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Business Intelligence or BI is a complete set of principles and processes that help management professionals sort relevant information, group that information and then analyze that information for the overall benefit of their respective organizations.
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Business Intelligence is a specialized field of data analysis and management. where the professionals in this field use the most advanced tools and techniques to analyze the raw data and then convert them into useful information for taking important decisions.
Business Intelligence is applied for market research, analysis of profitability, recruiting, market segmentation, acquisition of raw materials, analysis of competitiveness, customer profiling and maintaining talent pool and more.
The objective of enterprise BI is to manage a large pool of data to access that data as and when required and analyze them for specific purposes.
The major components of BI –
Statistical inference and analysis using statistical principles
Multidimensional Total and Version Control
Open item management system
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How is Python useful for Business Analytics?
Data analysts often use Python to describe and classify the data they currently have. They engage in exploratory data analysis, which involves profiling data, visualizing results, and creating observations to shape the next steps in the analysis.
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One of the primary goals of business analytics is to describe what has happened over time to understand trends and evaluate metrics. This field is called descriptive analysis and is usually done by data analysts. Data analysts often use Python to describe and classify the data they currently have.