Business Intelligence – Everything You Ever Wanted To Know
The concept of business intelligence is not new in the world by any means. Corporations, whether large scale or small scale, have been making effective use of this system in some form or the other.. But its emergence as a specialist function in the overall business machinery is a much more recent trend – a phenomenon that has helped to unlock the true potential of this data that was hitherto unrealised.
In case you haven’t yet adopted the system into your organisation, here is a guide that will answer all your questions about business intelligence tools and more.
What it means?
Business Intelligence is basically any real-time, past or future information that will come in handy when business professionals and management executives analyse a given set of circumstances related to an organisation and formulate strategies that will be implemented in the future. Data coming from all directions and sources that is relevant to a particular decision making premise should be presented in front of the executives so that they are able to take informed steps and action.
What is the utility of business intelligence tools?
Managers require a stream of data flowing in constantly from different sections and functions of an enterprise for being able to predict the future course of a company’s business. This data is huge in volume and needs to be sorted and processed so that the only the relevant information is presented in front of executives and that too at the right time. This sorting and processing of data and its conversion into useful information is carried out by business intelligence tools and software. BI data can help an enterprise rapidly adjust to changing business environment, while BI tools ensure that the changing business environment is rapidly as well as correctly identified and reported to facilitate a streamlined decision-making process.
What are the common business intelligence tools available in the market?
Enterprises have been using the concept of business intelligence in their strategising and decision making process for quite some time now. Various everyday tools and software have been modified and customised to use in these functions. Plus there are many specialist business intelligence software also available in the market that you can use for your organisation’s requirements. Here is a list of the basic tools that you can think of using in your organisation.
- Local information systems
- Process mining systems
- Dashboards and business performance management software
- Online analytical processing (OLAP)
- Data mining and warehousing systems
- Reporting and querying software
- Spreadsheets for recording and simple processing of data
Apart from these standard systems, there are many business intelligence tools available in the market too, that you can make use of in your organizations. The software is available in both off-the-shelf as well as custom designed formats. Cost considerations differ for each type.
In case you are looking for a trustworthy solutions provider for your needs of business intelligence tools, be sure to visit BeyondIntelligence.org.