What types of analysis are done with business intelligence?

Business Intelligence (BI) involves several key types of analysis aimed at understanding past and present business performance:

• Descriptive Analysis: Summarizing historical data to understand what occurred in the past. (e.g., sales performance reports, revenue dashboards, KPI reports)
• Diagnostic Analysis: Investigating past performance to determine what occurred (e.g., identifying patterns or trends, cause analysis of sales declines).
• Predictive Analysis: Utilizing historical data and statistical models to forecast what occurred (e.g., predicting future sales, customer turnover probabilities).
• Prescriptive Analysis: Recommending optimal actions based on insights gained to answer what occurred (e.g., suggesting pricing strategies, targeted marketing programs).