This will help them in planning their marketing strategies. Banking: BI will help the banks and financial institutions in identifying the customer base.It will also help in enhancing relationship with suppliers. It will also help the companies to better understand the consumer behavior in order to direct their marketing campaigns. This will help in optimizing the size of inventory in order to meet the customer demands. Retailing: Business Intelligence can be used to forecast the demand and analyse its fluctuations over time.Some of the industries in which BI can be implemented are listed below: It has now become mandatory for organizations to implement BI to sustain and maintain their market share in the competitive market. Its application is not restricted to limited segments. The implementation of business intelligence helps organizations to achieve their goals in an effective way. It provides organizations with meaningful information regarding employees, customers, suppliers and other business associates, which can be used in effective decision making. BI applications include a wide range of activities for statistical analysis, Data mining, querying and reporting, business performance analysis, benchmarking, Online Analytical Processing (OLAP), Decision Support System (DSS), forecasting and predictive analysis.
It consist of huge data warehouse or data marts of business data, from which it performs mining, spotting, digging or analyzing operations to produce appropriate results or reports.
Business Intelligence or BI is a computer-based system which is used by organizations for decision making purpose.
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