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Business intelligence ( BI ) is a set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI can handle large amounts of information to help identify and develop new opportunities. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability. [ 1 ] BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing , analytics , data mining , process mining , complex event processing , business performance management , benchmarking , text mining , predictive analytics and prescriptive analytics .
If you’ve been wondering why Enterprise 2.0 still hasn’t taken off like it should, maybe it’s because we’ve forgotten about business intelligence, which essentially hasn’t changed much since the ’90s. While the rest of the world has moved on, BI is still stuck in 1.0. The latest research shows that ‘mo apps, ‘mo problems for enterprises , unless they can fix their underlying business intelligence processes first (which also explains why BI adoption rates may actually be declining since last year). The massive explosion of data the real-time Web has given us looked like a good thing for enterprises at first.