Business Intelligence is one of the oldest concepts in data processing. Though it was first coined by Richard Millar Devens in 1865 in the Cyclopædia of Commercial and Business Anecdotes, mining transactional data for business insights has been popular since the 90s.
Today, Business Intelligence tools are systems that enable companies to collect, store, access, and analyse enterprise data to allow for efficient decision-making and strategic predictive intelligence for planning. Businesses can also leverage predictive models to help detect patterns in transactional and historical data in order to identify risks and take advantage of the opportune potential of different aspects of machine learning.
Author: Amarpreet Kalkat