Business Intelligence Lifecycle

Business Intelligence is the process of using technology to analyze and represent raw data into useful information. This process is ideal for developing or creating new business opportunities taking into account the information obtained.

BI vs Analytics

• BI uses past data for current business operating decisions. Meanwhile, Analytics uses past data for planning future business decisions.
• BI is descriptive (demographic answers and performance answers) while Analytics is predictive (predictive answers and recommendation)
• BI discusses reporting, dashboards. Analytics talks about future-looking, probability.

Business Intelligence Lifecycle

1. Data Collection

Because using data to obtain information, data collection can be done in 2 ways, namely primary (such as interviews) and secondary (such as searching the internet).

2. Data Warehousing

Data Warehousing is a storage area for data that has been collected and is large in number.

3. Data Analysis & Q.A.

Then the raw data will be analyzed by entering a query or question to get useful information conclusions.

4. Reporting, Dashboards, KPIs, Trends

After entering the query or question, the information will come out in the form of reporting, dashboards, KPIs, and trends

5. Business Decision

If the visualization is visible, the next part determines the decision by considering the information obtained.

Reference:

https://www.forbes.com/sites/theyec/2020/03/30/understanding-business-intelligence-and-its-importance-for-entrepreneurs/?sh=3795f9352319

https://www.forbes.com/sites/forbestechcouncil/2019/06/21/data-analytics-versus-business-intelligence-and-the-race-to-replace-decision-making-with-software/?sh=7959e1a9612b