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What are the 5 concepts of business intelligence?

Business Intelligence (BI) encompasses several fundamental concepts that collectively enable organizations to transform data into actionable insights:
1. Data Collection and Integration: This involves gathering data from various sources, including internal databases, external APIs, spreadsheets, and more. The data is then integrated, cleaned, and transformed into a consistent format for analysis.
2. Data Analysis: BI professionals use analytical tools and techniques to explore and examine data for patterns, trends, anomalies, and correlations. Statistical methods and machine learning algorithms are often applied to uncover valuable insights.
3. Data Visualization: Transforming complex data into understandable visual formats like charts, graphs, and dashboards is vital. Visualization helps stakeholders comprehend insights quickly and make informed decisions based on the presented information.
4. Reporting and Dashboards: BI involves creating regular reports and interactive dashboards that display key performance indicators (KPIs) and metrics. These reports provide a snapshot of business performance and allow users to drill down into details.
5. Decision Support: BI aims to support strategic decision-making by providing relevant, accurate, and timely insights. By aligning data analysis with business goals, organizations can optimize processes, identify opportunities, and address challenges effectively.

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