Business intelligence is a term that goes way back in the year 1958. It actually refers to the different technologies, applications and practices for the entire collection, integration and analysis as well as presentation of the business information and also the information itself. The reason for having business intelligence is to come up with better decision making in business. In the definition of business intelligence, it also includes a set of concepts as well as methods that are used to improve the business decision-making process by utilizing a fact-based system of support. Business intelligence is usually used in an interchangeable manner by way of briefing books, reports and different query tools as well as information systems as a whole. Also, business intelligence systems are data-driven as well.
Business intelligence systems provide a company with a historical view, a current view and a predictive view of the different business operations usually by using data or information that has been collected in a data warehouse or what some people call a data mart and sometimes coming from an operational data as well. The different software elements of business intelligence also support other functions such as reporting, interactive pivot-table analysis called slice and dice, statistical data mining, and visualization. The applications also tackle sales, financial as well as production sources of business data that all contribute to business performance management. The business intelligence technology system to work in a more effective manner, the company will need to make sure that the placing of all aspects of the system are intact.