been decades since Business Intelligence (BI) as a leading approach to solving challenges by organizations in nearly every industry, from manufacturing and telecommunications to healthcare and retail.
Yet there still seems to be confusion about what exactly BI is and why it can be such an effective tool.
At its core, BI refers to a method for collecting, analyzing, and evaluating data across multiple sources, providing users with actionable insights that can help improve decision-making within an organization.
Despite significant advances in technology in recent years, some say we still haven’t true data transparency – even though today’s tools are far more capable than they were just a few years ago.
Impacts of data analysis on business
How much would you value being able to your customers’ behavior? You might be at how often you rely on assumptions and instincts about your customers.
