Business intelligence is the process of analyzing data with the purpose of gaining actionable information from it. BI encompasses the process of collecting data from both internal and external sources on a regular basis, preparing it for analysis, creating reports and dashboards as well as making the analytical results and visualizations available to decision makers and operational workers.
Managers often are under intense pressure to make decisions with incomplete information. BI tries to close this gap of information by presenting the hard truth in form of quantitative data. Here at SimScale we follow the mentality of complete transparency. Everybody can access all of the information available and use it for improving the effectiveness of their daily tasks as well as developing ideas which could further improve our business as a whole.
Business Intelligence is based on the movement towards evidence-based management (EBM), in which decisions are no longer based on mainly the experience of the executives, but on trying to understand the logic and the causal relations between actions and results.