The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information.
The purpose of Business Intelligence is to support better business decision making.
It is important that accurate information is given to all decision makers in an organization, so as to ensure that well-informed decisions can be made, and to ensure the sustainability of the business long-term, and retention and acquisition of customers.
Data is only as good as the information inputted into the software program. Remember the old adage: garbage in, garbage out.
Nowhere will it show to be more true than when analyzing business data that has been captured incorrectly. These errors could cost millions, if not billions of dollars, and perhaps even the very existence of the business.
It is important to know the basics of Business Intelligence, factors you need to take into consideration when creating a Business Intelligence project, and how best to safeguard yourself from potential errors that can prove to be costly, both to the livelihood of the business and its employees.