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Thursday, August 17, 2023

Business Intelligence (BI) and Analytics (Duo) Part 1 of 3

Business Intelligence (BI) and Analytics are terms used to describe the processes, technologies, and strategies that organizations use to collect, analyze, and interpret data in order to make informed business decisions and drive strategic planning. These concepts are closely related but have distinct focuses and functions. 
First, Business Intelligence (BI) refers to the set of tools, techniques, and processes used to gather, transform, and present raw data into meaningful insights and actionable information for decision-makers. BI typically involves the following aspects:
 1. **Data Collection:** Gathering data from various sources, such as databases, spreadsheets, external APIs, and more.
2. **Data Transformation:** Cleaning, organizing, and transforming raw data into a format that is suitable for analysis.
3. **Data Storage:** Storing data in databases or data warehouses for efficient querying and retrieval.
4. **Data Analysis:** Applying statistical and analytical methods to the data to identify patterns, trends, and correlations.
5. **Data Visualization:** Presenting the analyzed data using charts, graphs, dashboards, and reports to facilitate understanding.
6. **Reporting:** Creating structured reports that summarize key insights for decision-makers.
7. **Querying:** Allowing users to interactively query the data and retrieve specific information.

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