There is nothing really new about business intelligence software. 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. The advantage that business intelligence software can give a company is that it allows business executives to do their real jobs of managing the business, operating it, and making decisions instead of doing time consuming tasks that can be done more efficiently and easily by the applications of 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. If you think your business needs this software, then read on and find out how it will benefit your business.
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.
A second way in which business intelligence software is widely used is in the area of online analytical processing (OLAP) capabilities which allow users of the software to manipulate data in an infinite number of ways and 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. If you are looking for information in this massive amount of data it would be next to impossible even if you are completely aware of what you are doing. With the use of data mining function, the information that you need can be delivered quickly which save time and money and ensuring that the information is used properly.