Q) How would one define business intelligence (BI)? Identify and briefly discuss a real-world application of BI?
I Need 250 words with APA format and No plagrism and references.
Business intelligence or BI is leveraging over services and software, which aids in the transformation of data in varied actionable intelligence, which helps in the strategic and tactical decision making of an organization. Business intelligence tools help in accessing and analyzing data sets based on current analytical data findings, summaries, reports, graphs, dashboards, maps, and charts. They together help provide the users with complete detailed information and intelligence about the current state of a business.
Business intelligence is also summoned as descriptive analytics. They are about the past or the current state. They cannot suggest what should be done. It is only when data is analyzed can it be used intelligently. So business intelligence is majorly about the generation of reports. But people who are smart can use these reports to find out clues with which they can run the business efficiently (Pratt, 2017).
Business intelligence in real life
In real life, a very valid example can be given about US Health Insurance, Portability, and Accountability or HIPAA organization. This government enterprise captures, stores as well as shares data about its electronic information and transactions related to the health care sector. Using such data, the company manages its various claims, remittances, status inquiries about the claims. Health care providers, health insurance plans, and employers all are benefitted with the help of business intelligence, which is derived from such business data and information (Reynolds, 2018).IT resources are used in the New York hospitals for ensuring that all data are captured and stored safely over the cloud servers. Information is analyzed by internal managers and executives to create control mechanisms for developing intense security systems.
The main area of using business intelligence in the health care sector is in relation to insurance claim targets, which are to be met in a consistent manner. These are simple and straight forward data, which is to be used to predict many things. Data-driven strategies are used by the health care sector as well to streamline its health care services. This case study is about a New York hospital where business intelligence is used. Around &4.8 million of cages are settled in this hospital, which has made violations made to the HIPAA norms and regulations. HIPAA has many security rules and regulations which help the firm mitigate insurance and health-related complaints and claims. Hence it is clear now how in real life commercial organizations and also in government policies and programs business intelligence is used to make better decisions.
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