Business Intelligence
What is business intelligence?
Business intelligence (BI) refers to the ways organisations collect, process, and analyse data in order to make informed business decisions. BI is often supported by specialised tools that aggregate and present data in easy-to-digest visualisations and reports.
Why is business intelligence important?
Business intelligence helps companies turn information into action. By retrieving data from multiple sources such as company profiles, financial records, and market trends, BI tools help organisations gain more visibility into their operations.
Used in a variety of industries like finance and consulting—business intelligence can:
- Improve forecasting accuracy
- Reveal underperforming areas
- Streamline business analytics and decision-making
- Identify emerging market trend
- Support competitive analysis
In short, BI empowers organisations to act with data confidence, giving them a strategic edge in crowded markets.
How does business intelligence work?
Business intelligence combines data collection, analysis, and visualisation to drive smarter business actions. Most BI systems follow a similar process:
- Data Collection
Pulls data from sources such as CRM platforms, ERP systems, website analytics, and third-party databases. - Data Preparation & Transformation
Cleans, standardises, and organises data into usable formats through ETL (Extract, Transform, Load) processes. - Analysis
Applies statistical or AI-driven methods to identify patterns, correlations, and trends. - Data Visualisation & Reporting
Presents findings in user-friendly dashboards, charts, or reports for decision-makers. - Actionable Insights
Enables business teams to adjust strategies, allocate resources, or launch new initiatives based on the insights.
For example, a PR agency may use a BI solution to track media coverage sentiment, correlate it with campaign spending, and reallocate budget accordingly.
Business intelligence examples
- Finance
A private banking institute uses BI to identify market risks and opportunities that help maintain their $400 million portfolio. - Public Relations
A PR agency uses a BI solution to track media coverage sentiment, correlate it with campaign spending, and reallocate budget accordingly. - Media & Publishing
A leading provider of local news equips their journalists across the country with a database of credible media and news sources, allowing them to easily identify trends, vet interviewees, and build context.
Business intelligence summary
|
Term |
Business Intelligence (BI) |
|
Definition |
Tools and strategies for turning data into business insights |
|
Used By |
Small businesses, enterprises, consultants, PR firms, financial analysts, and more |
|
Key Benefits |
Data-driven decisions, competitive edge, operational visibility, trend detection |
|
Example Tool |
Nexis+ AI |
How LexisNexis can help with business intelligence
LexisNexis combines the breadth of its unmatched content collection with advanced analytics and AI to deliver business intelligence that goes beyond standard dashboards. With solutions like Nexis+ AI™, organisations can merge structured and unstructured data—spanning licensed news, company filings, legal records, and market research—into a single, searchable environment.
From competitive tracking and reputational risk monitoring to market trend analysis, LexisNexis equips decision-makers with trusted, timely, and actionable intelligence that can be integrated directly into existing BI platforms or used standalone for strategic advantage.
Frequently asked questions
Turn data into decisions