Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations.
Common functions of business intelligence technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.
BI technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop, and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.
Business intelligence can be used by enterprises to support a wide range of business decisions ranging from operational to strategic. Basic operating decisions include product positioning or pricing. Strategic business decisions involve priorities, goals, and directions at the broadest level. In all cases, BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a complete picture which, in effect, creates an "intelligence" that cannot be derived from any singular set of data.
Among myriad uses, business intelligence tools empower organizations to gain insight into new markets, to assess demand and suitability of products and services for different market segments, and to gauge the impact of marketing efforts.
BI applications use data gathered from a data warehouse (DW) or from a data mart, and the concepts of BI and DW combine as "BI/DW" or as "BIDW". A data warehouse contains a copy of analytical data that facilitate decision support.
Lowestoft (/ˈloʊ(ɪ)stɒft, ˈloʊstəf/) is an English North Sea coast town and civil parish in the county of Suffolk. On the edge of The Broads, it is the most easterly UK settlement, 110 miles (177 km) north-east of London, 38 miles (61 km) north-east of Ipswich and 22 miles (35 km) south-east of Norwich. As the main town in the district of East Suffolk, it had an estimated 73,775 inhabitants in 2018. A port town, it developed out of the fishing industry and as a seaside resort with wide, sandy beaches. As its fisheries declined, oil and gas exploitation in the southern North Sea in the 1960s added to its development, alongside nearby Great Yarmouth. These roles have declined, but it is developing as a regional centre of the renewable energy industry.