Business today have already heard about business intelligence software even before. The software that businesses used before were much simpler than the software that businesses use today. Business intelligence software helps you to run your business in an intelligent way. Of course, it is a whole lot more than that. What is included in business intelligence software are tools and support that addresses the various aspects of strategic planning to the end that executives’ valuable time are freed for more important business concerns. So these business executives can then do their actual job of managing, operating and making decisions for the business instead of doing intensive reporting and planning methodologies which business intelligence software applications are able to do efficiently and easily. What this really means is that the software can do the data and information collection of issues relevant to business operations which include customer trends and employee performance, and also to store, access, use, analyze, and apply the value learned from the process to trend analysis and new objectives. You can also manage and understand your stakeholders and your profits as well. This software is very versatile in its applications so whatever your purpose may be, it will be able to come up with solutions for it. Below are some of the common uses of BI software and what this diverse functionality entails.
A common use of business intelligence software is found in the form of executive scorecards and dashboards which are an easy way to management to look at key performance indicators and vital measurements in a very short span of time that it would take compared to traditional reports to be drawn up each time an executive wanted an assessment of performance of growth or another key measurable. So one look at these scorecards and dashboards will give the management a clear idea of what is the situation of the business any time that he needs it.
The easy manipulation of data in infinite ways with immediate effect is another use of business intelligence software in the area of online analytic processing capabilities or OLAP. With this strategic tool, management and executives and view data from different perspectives at the same time and down to the smallest detail.
Data mining is another extremely useful capacity of business intelligence software in today’s globalized world where companies have to deal with massive and growing volumes of data on a daily basis. It would be an impossibility to look for information with this massive amount of volume even if you know what you are doing. The data mining features of business intelligence software packages make it possible to locate and extract only the most important and relevant information from enormous data sets, saving vast amounts of time and money while ensuring that the information itself is used appropriately.