Business Intelligence is a process that involves the use of tools and technologies in the analysis of raw data and turning them into useful and simple information for use by the top management for making important decisions. Business Intelligence can be applied in analyzing data for market research, inventory, customer profiling, profitability and market segmentation. The main aims of Business Intelligence are to facilitate the access, collection, analysis and storage of large volumes of corporate data that can be correctly interpreted and relied upon for getting new opportunities and making important decisions about the prosperity of the organization. The major components of Business Intelligence are statistical inference, open item management, multidimensional aggregate and version control. However, for a speedy, efficient and accurate extraction of data, Business Intelligence requires the use of special software that can turn information into insights through predictive analysis and data mining.
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