How Can Business Intelligence Improve Forecasting Accuracy?
Accurate forecasting is necessary for making informed decisions and outranking the rapidly evolving competition. Although traditional forecasting methods are valuable in certain contexts, they often lack the thoroughness required to navigate today’s complex market. Here, business intelligence (BI) offers solutions by providing data-driven insights and advanced analytics to enhance forecasting accuracy. What is Business Intelligence (BI)? Business intelligence is a powerful tool that leverages advanced analytical techniques to examine huge data sets, identify trends and patterns, and make informed and accurate future predictions. Many companies leverage business intelligence tools to gather, store, analyze, and report data to make informed decisions. BI tools greatly help in converting raw data into meaningful business insights. Key components of BI: ● Data Collection: Collection of data from spreadsheets, databases, and external data feeds. ● Data Storage: Storing gathered data in