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.
Newmarket is a market town in the English county of Suffolk, approximately 65 miles (105 kilometres) north of London. It is generally considered the birthplace and global centre of thoroughbred horse racing and a potential World Heritage Site. It is a major local business cluster, with annual investment rivalling that of the Cambridge Science Park, the other major cluster in the region. It is the largest racehorse training centre in Britain, the largest racehorse breeding centre in the country, home to most major British horseracing institutions, and a key global centre for horse health. Two Classic races, and an additional three British Champions Series races are held at Newmarket every year. The town has had close royal connections since the time of James I, who built a palace there, and was also a base for Charles I, Charles II, and most monarchs since. The current monarch, Queen Elizabeth II, visits the town often to see her horses in training.
Newmarket has over fifty horse training stables, two large racetracks, the Rowley Mile and the July Course, and one of the most extensive and prestigious horse training grounds in the world. The town is home to over 3,500 racehorses, and it is estimated that one in every three local jobs is related to horse racing. Palace House, the National Heritage Centre for Horseracing and Sporting Art, the National Horseracing Museum, Tattersalls racehorse auctioneers, and two of the world's foremost equine hospitals for horse health, are in the town, which is surrounded by over sixty horse breeding studs. On account of its leading position in the multibillion-pound horse racing and breeding industry, it is also a major export centre.