Business intelligence software is nothing new to the business world. Businesses have used it but in less sophisticated forms for the last many decades. It is only through the use of business intelligence software that any business can be run intelligently. 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. These executives then can actually manage, operate, and make decisions instead of laboring over time intensive reporting and planning methodologies that can be efficiently and easily subsumed into some of the many applications available from contemporary business intelligence software. In other words, business intelligence software can help you collect data and information on most issues of operational relevance, from customer trends to employee performance, and to store, access, use, analyze, and apply the value learned from the process to trend analysis and new objectives. Managing and understanding your stakeholders and your profits can also be done using the business intelligence software. Whatever purpose you have for your business, you benefit by the versatility of applications of business intelligence software. Here are the common uses of business intelligence software and how they function.
The benefit of using business intelligence software is that through scorecards and dashboards, you find an easy way to look at key performance indicators and vital measurements in a very fast manner unlike the traditional way of drawing up data whenever an executive needs them for assessment of growth performance or other key measurements. 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.
Another use of business intelligence software is with its online analytical processing capabilities or OLAP allowing users to manipulate data in an infinite number of ways with immediate effect. This is a critical strategic tool as it enables management and executives to view data from many different perspectives at the same time and down to the smallest detail.
Another feature of business intelligence software is data mining which is very useful knowing that there is a massive and growing volume of data that companies have to deal with daily. 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.