Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics. BI technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
Many people were certain that Hillary Clinton was going to win the presidential election, but their assumptions were based on polling data reports, not data analysis.
Understanding the distinction between data reporting and analysis will help you avoid making similar data mistakes with your business. Data reporting, like the poll data used in elections, can tell you what is happening with your business, but without context or knowing why something is happening, your interpretation won’t be based on all the facts.
A business intelligence dashboard (BI dashboard) is a data visualization tool that displays on a single screen the status of business analytics metrics, key performance indicators (KPIs) and important data points for an organization, department, team or process.
BI dashboards are increasingly seen as critical tools for enterprises to derive instant and longer-term insights from their growing storehouses of big data and to enable better informed decision-making and data analysis. They enable enterprises to make number-intensive data easily comprehensible and useable for nontechnical decision-makers. Sophisticated and colorful dashboard design provides multiple visualization possibilities for critical data.
Visualization is the process of representing data graphically and interacting with these representations in order to gain insight into the data.
More specifically, Visualization relates to the innovative use of visualization technologies and interactive media as means of communication. Visualization and interactive media cover a wide range of applications, such as in digital games, art & entertainment, social media, mobile media, virtual and augmented reality, 3D, user generated content, interactive cinema, and digital humanities.
Some Visualization tools are
Location-enabled data sets are pouring into organizations. Geospatial visualization allows companies to see what’s really going on among the rows and columns. Geospatial visualization marries the broad insights available through visualization with specific types of analysis that can be performed on location-enabled data. Its power comes from an ability to zero in on key spatial relationships within large structured and unstructured data sets. Visualizing these relationships provides a useful way of organizing large volumes of data. More important, it can reveal fresh insights that would remain hidden without the interpretive combination of analytical integration and the human brain’s amazing ability to discern visual patterns.