BI is an acronym for business intelligence, meaning business intelligence. What BI essentially is, is still a question many are interested in because it brings a lot to businesses. Let's join ECOMCX to find out more below.

1. What is BI?

While quite abstract in meaning, in essence, BI is a powerful "assistant" with smart tools that help businesses manage their operations best and achieve great accomplishments. BI is:

• Skills, processes, technologies, and applications used to support decision-making.

• Transforming raw data into useful information, helping businesses understand themselves and the market to make sound decisions.

• Applications and technologies that successfully transform data.

• Creating a multi-dimensional view that helps businesses look back at the past and predict the future.

In summary, BI is the process and technology that businesses use to control vast amounts of data that significantly impact business operations, execution, and management. Through this immense body of knowledge, along with applications and technologies, they can view everything more comprehensively and easily evaluate business performance through milestones and figures. Therefore, the BI (Business intelligence) system is also known as a Decision Support System (DSS).

2. What does a BI system include?

The BI system relies on the indispensable coordination and support of the following 3 main groups.

• Data Warehouse (Data Warehouse)

• Data Mining: ( Data Mining): Contains aggregated data

• Business Analysis ( Business Analysis): Data mining techniques with classification, clustering, association, prediction...

3. Benefits of BI for businesses

In today's increasingly developing digital age, a business's quick judgment is crucial for making effective and competitive decisions.

The most practical and specific benefits that BI brings to businesses are:

• Helps businesses use information effectively and accurately to adapt to the market's continuous and strong changes.

• Provides maximum support for managers in making timely and effective decisions.

• Identifies the current operational status, advantages, and position of the business.

• Analyzes customer behavior.

• Develops future business strategies and orientations.

• Creates competitive advantages, increases opportunities, and finds customers.

• Predicts the future of the business.

These benefits alone demonstrate the true importance of BI for the sustainable development of a business, especially for businesses with professional scale and workflows.

What BI is might still be quite vague for businesses without experience in applying information technology and engineering. Building and developing BI into a business's operational system is very significant and also requires considerable time and resources that businesses need to clearly define.

Contact ECOMCX for the most accurate and optimal consultation.