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Business intelligence (BI) tools have evolved significantly over the years, from the traditional era of IT staff doing queries and delivering reports to the self-service era where business analysts could perform ad-hoc analyses and data visualization became prevalent. The current era is augmented analytics, which uses automation and machine learning to generate insights and reduce the need for data scientists.
BI platforms can be used to store and analyze data, as well as enable collaboration between employees and external stakeholders. Modern BI platforms provide real-time analysis, reporting, and visualization of data, which allows for better decision-making.
One of the main advantages of BI is that it provides historical data, charts, market analysis, and facts-based evidence to support the decision-making process. BI tools allow businesses to identify trends, patterns, and opportunities that might not be visible through other means.
In summary, the evolution of BI tools has enabled businesses to move from traditional reporting to self-service analytics and now to augmented analytics. BI platforms have become essential for storing and analyzing data, enabling collaboration, and providing real-time analysis and visualization. BI provides historical data and facts-based evidence to support decision-making, making it an invaluable tool for businesses.
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