However, it can only process so much information at any one time and requires a lot of energy. This slow thinking system is very accurate. You use this system when you really focus on and think about a problem step by step. You have a slow thinking system which you can think of as a spotlight of attention. As laid out by the Nobel winning psychologist Daniel Kahneman in his book Thinking, Fast and Slow, your brain has two different learning and decision making systems: They do so using the “fast thinking” system of their brain. In his book, Waitzkin states that the best chess players are those that can take in the most information in a short span of time. The Two Types of Decision-Making In Our BrainĬhess prodigy Joshua Waitzkin writes about this distinction in The Art of Learning: A Journey in the Pursuit of Excellence. Next up, let’s consider how business intelligence concepts relate to the inner workings of the human brain. By helping users to discover integral insights autonomously, AI technologies assist tremendously in pattern recognition, making the process more intuitive, more streamlined, and ultimately – more accurate.Ī host of business intelligence concepts are executed through intuitive, interactive tools and dashboards – a centralized space that provides the ability to drill down into your data with ease. When approached correctly, pattern recognition is one of the key hallmarks that distinguishes BI experts from BI amateurs. Put simply: Business intelligence is the process of discovering valuable trends or patterns in data to make more efficient, accurate decisions related to your business goals, aims, and strategies.Īs pattern recognition is a decisive part of BI, artificial intelligence in business intelligence plays a pivotal role in the process. Introduction To Business Intelligence Conceptsīusiness intelligence concepts refer to the usage of digital computing technologies in the form of data warehouses, analytics and visualization with the aim of identifying and analyzing essential business-based data to generate new, actionable corporate insights.īI technologies offer present (real-time), historical, and predictive views of internally structured data relating to all departments within an organization, which exponentially enhances operational insight and improves the decision-making process. With our introduction to business intelligence, we’re going to dispel the myths surrounding BI, explore the core business intelligence concepts, cover the BI basics, and drill down into a mix of real-life business intelligence examples and use cases. Such jargon leads to business intelligence buzzwords that can dilute the meaning of important information. But with business intelligence concepts comes a great deal of confusion, and ultimately – unnecessary industry jargon.
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Get the short and sweet version with our free executive summary!īusiness intelligence, or “BI” for short, is becoming increasingly prevalent across industries each year. Exclusive Bonus Content: Do you know what is BI all about? Learn here!