Overview of Introduction to Business Intelligence

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1. Introduction to Business Intelligence </aside>

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Introduction to Business Intelligence

1. Overview of Business Intelligence & Data-Driven Decision Making
   1. Definition of Business Intelligence (BI)
      1. BI is the process of transforming raw data into actionable insights to support strategic, tactical, and operational decision-making.
      2. Key Components:
         1. Data Gathering: Collecting data from multiple sources (e.g., ERP, CRM, IoT).
         2. Data Standardization: Cleaning and structuring data for consistency.
         3. Data Analysis: Applying statistical, machine learning, and visualization techniques.
         4. Reporting & Dashboards: Presenting insights via interactive tools (e.g., Power BI, Tableau).
   2. Importance of BI
      1. Competitive Advantage: Helps businesses identify market trends and customer preferences.
      2. Operational Efficiency: Optimizes processes like supply chain, inventory, and HR.
      3. Risk Mitigation: Detects fraud, predicts downturns, and ensures compliance.

BI vs. Data Analytics vs. Data Science